비금융법인 수익성에 대한 금융의 영향 -한국경제(1975-2020)

초록

This paper quantitatively examines the impact of financialization on the profitability of South Korea’s non-financial corporations from 1975 to 2020. Utilizing Marxian profit rate metrics and building on the frameworks of Duménil and Lévy (2004) and Bakir (2015), the study estimates various profit rate indicators, including the after-tax profit rate, the inventory-adjusted after-tax profit rate, and the financial-adjusted profit rate. The analysis reveals a structural shift in profitability determinants before and after the 1997 Asian Financial Crisis. Since the 2000s, increased real financial income and simultaneously rising real financial costs have contributed to the convergence of different profit measures. This dynamic mirrors the paradoxical trends identified by Duménil and Lévy in U.S. non-financial firms. The study traces the effects of Korea's high-debt model, real financial income, and net debt structures on corporate profitability, offering a novel quantitative perspective on South Korea's accumulation regime and financial transformation.

키워드