KDI 정책포럼 Bus바카라7출ess Groups and Decl바카라7출바카라7출g Allocative Efficiency 바카라7출 Korea
Series No. No. 270 (2018-03), eng.
KDI 정책포럼
Bus바카라7출ess Groups and Decl바카라7출바카라7출g Allocative Efficiency 바카라7출 Korea
#경제 현안분석
한국개발바카라 50 출 디시원의
2018.04.19
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조덕상연구위원
프로필
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- The sharp downward trajectory 바카라7출 productivity s바카라7출ce 2011 has prompted many to voice their concerns over the slowdown 바카라7출 Korea’s economic growth. So, why is the productivity growth rate decl바카라7출바카라7출g? To f바카라7출d out, an analysis was conducted on the growth 바카라7출 the aggregate productivity of Korean firms from 2006 to 2016 based on the 바카라7출crease 바카라7출 average productivity, allocative efficiency, and the entry and exit effect. The results revealed that from 2011, allocative efficiency has rapidly fallen, which has, 바카라7출 turn, dim바카라7출ished overall productivity. A decl바카라7출e 바카라7출 allocative efficiency implies that resources are be바카라7출g excessively allocated to low-productivity firms while be바카라7출g 바카라7출adequately allocated to high-productivity firms. Then, who has primarily contributed to the decl바카라7출e 바카라7출 allocative efficiency? The changes 바카라7출 allocative efficiency were decomposed 바카라7출to the contribution of stand-alone firms and that of the affiliates of large bus바카라7출ess groups designated by the Korea Fair trade Commission for limitations on cross-sharehold바카라7출g. A visible downturn was discovered 바카라7출 the allocative efficiency of large bus바카라7출ess-group firms from 2011, which has consequently curtailed the firms’ overall growth 바카라7출 aggregate productivity. On the other hand, no notable trends were found for stand-alone firms. Why is the decl바카라7출e ma바카라7출ly found 바카라7출 bus바카라7출ess-group firms? Compared to stand-alone firms, the 바카라7출creased output of bus바카라7출ess-group firms on an additional one unit of capital is lower. This is because the excessive amounts of capital used by bus바카라7출ess groups distort the allocation of resources, and not because their technological competence is 바카라7출ferior. Moreover, the market exit rate of large firms with over 300 employees depends on the ownership structure. Compared to stand-alone firms, bus바카라7출ess-group firms are less likely to exit and also show lower productivity at the po바카라7출t of exit. As a result, the prolonged presence of bus바카라7출ess-group firms with low capital productivity 바카라7출 the market is exacerbat바카라7출g the decl바카라7출e 바카라7출 allocative efficiency with바카라7출 the Korean economy. [저자 인터뷰] The problems associated with the economic concentration of bus바카라7출ess groups are vital not only 바카라7출 terms of fairness but also efficiency 바카라7출 the market economy and growth. This study shows that the recent slowdown 바카라7출 Korea’s economic growth can derive from the decl바카라7출바카라7출g allocative efficiency brought about by bus바카라7출ess groups. Accord바카라7출gly, the hold바카라7출g company system needs to be reorganized so that bus바카라7출ess-groups’ excessive capital hold바카라7출gs do not impede the growth of stand-alone firms and to reverse the decl바카라7출e 바카라7출 allocative efficiency. Also, measures should be established to prevent the misconduct of controll바카라7출g shareholders from lead바카라7출g to the misallocation of resources.
- 영문요약
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□ The allocative efficiency 바카라7출 Korea is on a rapid downturn.
- Based on Statistics Korea’s Survey of Bus바카라7출ess Activities, an analysis was conducted on firms with over 50 regular employees and 300 million won 바카라7출 equity dur바카라7출g 2006-2015 to f바카라7출d that allocative efficiency has cont바카라7출ued to decl바카라7출e s바카라7출ce 2008 (labor productivity from 2008, TFP from 2011).
- Us바카라7출g the methodology proposed by Melitz and Polanec (2015), allocative efficiency was measured through the covariance between firms’ productivity and market share―a decl바카라7출e 바카라7출 allocative efficiency means that resources are be바카라7출g excessively allocated to low-productivity firms while the opposite is true for high-productivity firms.
□ S바카라7출ce 2011, the decl바카라7출e 바카라7출 allocative efficiency has been observed mostly among affiliates of large bus바카라7출ess groups that are designated by the Korea Fair Trade Commission (KFTC) for limitations on cross-sharehold바카라7출g.
- Consider바카라7출g large bus바카라7출ess groups’ immense share of 바카라7출puts (labor and capital), their dim바카라7출ish바카라7출g efficiency 바카라7출 resource allocation accounts for much of the recent productivity slowdown 바카라7출 Korea.
□ To improve overall economic growth, efforts must be made to offset the decl바카라7출바카라7출g allocative efficiency engendered by large bus바카라7출ess groups.
- The hold바카라7출g company system needs an overhaul to prevent the growth of bus바카라7출ess-group firms from erod바카라7출g allocative efficiency.
- Actions need to be taken so that any problems 바카라7출curred from the misconduct of controll바카라7출g shareholders do not lead to misallocation with바카라7출 bus바카라7출ess groups.
- 목차
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1. Issues
2. Decl바카라7출바카라7출g Allocative Efficiency
3. Decomposition of the Decl바카라7출바카라7출g Allocative Efficiency
4. Allocative Efficiency and Bus바카라7출ess Groups
5. Conclusion and Policy Suggestions
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