한국 내 해외자회사 시장지향성이 현지시장 지식획득 및 성과에 미치는 영향: 흡수능력의 역할을 중심으로

정갑연 한국기업경영학회 2013 기업경영연구 Vol.20 No.6

In response to an increased need of balancing pressures for global integration and local responsiveness, foreign subsidiaries are demanded to play a prominent role in creating and transferring knowledge, valuable for the multinational corporation (MNC). In this context, a key managerial problem pertains to identifying the relationship between local market knowledge acquisition of foreign subsidairy and performance. If companies want to acquire local market knowledge, they should precede market orientation. Especially, foreign subsidiary that takes charge of business activities in unfamiliar environment has to obtain various factors to acquire local market knowledge. Prior to this, it’s most important that companies construct organizational culture which leads them to fully understand the desire of local customers and the strategy for the local market. This study is to examine that the market orientation of foreign subsidiary influences on the local market knowledge acquisition and performance of foreign subsidiary through variables of the potential absorptive capacity of foreign subsidiary, the local relational embeddedness, and the learning experience of foreign subsidiary. Also this study identify the moderating effect of realized absorptive capacity between the local market knowledge acquisition and performance of foreign subsidiary. For a more realistic approach the data was collected from foreign subsidiaries in South Korea. 253 samples were used for this analysis with AMOS (7.0 version) and SPSS (15.0 version). Collected samples were tested by factor analysis and Cronbach’s Alpha coefficients and were found to be satisfactory in terms of validity and reliability. Furthermore, fitness of the measurement model was tested by using confirmatory factor analysis and fitness of the model for hypothesis testing was adequate on various goodness of fit indices. There are following empirical results. First, the market orientation of foreign subsidiary has a significant effect on the potential absorptive capacity of foreign subsidiary, the local relational embeddedness, and the learning experience of foreign subsidiary. Second, the local relational embeddedness, and the learning experience of foreign subsidiary have an effect on the potential absorptive capacity of foreign subsidiary, Third, the potential absorptive capacity of foreign subsidiary only play a significant role on the local market knowledge acquisition. Finally, the realized absorptive capacity play a significant role in moderating between the local market knowledge acquisition and performance of foreign subsidiary. Even though this study tried hard to provide meaningful results and implications, there still are some limitations. First, since we had selected foreign subsidiaries as subjects of the analysis, we only chose the ones that run their business only in Korea. Thus, it may not be appropriate to argue that the result of this study can be applied to other countries, because of different cultures and systems. Second, this study put restraints on the subjects of the analysis by selecting only foreign subsidiaries of MNCs currently operating production and sales in Korea. Accordingly, it is hard to say that the result of this study can be adapted to other subsidiaries which were established under different purposes such research and development or resource development. Finally, since we only got the response from one personnel per each corporation, the result of the analysis can be biased by subjectivity of the respondent. In other words, the problem of common method bias can occur. To settle those problems, further studies could use the second source added to questionnaire to minimize such problem, for example, getting a multiple response from one subsidiary, or using more objective measurements such as an introduction rate of technology acquired in local market in measuring the level of local market knowledge acquisition. 최근 다국적기업의 경쟁우위 창출에 있어 해외자회사의 역할이 중요시 되면서 상대적으로 부족했던 해외자회사의 현지시장에서의 지식획득에 관한 논의가 점차적으로 주목을 받고 있다. 따라서 본 연구는 해외자회사의 시장지향성, 현지시장 지식획득, 그리고 자회사 성과와의 관계를 규명하고자 하였다. 즉, 해외자회사가 시장지향성 조직문화를 통해 구축할 수 있는 현지시장 지식획득의 영향요인으로 해외자회사 잠재적 흡수능력, 현지국 관계적 체화성, 그리고 해외자회사의 학습경험을 고려하였다. 또한 이렇게 획득된 현지 시장지식이 자회사의 성과에 영향을 미치는데 있어 자회사의 실현적 흡수능력의 조절효과를 살펴보고자 하였다. 이를 위해 한국에 진출한 253개의 다국적기업 해외자회사를 대상으로 조사를 하였으며, AMOS(7.0 version)과 SPSS(15.0 version)을 사용하여 수집된 자료를 분석하였다. 그 결과 해외자회사의 시장지향성은 자회사의 잠재적 흡수능력, 현지국 관계적 체화성, 그리고 자회사 학습경험 모두에 유의한 영향을 미쳤고, 현지국 관계적 체화성, 자회사 학습경험은 자회사의 잠재적 흡수능력에 긍정적인 영향을 미치는 것으로 확인되었다. 반면 앞선 세 요인들과 현지시장 지식획득 간의 관계에 있어서는 해외자회사의 잠재적 흡수능력만이 긍정적인 영향을 미침을 확인하였다. 또한 해외자회사 현지시장 지식획득은 자회사 성과에 긍정적인 영향을 미쳤으며, 이들의 관계에 있어 자회사의 실현적 흡수능력이 조절효과가 있음을 확인하였다.

