외국인투자의 경제적 효과분석 : 기업가치에 대한 영향을 중심으로

이성봉(Seong Bong Lee) 한독경상학회 2000 경상논총 Vol.18 No.2

In dieser Arbeit wird es untersucht, ob die auslandischen Direktinvestionen, die inletzten drei Jahren nach der koreanischen Wirtschaftskrise im Jahr 1997 drastischzugommen sind, positive oder negative Einflusse in Korea eingefuhrt haben. Nach derZusammefassung der bisher gefuhrten vielen anderen Studien, wie in dieser Arbeitvorgestellt, haben die auslandischen Direktiilvestitionen nicht nur in makro-okonom-ischer Sicht, sondern auch in mikro-okonomischer Sicht, im allgemeinen positiveEinflusse in Korea gebracht. Trotz dieser Untersuchungsergebnisse bleibt immer nocheine groβ e Sorge vom koreanischen Publikum an die negativen Einflusse vonDirektinvestitionen auslandischer Untemehmen. Daher wird in dieser Arbeit eineAnaylse vorgenommen, ob die Direktinvestition von einem ausndischen Unterneh-men die Unternehmenswerte(corporate value) des die Investition einzunehrnenedenkoreanischen Unternehmens erhohen konnte. Fur diese Analyse wurde untersucht, wiesich die Aktienwerte von den an der koreanischen Borse nominierten Unternehmenbewegen, die Investitionen von den auslandischen Unternehmen einzufuhren haben. Nach der Wurdigung der Ergebnisse dieser Analyse ist es festzustellen, daβ dieAnKundigung der Investitionen auslandischr Unternehmen die Aktienwe퍼e von denInvestiton einzufiihrenden koreanischen Unternehmen erhoht hat. Allerdings bedeutendie Untersuchungsergebnisse nicht, daβ die Direktinvestitionen in jedem Fall positiveEinflusse bringen konnen.

중소기업 해외시장진출 지원: 필요와 지원 간 차이분석

이성봉 ( Seong Bong Lee ) 한국국제경영학회 2007 국제경영연구 Vol.18 No.3

미국과 싱가포르의 전자무역 지원정책에 관한 비교 연구 -비정형 전자무역 분야의 사례분석을 중심으로-

이성봉 ( Lee Seong Bong ),심상렬 ( Sim Sang Lyeol ) 한국통상정보학회 2001 통상정보연구 Vol.3 No.1

미국과 싱가포르는 모두 세계에서 가장 우수한 기업 경영환경을 제공하는 국가이다. 그러나 미국이 자유방임형이라고 한다면 싱가포르는 철저하게 계획형이라는 점에서 다르다. 따라서 본 연구에서는 미국과 싱가포르의 전자무역 지원정책의 사례를 분석하고, 상호비교를 통해 우리 나라 전자무역 지원정책에 대한 시사점을 파악하였다. 본 연구의 가장 큰 시사점은 전자무역의 활성화가 기본적으로 민간의 적극적인 참여로 이루어져야 한다는 것이다. 정부의 역할은 주도적인 입장이 아닌 철저한 지원자의 입장에서 수행되어야 한다. 정부가 거래알선 및 e-마켓플레이스 등 전자무역의 핵심적인 활동에 직접적으로 관여하기보다는 관련된 민간기업을 육성하고, 기업들의 전자무역 수행능력을 제고시키며, 기업의 전자무역 활동이 원활하게 이루어질 수 있도록 전자무역 인프라의 확충에 정책의 초점을 맞추어야 한다는 점이다. 향후 전자무역 촉진을 위한 주요 정책의 방향으로 전자무역에 대한 기본적인 인식을 제고 할 수 있는 홍보활동 강화, 전자상거래 지원기관과 전통적인 무역지원기관들의 연계 및 산학연계 활동의 촉진을 통해서 중소 기업에 대한 실질적인 전자무역의 지원, 전자무역 관련 전문인력의 체계적인 양성, 무역 관련 공공정보시스템의 개선 등이 제시될 수 있다.

