외국인직접투자(FDI)기업의 투자의사결정 요인의 중요도와 만족도에 대한 비교분석 연구 :충청남도 외국인투자기업을 중심으로

이영석,박인철,이덕훈 한국기업경영학회 2014 기업경영연구 Vol.21 No.6

Globalization triggered by those companies augmented the importance of foreign capital as a growth engine of an economy. Accordingly, emerging economies as well as advanced ones facing worsening unemployment issues are putting great emphasis on FDI (Foreign Direct Investment) attraction. Through the cases of Sony and Nokia, we have experienced that even the global top companies may be collapsed. Numerous businessmen say, “The time of smart phone being the future food item is over.” It is time to prepare for the new generation from the industrial system such as Samsung Electronics or Hyundai Motors that supported Korean economy until now. This study showed partial difference of significance and satisfaction level of investment decision by foreign investment companies in each origin of raw material, exporting market, and type of business, and some factors were determined to influence investment decision. In other words, they say that the persisting period of Korean corporation is now over, which is the circumstantial evidence of incomplete sustainable corporate management system and condition in Korea. This study is investment decision-making of foreign direct investment are affect influenced by business environment and country of investment. This is to investigate the influence of business environment on foreign investment decision-making, as well as to suggest relevant policies and ensuing tasks. From now on, to bequeath good jobs and firm economic structure to our descendants, it is urgent to globalize Korean companies, and global companies shall be raised to contribute social development through Korean companies, meaning that the future is insecure only with Korean companies. This study is investment decision-making of foreign direct investment are affect influenced by business environment and country of investment. This is to investigate the influence of business environment on foreign investment decision-making, as well as to suggest relevant policies and ensuing tasks. Therefore, since the future of Korean economy is secured by raising small and medium businesses to graft with foreign companies, globalization of Korean market through attraction of foreign companies shall be imminent. Based on the result of study, the policy implications and follow-up project regarding attraction of foreign companies by central and local government were suggested. 미국과 같은 선진국 뿐만 아니라 개발도상국에서도 외국인직접투자(FDI)를 받아 들이는 정책을 쓰고 있으며 외국인투자기업은 한국에서 기업수 0.6%, 수출20%, 고용인원 6% 비중을 차지하고 있어 경제활성화에 대한 기여도가 높다. 본 연구에서 경제활성화를 위한 외국기업유치에서 외국인투자기업의 투자의사결정요인의 연구에서 원자재수입국가별, 수출시장별, 업종별로 중요도와 만족도에서 일부에서는 차이를 보였으며, 일부 요인들은 투자의사결정에 영향을 미치는 것으로 분석되었다. 이는 한국이 그동안 지속가능한 기업경영 시스템과 여건이 갖춰지지 않았다는 것을 방증한다. 앞으로 우리 후세에 좋은 일자리와 튼튼한 경제구조를 물려주기 위해서는 한국 기업의 글로벌화가 시급하며, 글로벌 기업도 한국기업으로 사회 발전에 기여 할 수 있도록 육성해 나가야 할 것이다. 지금의 한국계 기업만으로는 미래에 대한 보장이 없다는 말이다. 따라서 중소기업을 외국기업과 접목시켜 글로벌 기업으로 키워야만 한국경제의 미래도 있으므로 외국기업 유치를 위한 외국인정주환경 개선도 필요한 것으로 조사되었다. 본 연구 분석결과를 토대로 중앙 및 지방정부의 외국인 기업유치에 대한 정책적 시사점과 향후과제를 제시하였다.