외국인 주식보유의 마찰효과

선정훈 ( Jung Hoon Seon ) 아시아.유럽미래학회 2015 유라시아연구 Vol.12 No.4

본 논문에서는 유가증권시장(이하 KOSPI) 기업과 코스닥시장(이하 KOSDAQ) 기업에서 외국인 주식보유 증가가 시장 유동성에 미치는 부정적인 영향인 외국인 주식보유의 마찰효과(friction effect)가 나타나는지를 고찰하고자 한다. 어떠한 시장마찰(market friction)도 존재하지 않는 완전 자본시장(perfect capital market)에서는 외국인 투자자의 주식보유가 시장 유동성에 영향을 미치지 않는다. 하지만, 주문처리비용(order processing cost), 재고보유비용(inventory hoding cost), 정보비대칭비용(asymmetricinformation cost) 등 시장마찰이 존재하는 현실의 자본시장에서는 외국인 투자자의 주식보유 증가가 시장 유동성에 영향을 미칠 수 있다. Stoll(2000)에 의하면 전체 마찰효과는 실질마찰(real friction)과 정보마찰(information friction)의 두 가지 요소로 구성될 수 있다고 한다. 여기서 실질마찰은 주문처리비용, 재고보유비용 등과 연관되고, 유동성 제공자의 실질적인 자원을 소모하여 발생 된 부분이다. 반면, 정보마찰은 정보비대칭비용과 관련되고, 유동성 제공자의 실질적인 자원을 소모하지 않지만 투자자들 간에 부(wealth)의 재분배를 가져오는 부분이다. 본 논문에서는 이러한 Stoll(2000)의 관점에 따라,외국인 주식보유의 마찰효과를 실질마찰과 정보마찰의 두 가지 요소로 구분하고, 각 요소의 존재 유무를 검증한다. 우리나라 주식시장에서 외국인 주식보유의 마찰효과가 실질마찰 또는 정보마찰, 아니면 두 가지 요소 모두에 기인하는지에 대한 실증적인 분석은 외국인 주식보유가 어떤 경로를 통해 시장유동성에 영향을 미치는지에 대한 시사점을 제시할 것으로 기대된다. 즉, 외국인 주식보유의 실질마찰의 존재는 외국인 주식보유가 거래활동 경로를 통해 주식의 시장유동성에 영향을 미치는 것을 의미한다. 그리고 외국인 주식보유의 정보마찰의 존재는 외국인 주식보유가 정보환경의 변화를 통한 경로를 통해 주식의 시장유동성을 변화시킴을 의미한다. 본 논문은 2009년 1월부터 2013년 12월까지 60개월을 표본기간으로 하고, 표본기간 중 연속적인 시계열 확보가 가능한 KOSPI 기업 355개 및 KOSDAQ 기업 436개를 표본 종목으로 선정한다. 분석에 활용된 자료는 각 종목의 외국인 주식보유 변수의 월말 자료와 일별 거래활동 및 가격충격 변수의 월간 평균 및 표준편차 자료 등이다. 외국인 주식보유는 발행주식수 대비 외국인 보유주식수의 비중으로, 거래활동은 회전율 또는 거래량으로, 가격충격은 Amihud(2002) 지표로 각각 측정된다. 본 논문은 고정효과 패널모형을 이용하여 해당 월의 거래활동 및 Amihud(2002) 가격충격 변수와 직전 월의 외국인 주식보유 간의 관계를 고찰한다. 본 논문의 주요 결과는 다음과 같이 요약된다. 첫째, KOSPI 및 KOSDAQ 기업 모두에서 외국인 주식보유 증가가 주식 거래활동에 부정적인 영향을 미치며, 이는 외국인 주식보유의 실질마찰이 나타난다는 증거로 해석된다. 둘째, KOSPI 기업에서는 외국인주식보유 증가가 가격충격에 미치는 부정적인 영향인 전체 마찰효과가 나타나지만, 실질마찰을 통제하면 사라진다. 이에 따라 전체 마찰에서 실질마찰을 차감한 부분으로 정의되는 정보마찰이 존재하지 않는것으로 해석된다. 마지막으로, KOSDAQ 기업에서는 외국인 주식보유의 전체 마찰효과가 나타나지 않는다. 이상의 결과들을 종합하면, 우리나라 주식시장에서 외국인 주식보유 증가가 시장유동성에 미치는 부정적인 영향은 주로 거래활동을 경유하고 유동성 제공자의 실질적인 자원을 소모하여 발생함을 시사한다. This paper investigates whether there exist the friction effects of foreign ownership in the stocks listed on the Korea exchange. The friction effects of foreign ownership is defined as a negative effect of foreign stock ownership on the market liquidity. In a perfect capital market in which any market friction does not exist, foreign stock ownership should not affect market liquidity. However, market frictions such as order processing costs, inventory holding costs, and information asymmetric costs exits in real stock markets and thus the friction effects of foreign ownership may exist. According to Stoll (2000), any friction effects that might occur in imperfect markets can be decomposed into two components.real friction and information friction. The real friction is related to order processing costs and inventory holding costs and the component that consumes real resources