외국인투자기업의 고용성과 결정요인에 관한 연구

이성봉 ( Seong-bong Lee ) 한독경상학회 2017 경상논총 Vol.35 No.4

This study analyses the determinants for employment performances of foreign direct investment(FDI) firms in Korea. As the previous studies on the issues of job creation effects of FDI in Korea dealt with only limited variables of employment performance indicators and also limited variables of foreign invested companies, this study encompasses various indicators regarding employment performances, such as ‘number of employee per FDI amounts,’ ‘total employment expenses per FDI amounts,’ and ‘employment expenses per employee, as well as determinant variables, such as ’the country of FDI origin,’ ‘industry sectors,’ ‘foreign investor’s share ratio,’ and ‘tax incentive for FDI’. By analyzing foreign invested firms in Korea from 1998 to 2006 with random-effects GLS regression models, this study reveals following results on the determinants for employment performances of FDI firms in Korea: Firstly, regarding the country of FDI origin, the Japanese invested firms in Korea show better performances than FDI firms from the U.S. or the EU in the number of employee per FDI amounts and the total employment expenses per FDI amounts. Secondly, regarding industry sectors, service sectors indicate better performances than manufacturing sectors. Thirdly, FDI firms with 100% share or more than 50% of share of foreign investors show better performances than the FDI firms with less than 50% of foreign shares. Fourthly, FDI firms receiving tax incentives from the Korean government showed worse employment performances than those not receiving tax incentives. After providing appropriate explanations for the empirical research results, this study suggests to the Korean government the FDI policy reform recommendations to increase the job creation effects of FDI in Korea.

독일 BMW 승계 사례 분석과 한국의 기업 승계에 대한 정책제언

이성봉 ( Seong Bong Lee ) 한독경상학회 2017 경상논총 Vol.35 No.2

This study analyses the case of equity succession of BMW, the German premium car maker, and provides implications to corporate succession in Korea. It focuses on the succession of Johanna Quandt`s BMW equities of 16.7% to her two children, Stefan and Susanne. This transfer had been legitimately made with inheritance and gift tax saving between 2003 and 2008 without public disclosure. This paper deals with three relevant corporate institutes in the German company system that enabled this smooth transfer. Firstly, three inheritors, Johanna, Stefan, and Susanne established investment holding companies respectively, to manage their BMW equities. Secondly, three inheritors selected different types of corporate forms for their investment holding companies that the German commercial code provides. Especially, Johanna chose the legal form for her investment holding, so called “GmbH and Co. KG,” a limited partnership with the sole general partner being a limited liability company, and used it as the transfer path for her BMW equities. Thirdly, dividend income from BMW to investment holding companies can be exempted from German corporate taxation. The tax exempted dividend income could have been used for securing cash reserve for inheritance and gift tax amount to be paid without selling equity for tax payment. Additionally, this paper compares these corporate institutions between Germany and Korea. This study reveals that analogous equity succession of BMW is not practicable in Korea, because the establishment of holding companies like the German investment holding is not allowed in Korea, and the Korean commercial code does not provide the combined legal form of companies, and the Korean corporate tax law allows the exemption of dividend income with a strict limit. In order to provide favorable corporate succession in Korea, it is necessary for Korean government to construct appropriate corporate institutions.