국제합작투자계약을 통한 외국인 직접투자의 법률적 문제 - 국제투자의 촉진과 지역경제의 활성화 측면에서-

김병태 국제거래법학회 2009 國際去來法硏究 Vol.18 No.2

The statistical data of a foreign investment shows that the foreign direct investment(FDI) is to be recently decreased while residents' outward direct investment increased. Nonetheless, the FDI's importance in our economy and industry can not be disregarded. Korea's policy for the FDI has been effective, but there is still much room for improvement, in promoting and developing a foreign investment into the country. The FDI has been facilitated by the Foreign Investment Promotion Act(FIPA) which was enacted in November 1998. The FDI under FIPA means a foreign investor’s acquisition of at least 10% of total issued shares of a domestic corporation, or a foreign investor’s acquisition of less than 10% of total issued shares of a domestic corporation accompanied by (i) a secondment of an executive to the domestic corporation or a contract granting such secondment right to the foreign investor, (ii) execution of a supply contract for raw materials or other products for a period of at least a year or more, or (iii) execution of a technology license contract or a joint development agreement. Under the FIPA, the FDI is available by a foreign investment by means of purchasing newly issued stocks, a foreign investment by means of purchasing existing stocks, acquisition of stocks by means of mergers, a foreign investment in form of long-term loan, or a foreign investment by contribution. Foreign direct investment incentives are as follows: tax holidays, special economic zones, investment financial subsidies, job training & employment subsidies, derogation from regulations, etc. In this regards, Korea invites a long term and stable foreign capital by the FDI for a national economy and employment, etc. A local government may also take similar advantages of the FDI for economic developments of local markets and industries. For this purpose, an international joint venture between Korean parties and foreign parties has become an increasingly popular means for the FDI. The definition of a joint venture is the contribution by two or more parties of tangible and intangible assets toward the mutual conduct of business activity in which the parties share in the management of the activity and the profit or loss from such activity. A joint venture becomes "international" when its target market includes a country which is a foreign market for at least one of its partners. The matters pertaining to a foreign individual or entity wishing to make the FDI in Korea and joint venture companies are primarily prescribed by the FIPA and the Commercial Law of Korea. In legal analysis, there are a few legal problems arising from an international joint venture agreement and a joint venture company. A joint venture agreement to set up a joint venture company may act as a shareholders' agreement. A shareholders' agreement may take a number of forms. In a joint venture agreement, the investors sign an agreement specifying that each of them would vote their shares as provided in the agreement. More often, the agreement can either specify the actual vote(i.e. the shareholders can agree to vote for a specific candidate for the board) or it can simply specify a procedure for determining how to vote, even other things such as operation of a joint venture company, etc. However, covenants in shareholders' agreement may not be valid under the Commercial Law of Korea because the Commercial Law governs a company independently of a joint venture agreement. These results may differ depending on cases. Additionally, there could be one more problem from dual positions of directors of a joint venture company. A director has an agent duty for shareholders who nominate him or her and a royal duty for a joint venture company. Without exceptions, A director's royal duty for the company prevails over its agent duty for his or her shareholders. In conclusion, it is essential that a series of regulations for the FDI should further ease off so that companies can invest in ...

외국인직접투자 유치 방안에 관한 연구

오수균(Soo-Kyun Oh) 한국관세학회 2004 관세학회지 Vol.5 No.2

The purpose of this is to analyze environment of foreign direct investment and Act in Korea and to find invitation of foreign direct investment into Korea. We take it for a fact that the Foreign Direct Investment gives profit to foreign companies making investment into the country, which also benefits from the foreign direct investment(FDI). In fact, FDI investors are giving positive effect to the country's economy. This paper is among one of them to show and promote the improved investment environment & opportunity, to enlarge the foreign capital invitation by inducement of investment opportunity, and to consider the policy & its effect on the FDI. Futhermore, as the faltering global economy has reduced the amount of foreign direct investment, the competition has recently become all the more stiff. In 2002, foreign direct investment regulations of countries around the world were the most drastically eased since 1990. Moreover, countries are increasingly signing bilateral investment treaties with each other. Since the enactment of the Foreign Investment Promotion Act in November of 1998, there has been a signification improvement in Korea's investment environment in terms of policies and systems. It is expected that the foreign direct investment environment in Korea will continue to improve through the improvement in political stability, labor-management relations and easing of political tensions between the North and South, in the long term, as well as through improvements in investment incentives, investment procedures and public relations activities, in the short term.