of liquidity providers. Meanwhile, the informational friction is related with information asymmetry costs and the component that redistribute investors’ wealth without consuming real resources of liquidity providers. Following Stoll (2000)’s view, we decompose the friction effects of foreign ownership into two components: the real and informational frictions. The real friction is defined as the negative impact of an increase in foreign ownership on the trading activity of stocks. The informational friction is defined as the adverse impact of an increase in foreign ownership on theasymmetric information costs of a stock. The empirical studies on whether the friction effects of foreign stock ownership come from real friction, informational friction, or both might suggest through which channel foreign stock ownership affect on market liquidity in a stock market. The existence of real friction indicates that foreign stock ownership impact the market liquidity through trading activity. The existence of informational friction suggests that foreign stock ownership impact the market liquidity through the changes in information environment. This paper uses monthly panel data for 791 firms (355 KOSPI firms and 436 KOSPI firms) from January 2009 to December 2013. Using the monthly panel data and two-way fixed effect panel model, this paper examine the relationship among this month’s trading activity and Amihud(2002) price impact, and previous month’s foreign stock ownership using each stock’s share price, volatility of share price, and market capitalization as control variables. The foreign stock ownership of a stock is measured as the shares of foreign stock ownership divided by the number of shares outstanding at the end of each month. The trading activity of a stock is measures as the monthly average of turnover ratio and trading volume ratio. Amihud(2002) price impact of a stock is computed as the monthly average of the ratio of daily mean absolute return to daily volume for each month. This paper finds the results as follows. First, the inverse relationship between lagged foreign ownership and trading activity of stocks - the real friction of foreign ownership is observed for both the KOSPI and KOSDAQ firms. Second, the adverse impact of lagged foreign ownership on the Amihud (2002)’s price impacts of stocks - the total friction effect of foreign ownership is found for the KOSPI firms. The adverse impact, however, is disappeared, when real friction is controlled in the friction effect. Lastly, the total friction effect of foreign ownership is not observed for KOSDAQ firms. Overall, the results suggest that friction effect of foreign ownership is driven by the real friction and the informational friction plays no role in the friction effect.