독일의 기업투자 인센티브제도 분석과 한국의 외국인투자 인센티브제도에 대한 정책시사점

이성봉 ( Seong Bong Lee ),김선민 ( Sunmin Kim ) 한독경상학회 2013 경상논총 Vol.31 No.4

This study analyses the structure and contents of investment incentives in Germany, and suggests their policy implications to FDI (foreign direct investment) incentive system in Korea. As research results, four characteristics can be found in incentive system in Germany: Firstly, the German incentive system focuses on the long term viability of investing company, not just on subsidizing financial needs. Secondly, it follows the balanced approach between government`s policy objectives and companies` investment and operational needs. Thirdly, the German incentive system works efficiently based on cooperative trust relations among related parties, including federal and state government, public financial institutions, and commercial banks. Fourth, the national investment promotion agency, Germany Trade and Invest provides professional high quality supporting services to foreign investors regarding the incentives. Based on those analysis on German investment incentive system, this study suggests four policy recommendations on FDI incentive system in Korea: Firstly, the FDI incentive system in Korea should not only focus just on investing stage, but also extend to the operational stage of business after setting up the production facilities in Korea. It is recommendable for Korean government to incorporate incentives designed for domestic investment into the incentive package for foreign investors. Secondly, the Korean incentive mechanism should be flexible enough to reflect the complex needs of foreign investors. Thirdly, the system should be formulated to promote the cooperative working mechanism among related parties regarding FDI incentives, such as central government, local governments, various governmental agencies, and commercial financial institutions. Fourth, it is necessary for Invest Korea, the national investment promtion agency, to enforce the counseling capability to foreign investors regarding incentives.

다국적기업 지역본부 유치정책에 대한 평가와 개선방안에 관한 연구

이성봉 ( Seong Bong Lee ) 한독경상학회 2015 경상논총 Vol.33 No.2

The competition among nations for attracting the regional headquarters (RHQs) of multinational enterprises (MNEs) has become cutthroat, as RHQs have many positive spillover effects to the country which attracts them. This study tries to evaluate the promotion policy to attract the regional headquarters into Korea, and find out policy recommendation to the Korean government. In order to achieve the research goal this study analyses the characteristics of representative cases of regional headquarters of MNEs in Korea, and also RHQs policy in major Asian countries including Singapore, Japan, and China (the city government of Shanhai), which are competing with Korea to attract RHQs in Asian region. Based on the analysis on RHQs of MNEs in Korea and the promotion policy of three competing Asian countries, this study suggests following four recommendations to improve the promotion policy to attract RHQs in Korea. Firstly, it is necessary for the Korean government to provide incentives to the existing foreign invested companies in Korea to expand their business activities to RHQs’ coordinating functions, especially to the regional business center based on R&D activities. Secondly, as the competing Asian countries, such as Japan and Singapore have the tax incentives for RHQs, and the simple and low tax system is the most influencing factor in attracting RHQs, it is necessary for Korea to introduce the tax incentive to RHQs. New tax incentive for RHQs should be in a form of concessionary tax rate or income deduction, not in a form of tax holidays, which is the basic form of tax incentive for foreign direct investment in Korea. Thirdly, the current cash grants for RHQs should be increased substantially to the amounts that are enough to attract RHQs amid toughcompetition for RHQs in the region. The upper limit of cash grant should be calculated based on total investment costs, not the FDI amounts. Fourthly, some administrative improvements for the RHQs incentive should be done. For example, the incremental performance requirements for employment and investment at RHQs should be adopted to promote the continuing and expanding high value added business activities of RHQs.

한국의 기업가정신과 창업지원정책에 대한 평가와 정책방향

이성봉 ( Seong Bong Lee ) 한독경상학회 2015 경상논총 Vol.33 No.1

This study searches for policy recommendations for Korean government to enhance the entrepreneurship and to effectively promote the start-ups. Based on comprehensive review on previous studies on the entrepreneurship in Korea the study confirms that the entrepreneurship has been deteriorating during last decade. Also, this study finds that a lot of start-up promotion measures in Korea might be ineffective due to the lack of focusing on fundamental issues. This study suggests three policy recommendation to enhance the entrepreneurship and to effectively promote the start-ups in Korea. Firstly, the Korean government should reform the education system. The Korean education system, even though it has brought some performance in terms of academic achievements however, should focus on students` creative thinking capability, physical strength, leadership, and global mind. Secondly, the Korean government should establish a fair and transparent competition order in the market. It is necessary for the government to strictly prevent large companies with market power from doing unfair behaviors, such as canceling the sourcing contract with SMEs or start-up companies after absorbing the idea or technological know-hows into their in-house system, which might lead to bankruptcy of start-ups. Also, the Korean government should try to create a free and favorable market conditions for mergers and acquisition. These efforts could lead to the smooth restructuring of large firms, which are in financial difficulties due to managerial incompetence of owner manager. A virtuous circle of the seamless entry of new firms and the exit of distressed firms could create a favorable business environment for new start-ups. Thirdly, it is necessary for the government to restructure a lot of similar promotion measures for start-ups from different government agencies based on the evaluation of policy effectiveness, and then to merge those measures with the small amounts of budget into a couple of focused promotion groups. Those efforts could minimize the administrative cost for promotion measures and enhance their efficiency.