외국인 직접투자(FDI)기업의 비즈니스 환경의 중요도가 투자의사 결정에 미치는 영향에 관한 연구 : 충청남도 외국인 투자기업을 중심으로

이영석,이덕훈,정희용 한국산업경제학회 2011 산업경제연구 Vol.24 No.6

외국인직접투자(FDI: Foreign Direct Investment)기업 수출이 차지하는 비중이 2009년 12.7%이며 수출비중이 내수보다 더 많은 기업도 많이 있으며 외국인투자유치가 우리나라의 경제에 미치는 영향 중에서도 외화의 안정적 공급뿐만 아니라 신규 고용창출, 신기술 이전, 경영기법도입 및 국내산업 경쟁력 강화 등의 효과가 있다. 외국인투자기업을 향한 부정적인 시각, 국내기업의 역차별 불만 등에 대한 인식의 전환이 필요하며, 자본유치보다 이를 더 중시하여 지역과 국가경제 활성화에 초점을 두어 받아 드리는 선별정책으로 점차 변하고 있는 추세이다. 본 연구는 외국인 투자기업의 업종과 투자국에 따라 비즈니스 환경의 중요도가 일부 다른 것으로 나타나 외국투자기업의 투자의사결정에 영향이 미치는 것으로 조사되었다. 외국기업에 대한 투자의사결정 중요도에 대한 분석결과를 토대로 중앙 및 지방정부의 외국인 기업유치에 대한 정책적 시사점과 향후과제를 제시하게 될 것이다. Foreign direct investment (FDI) enterprises comprise 12.7% of exports as of 2009. In some FDI companies, exports comprise a higher proportion than imports. The attraction of foreign investment enables the stable supply of foreign currency, the expansion of employment, the transfer of new technology, the introduction of management techniques, and moreover, enables home industries to strengthen their competitiveness. Hereat, it needs to change the negative view of FDI enterprises and reverse discrimination against domestic enterprises. In addition, there is an increasing tendency to place it above the attraction of capital in light of local and national revitalization. This study is investment decision-making of foreign direct investment are affect influenced by business environment and country of investment. This is to investigate the influence of business environment on foreign investment decision-making, as well as to suggest relevant policies and ensuing tasks.

우리나라의 해외직접투자(FDI)가 수출에 미치는 효과 : 중국과 미국의 사례비교

박외구,정남기 한국산업경제학회 2011 산업경제연구 Vol.24 No.4

최근 세계경제는 글로벌시대를 맞이하여 더욱 치열한 경쟁에서 살아남기 위해 기업들은 해외직접투자를 하고 있다. 이에 본 연구는 해외직접투자가 수출을 감소시킬 것인가 아니면 수출을 증대시킬 것 인가 하는 수출대체성과 수출보완성을 중국과 미국의 사례를 통해 알아보고자 한다. 중국에 대한 해외직접투자 초기에는 한국으로부터 부품 및 원자재의 수출을 증대시켜 해외직접투자와 수출 간에 보완적 관계가 성립될 가능성이 높았다. 이에 비해 미국은 현지시장의 보호장벽을 극복하기 위해 현지판매를 목적으로 해외직접투자를 하여 해외직접투자와 수출 간에 대체적 관계가 큰 것으로 나타났다. 그러나 시간이 지남에 따라 중국의 경우 현지시장의 저렴한 원자재와 중국정부의 원자재 현지조달 방침에 따라 수출대체효과가 늘어나는 현상을 보이고 있다. 반면에 미국은 현지의 높은 임금과 국내 부품협력업체의 동반진출이 활발하지 못해 모회사의 부품수입을 유발하는 수출보완효과가 나타나기도 했다. 중국과 미국의 사례처럼 여러 상황에 따라 해외직접투자가 수출에 미치는 효과가 다르게 나타난다. 따라서 해외직접투자가 국민경제에 미치는 긍정적인 효과를 높이기 위해서는 현지법인과 국내 모기업 간의 연계성 강화, 투자업종 다양화, 투자지역 다변화, 정책적 지원과 배려 등의 대응방안을 강구할 필요가 있다. Recently the global economy more competitive in the global era, in order to survive, companies are foreign direct investment. This study want to know how the foreign direct investment and exports would reduce or increase the export the export substitution and export complementary through the case of China and the United States was evaluated. Initially, the foreign direct investment in China from South Korea to increase exports of parts and raw materials by complementary relationships between foreign direct investment and export copy, it was more likely. In contrast, the local market, the United States to overcome the protective barrier for the purpose of local sales by foreign direct investment, foreign direct investment and exports resulted in substitutive relationship between the general. However, over time, depending on the local market in China is cheap raw materials and local procurement policies of the Chinese government according to the substitution effect of exports has shown a growing phenomenon. In contrast, U.S. high-wage and domestic parts of the local suppliers can not accompanied by parent part number entered is not actively causing exports had complementary effects to appear. China and the United States as examples of foreign direct investment, depending on various situations that appear different effects on exports. Thus, foreign direct investment on the national economy in order to enhance the positive effects strengthen the connection with the parent company and domestic subsidiaries, domestic industry, diversification and investment sector, investment in diversification, political support and care is necessary to seek countermeasures.