해외자회사 시장지향성이 현지시장 지식획득에 미치는 영향

정갑연 ( Gap Yeon Jeong ),채명수 ( Myung Su Chae ) 한국국제경영학회 2013 國際經營硏究 Vol.24 No.3

기업이 시장 특유의 지식을 획득하기 위해서는 시장지향성이 선행되어야 한다. 특히, 생소한 환경에서 경영활동을 하는 해외자회사가 현지국 특유 시장지식을 획득하기 위해서는 다양한 요인들을 확보해야 하며, 이에 앞서 현지 고객의 욕구와 향후 현지시장에서 수행해야 할 전략 등을 충분히 숙지할 수 있는 조직문화를 구축하는 것이 무엇보다 중요하다. 이에 본 연구에서는 해외자회사 시장지향성과 현지시장 지식획득의 관계를 한국에 진출한 해외자회사들을 대상으로 살펴보고자 하였다. 즉, 본 연구는 해외자회사의 시장지향성에 영향을 미치는 요인들을 파악하고, 해외자회사에서 형성된 시장지향성이 어떤 과정을 거쳐 현지시장의 지식을 획득하게 되는 지를 살펴보고자 하였다. 이를 위해 한국에 진출한 253개의 다국적기업 해외자회사를 대상으로 조사를 하였으며, AMOS(7.0 version)과 SPSS(15.0 version)을 사용하여 수집된 자료를 분석하였다. 그 결과 해외자회사의 시장지향성은 해외자회사 현지경영자율권과 현지국 경쟁강도에 의해 긍정적인 영향을 받는 것으로 확인되었다. 또한 해외자회사의 시장지향성은 자회사 흡수능력, 현지국 관계적 체화성, 그리고 자회사 학습경험을 통해 해외자회사의 현지시장 지식획득에 영향을 미치는 것으로 확인되었다. If companies want to acquire local market knowledge, they should precede market orientation. Especially, a foreign subsidiary that takes in charge of business activities in unfamiliar environment has to obtain various factors to acquire local market knowledge. Prior to this, it`s crucial that companies need to construct organizational culture which leads them to fully recognize the desire of local customers and understand the strategy for the local market. This study investigates the relationship between market orientation of foreign subsidiary and local market knowledge acquisition through foreign subsidiaries in Korea. In other words, this study confirms the factors that influence on local market knowledge of foreign subsidiary by examining determinants that affect market orientation of foreign subsidiary and local market knowledge, which is formed by market orientation of foreign subsidiary. For the study, we investigated 253 foreign subsidiaries of MNCs that entered into the Korean market and analysed collected data using AMOS(7.0 version) and SPSS(15.0 version). There are following empirical results: first, it was confirmed that market orientation of foreign subsidiary received positive influence by the determinants such as autonomy in local management of foreign subsidiary and competition intensity of local market. Second, it was confirmed that absorptive capacity of foreign subsidiary, local relational embeddedness, and learning experience of foreign subsidiary all had a significant influence on market orientation of foreign subsidiary. And it was verified that these factors have positive impacts on local market knowledge acquisition.