외국인투자 인센티브 제도의 문제점과 개선방안

이성봉 ( Seong Bong Lee ) 한독경상학회 2010 경상논총 Vol.28 No.1

This study deals with the problems and policy recommendations for foreign direct investment incentive system in Korea. The Korean government utilizes three kinds of incentives for attracting foreign direct investment; tax reduction, financial subsidies and cash grants. This study shows that these all three incentive schemes have serious problems not only in terms of value for money, but also in terms of fitness and flexibility for foreign direct investment attraction objectives. Most of all, this paper points out that these investment incentives are seriously problematic due to the discrimination for the investments of Korean domestic firms against those of foreign firms. According to the analysis on the problems of these investment incentives in Korea, this paper suggests policy recommendations to enhance its effectiveness. First of all, this study provides basic reform direction, that is, securing the fair treatment between investments by foreign firms and those by domestic firms. As a long-term policy reform measure this paper suggests the gradual abolishment of tax incentives for foreign direct investment. Also it recommends the expansion of cash grants with the condition of equal treatment between foreign and domestic investment. In addition to those recommendations this study also provides the useful measures that Korean government should adopt during this gradual transitional period to enhance effectiveness, efficiency and flexibility of cash grants, tax and tax incentives.

독일의 기업승계 관련신탁재단 제도에 대한 분석과 시사점

이성봉 ( Seong Bong Lee ) 한독경상학회 2009 경상논총 Vol.27 No.2

There are two kinds of approaches for the inheritance tax system of business succession. One approach is that business succession should be taxed equally to other inherited properties. The other approach is that substantial tax relieves should be adopted to business succession, considering it`s positive economic benefits, such as creating value-added and ensuring jobs through continuing business activities. The Korean inheritance tax law have followed the former approach quite long, before it introduced a tax relief for some qualified business successions in 2007 and 2008, but limited only to small and medium sized enterprises. Meanwhile Germany has a good tax relief system for business succession. One of the useful tools to reduce inheritance tax burden for business succession in Germany is establishing so called Stiftung, or the trust. This study deals with the German tax consequences of a trust for business succession. Also, it analyses the backgrounds of providing inheritance tax benefits for a trust and compares related tax rules between Germany and Korea. According to analysis and comparison of this study, it finds out two differences regarding inheritance tax on business succession using a trust in Germany and Korea. Firstly, the German tax law has provisions that provide not only substantial relief of inheritance tax for business succession but also secure the management control to successor, when the inheritee establishes a Doppelstiftung(double trust), a form of a corporation in which a family trust and a public trust own together the corporation`s shares. The Korean tax law has no similar rules. Secondly, the inheritance tax is free for donation of shares of a company to a public trust regardless of share ratio in Germany, but in Korea this kind of exemption is limited to shares less than 5% of the total shares. This German inheritance tax law provision provides a foolhold that the Doppelstiftung can work as an efficient scheme for business succession. Based on these research results this study suggests some policy recommendations for Korean inheritance tax system for business succession. First of all, the Korean legislature should consider how to draw a social consensus for an inheritance tax scheme similar to German Doppelstiftung. Also, it is necessary to relax the requirements for tax exemption for donation of company shares, if a transparent business succession process is ensured.