한국 상장기업의 해외직접투자와 기업가치에 대한 실증연구

조국(Kook Cho) 한국산업경제학회 2017 산업경제연구 Vol.30 No.4

본 논문에서는 2006년부터 2015년까지 거래소에 상장된 비금융기업을 대상으로 아시아 지역의 직접투자가 기업가치에 어떠한 영향을 미치는지 실증분석한다. 다국적기업에게 있어 국제화는 기업의 성장을 위한 핵심전략으로 범위 및 규모의 경제 실현이 가능한 해외직접투자에 집중하게 된다. 특히 한국의 기업은 아시아 시장을 대상으로 직접투자를 실시하고 있으며 아시아 시장의 직접투자가 확대되고 있는 상황에서 해외직접투자 연구는 아주 중요하다. 본 연구는 해외직접투자에 대한 연구로서 많은 나라에서 이루어지고 있는 해외직접투자 중 한국의 중요한 직접투자 시장인 아시아 지역을 중심으로 연구를 실시하였으며 해외직접투자가 기업가치에 어떠한 영향을 주고 있는지 살펴본다. 분석을 위하여 중국, 베트남, 홍콩, 싱가포르 및 인도네시아 시장을 대상으로 한국 상장기업의 직접투자기업 개수를 설명변수로 하고, 기업가치의 대위변수로서 토빈 큐를 종속변수로 하여 회귀분석을 실시하였다. 분석 결과, 중국, 베트남, 홍콩 및 싱가포르 직접투자는 기업가치에 양(+)의 관계를 갖는 것으로 나타났으며, 인도네시아 직접투자는 기업가치에 유의한 영향을 미치지 못하는 것으로 나타났다. 본 논문의 결과는 아시아 지역 직접투자와 기업가치 사이의 관계를 파악함으로써 직접투자를 적절히 유지하는 것이 기업의 가치를 높일 수 있다는 실무적 함의점을 제공할 수 있다. 다만, 인도네시아 시장의 경우, 투자에 대한 우려가 제기되며 인도네시아 직접투자기업은 인도네시아 산업의 구조가 제조업에서 서비스업 위주로 바뀌고 있다는 점을 주지하여 투자 목적 및 분야에 대한 적절한 고려가 필요할 것이다. This paper investigates the effect of direct investment on firm value for non - financial companies listed on Korea Stock Exchange(KSE) between 2006 and 2015. For multinational corporations, internationalization is a key strategy for corporate growth and focuses on foreign direct investment(FDI). Especially, Korean firms are investing in Asian markets and we need to explore a study on effect of foreign direct investment. We conducted research focusing on Asia, which is an important direct investment market of Korea, among foreign direct investment in many countries. We examine how foreign direct investment affects corporate value. Regression analysis was conducted using the number of direct investment companies in Korea, listed companies in China, Vietnam, Hong Kong, Singapore and Indonesia. As a result, direct investment in China, Vietnam, Hong Kong and Singapore showed positive relationship with firm value. In other words, it can be suggested that the greater the foreign direct investment, the higher the increase of enterprise. The results of this paper provide evidence of the importance of foreign direct investment by Korean firms to the value of the parent company by identifying the relationship between foreign direct investment and corporate value. It also provides opportunities for business and government to provide policy and practical implications.

