금융화는 한국기업들의 설비투자 부진을 초래하였는가?

초록

As the size and significance of financial market and financial institutions increased after the 1980s in advanced countries, there have been various discussions concerning the cause of the increasing role of finance in the modern economy, its economic effect as well as its measurement (Epstein, 2005). As Krippner (2005) pointed out, researchers are using the term ‘financialization’ to cover various phenomena that are interrelated but relatively independent. After the financial crisis, Korean firms have been displaying a few patterns different from those before the financial crisis. The maximization of shareholder values as a mode of corporate governance has put pressure on managers to be interested in short-term performance and to shift management objectives from ‘retain and reinvest’ to ‘downsize and distribute’ An analysis of the management performance of the top 10 firms (excluding banking, insurance, and public enterprises) based on firms’ assets shows that although firms have increased investment in financial assets, real investment in tangible and intangible assets decreased or displayed a weak increasing trend. Our study aims to analyze the relationship between finanicalization and slowdown of Korean firms' investment. Firstly, we investigate and categorize diverse definitions about financialization. Second, panel analysis over the 2000~2007 period supports the negative effect of financialization on accumulation in the Korean manufacturing industries. However, the causal relationship between financialization and slowdown of accumulation is not founded in Korean services.

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