글로벌 공급망 재편과 기업의 해외직접투자 결정요인 분석: 국내기업과 국내진출 해외기업을 대상으로

권일숙,오준석 한국국제경영관리학회 2023 국제경영리뷰 Vol.27 No.3

본 연구는 최근 해외로 진출 또는 진출 예정인 기업을 대상으로 해외진출 동향, 해외투자시 고려요인 및 해외투자 결정요인을 파악하여 한국이 매력도를 갖춘 투자허브가 되기 위하여 제도적으로 개선하거나 새롭게 갖추어야 할 요인을 확인하고자 한다. 이를 위하여 SCP 모델을 이용하여 구조화된 설문문항을 통해 국내기업과 국내진출 해외기업 135개를 조사하였고, 다중회귀분석을 진행하였다. 분석의 주요결과는 다음과 같다. 우선 구조변화(환경)가 기업행위의 변화에 미치는 영향을 분석한 결과, ‘연구개발및혁신’, ‘노무’, ‘물류’, ‘입지’ 및 ‘금융및조세’ 환경은 기업의 행위에 모두 긍정적인 영향을 미친 것으로 나타나, 이상의 환경이 기업에게 친화적일 때 기업의 해외직접투자 결정에 긍정적인 영향을 줄 수 있음을 시사하였다. 다음 정부정책과 글로벌 경제동향이 기업행위에 미치는 영향을 분석한 결과, 모두 긍정적인 영향을 미친 것으로 확인된다. 이는 투자국 정부정책에 대한 만족도는 높을수록 기업의 해외직접투자 결정에 긍정적인 영향을 미치는 것으로 해석된다. 한편 글로벌 경제동향의 변동정도는 클수록 기업은 안정성 추구의 목적으로 투자의 다변화를 위하여 해외직접투자를 감행할 가능성이 높은 것으로 사료된다. 끝으로 기업행위의 변화가 기업의 향후 투자결정에 미치는 영향을 분석한 결과, ‘진출국의 우수한 인력확보로 R&D센터로 활용가능성’과 ‘진출국의 FTA 네트워크를 활용한 해외로의 진출이 용이성’은 기업의 향후 투자결정에 긍정적인 영향을 주는 것으로 나타났다. 이러한 결과는 글로벌 공급망 재편이란 환경에 대한 대응과 치열한 경쟁 속에서 혁신을 꾀하고자 하는 기업전략의 결과물로 증액투자가 나타난 것으로 추정된다. 이상의 결과는 해외직접투자 결정요인으로 기업에게 친화적인 환경 외에도 혁신을 일으킬 수 있는 우수인력의 확보와 FTA네트워크가 중요함을 시사한다. 우리나라는 이에 대한 충분한 저력을 갖고 있고 우위를 지니고 있기에 향후 이를 십분 활용하는 정책과 전략이 필요하다. This study aims at finding factors institutionally improved so that Korea can become more attractive as a global investment hub. The study identified the trend of overseas expansion, factors to consider for foreign investment, and foreign investment determinants. SCP model was applied in the study for investigating 135 domestic and foreign companies in Korea based structured survey, and then a multiple regression analysis was conducted. The main results of this analysis can be summarized as below. Firstly, this study found out that such environments as ‘R&D and Innovation’, ‘Labor’, ‘Logistics’, ‘Location’ and ‘Finance & Taxation’ all have positive effects on corporate actions. This fact implies that when those environments are friendly to companies, it may have positive effect on corporate decisions on FDI (foreign direct investment). Secondly, when analyzing the effects of government policies and global economic trends on corporate actions, this study discovered that they all have positive effects on corporate decisions on FDI. It can be interpreted that as a foreign company has a higher degree of satisfaction with government policies in the host country of investment, it has more positive effects on the company’s decision on FDI. On the other hand, it is considered that as changes in the global economic trend get larger, companies are more likely to make FID pursue stability and diversify investment. Lastly, when analyzing the effect of different corporate actions on corporate future decisions on FDI, this study found out that ‘Applicability of R&D centers with excellent human resources secured in the host country of investment’ and ‘Easy overseas expansion through the FTA network in the host country of investment’ have positive effects on corporate decisions on future investment. Many companies around the world seek innovation in a fierce competition, while coping with a new environment called ‘reorganized global supply chains’, and it is assumed that such corporate strategies lead to additional FDI as an outcome. The analysis results imply that in addition to business-friendly environments, securing excellent human resources and FTA network, which are likely to bring about innovation, are important as FDI determinants. Korea has enough potential energy in this field and even holds a dominant position, so proper strategies and policies are required to make the best use of such backgrounds.

한국 외국인 투자구조의 문제점과 개선책 : Structural Problems and Role of Government

진시원 고려대학교 평화연구소 2004 평화연구 Vol.12 No.1

본 연구는 1997년 한국의 경제위기 이후 자유화된 외국인 투자 구조의 문제점을 집중적으로 살펴보고, 그러한 구조적인 문제점을 개선하고 극복하기 위한 국가의 관리 및 규제 시스템 확립과 강화의 필요성을 강조하고 있다. 우선 본 연구는 신자유주의에 기반 한 전 세계적 투자자유화와 개방화의 효과에 대한 객관적이고 과학적인 평가와 분석을 위하여 기존 개량연구의 결과를 살펴보고, 이와 동시에 한국의 외국인 투자 구조의 문제점을 해외직접투자(FDI)와 포트폴리오 투자로 구분하여 구체적으로 추적하고 있다. 외국인 해외 직접투자의 구조적 문제점은 과도한 M&A형 투자로 인하여 기업헐값매각과 국부유출이라는 비판에서 자유롭지 못하고, 외국인 포트폴리오 투자는 과도한 자유화로 인하여 한국경제가 단기성 투기자본의 유출입에 과도하게 노출되어 구조적 취약성이 강화되고 있다고 지적하고 있다. Korea has desperately liberated her foreign investment regime in order to induce more foreign capital needed to resuscitate Korean economy since the Economic crisis occurred in the late 1997. Wide and intensive liberalization processes have resulted in great increase of foreign capital inflows into Korea. However, the increase has accompanied various negative sides of investment liberalization. Foreign direct investment has been dominated by high ratio of aggressive M&A investment instead of constructive greenfield investment. And portfolio investment has so liberated that Korean economy revealed excessive foreign market share reaching more than 40% of Korean stock market value. Due to high ratio of M&A investment in foreign direct investment and excessive foreign market share in portfolio investment, Korean economy has been exposed to serious economic vulnerability caused by structurally unstable flows and configurations of foreign capital inflows. This article argues that in order to accomplish stable and constructive foreign capital inducement, Korean government needs to strengthen its governance systems by which foreign capital could be effectively managed and well regulated.

The Key Factors of Successful Foreign Direct Investment (FDI) in China

Wei-Keon ZHANG 한국유통과학회 2023 The Journal of Industrial Distribution & Business( Vol.14 No.11

Purpose: China's economy has changed considerably in recent decades. By delivering a comprehensive knowledge of the elements that support successful foreign direct investment (FDI) in China and practical insights for multinational firms operating in this dynamic environment, this research offers a new perspective and sets itself apart from previous studies. Research design, data and methodology: It is necessary to give a thorough overview of the body of information on successful FDI in China, which justifies the adoption of a systematic literature review. The study may use a wide range of studies because of this methodology, which guarantees that inferences have a solid and supported basis in data. Results: The findings in the present study have clarified how China's government policies and regulatory framework affect foreign direct investment (FDI). Previous studies have indicated that regulatory changes can significantly impact FDI. For instance, more foreign direct investment (FDI) has been drawn to liberalized industries such as technology and finance. Conclusions: In conclusion, for foreign direct investment (FDI) to be successful in China, it is essential to consider these four factors: local partnerships and cultural adaptation, market research and entry strategy, regulatory environment and policy support, and risk management and contingency planning.

논문 : 기획주제(企劃主題) ; 외국인 투자법제의 최근 동향 : 한국의 외국인투자 법제 해설

박은경 ( Eun Gyoung Park ) 경성대학교 법학연구소 2010 경성법학 Vol.19 No.1

Foreign direct investment(FDI) increases employment, introduces skilled management, transfers technology, and improves company financial infrastructure, ultimately contributing to a nation`s economy. In this view, Korean government enacted the Foreign Capital Inducement Promotion Act in 1960 to promote foreign investment. As a result, the aggregate foreign direct investment(FDI) amount exceeded USD $100 billion in October 2004. Remarkable progress has been made in FDI in the last forty years. During these times, Korean government affords foreigner and foreign company a great variety of incentives for tax, cash grant, the acquisition of lands, etc. Recently, the government reformed Foreign Investment Promotion Act, the legal system of foreign investment promotion has experienced important changes in Korea. In this paper. the author aims through analyzing the legal system of FDI promotion in Korea, at solving two questions: the first, what effects Korean government brought to inflow foreign capital: the second, what efforts tax incentives for FDI which the Foreign Investment Promotion Act provides.