인도 증권시장의 투자 유형별 성공사례 연구

정무섭 ( Moosup Jung ),표민찬 ( Minchan Pyo ),이지은 ( Jieun Lee ) 아시아.유럽미래학회 2013 유라시아연구 Vol.10 No.2

본 연구의 목적은 인도에 진출한 외국계 기업에게 적용되는 증권시장의 기업환경을 살펴봄으로써 향후 인도시장에 진출할 계획이 있는 기업들에게 참고할 수 있는 방향성을 제시하고자 하는 것이다. 이를 위해 외자기업과 관련된 인도 증권시장의 주요 법률을 살펴보고, 이미 인도 증권시장에서 높은 실적을 보이고 있는 기업들을 투자 유형별로 분석하는 사례연구를 진행했다. 외국인 투자자들에게 영향을 줄 수 있는 인도의 증권시장 관련 주요법률은 (1) 1996년 제정된 Depositories Act, (2) 1992년 제정된 SEBI Act, 그리고 1956년에 제정됐으며 일반적인 내용을 담고 있는 (3) Companies Act 와 (4) Securities Contracts(Regulation) Act 등이 있다. 특히 1992년 SEBI Act 제정과 함께 권한이 강화된 인도증권거래위원회(SEBI: Securities and Exchange Board of India)는 인도 증권금융제도의 근간을 이루고 있다. 외국인 투자관련 제도는 투자의 형태에 따라 외국인직접투자(Foreign Direct Investment)와 관련된 제도와 외국인간접투자(Foreign Indirect Investment)와 관련된 제도로 분류될 수 있다. 외국 기업 및 자본이 인도증권시장에 투자하기 위해서는 외국기관투자자(FII: Foreign Institutional Investor)로 등록해야 한다. 혹은 이미 등록되어 있는 FII의 하부계정(sub-accounts)으로 등록해도 인도 증권시장에 대한 투자가 가능하다. 인도 증권시장에 진출한 기업들은 순수한 인도 로컬기업, 외국기업과 인도기업 간 합작기업, 그리고 외국자본의 독자기업 형태로 구분된다. 투자유형별로 구분해 비교해 보면, 상위 5대 증권사 중 3개사가 합작형태를 취하고 있다. 예를 들어, 2011년 운용자산 규모 1위 기업인 HDFC Asset Management Company는 영국 기업인 Standard Life Investments가 로컬기업과 함께 설립한 회사이며, 운영자산 3위기업인 ICICI Prudential Asset Management Company는 인도의 대형 상업은행인 ICICI Bank와 영국 Prudential사의 합작기업이다. 인도 증권시장의 경우 외국 증권사에 비해 인도 로컬기업의 영향력이 매우 크다는 점을 발견할 수 있다. 외국기업과 인도기업 간 합작회사의 경우에도 인도 로컬기업 파트너의 영향력 하에서 움직이고 있다. 이는 인도의 시장구조가 매우 복잡하게 세분화 되어 있어 외국기업들이 단독으로는 효과적으로 공략하기 어렵기 때문이다. 이에 따라 인도의 20대 증권사 중 절반이 넘는 11개가 인도 로컬기업이며 외국계 단독투자 형태는 2개에 불과하다. 2011년 운용자산 기준으로 인도의 상위 5대 증권사는 HDFC, Reliance Capital, ICICI Prudential, Birla Sun life, UTI 순이었다. 인도 증권시장의 특징으로 상위기업의 시장점유율이 매우 높다는 점을 꼽을 수 있다. 인도 증권사의 실적을 시계열로 살펴보면, 운용자산 순위에서 일부 변동이 있기는 하지만 상위 5개사의 목록은 변하지 않고 있다. 상위 5대 기업의 운용자산 규모는 전체 시장의 50%이상을 차지하고 있다. 미국의 경우 상위 5개 회사가 차지하는 비중은 38%에 지나지 않는데 비해, 인도 상위 5개사의 시장점유율은 2009년 기준으로 58%를 차지했다. 인도의 상위 10대 증권사로 확대하면 시장점유율은 거의 80%에 육박하고 있다. 2005년 상위 5대 증권사의 시장점유율이 51%였던 점을 감안하면 인도 증권시장에서 상위기업의 집중도가 높아지고 있는 것으로 분석된다. 본고에서는 외국-인도기업 간 합작투자형태의 기업 중에서는 시장점유율이 각각 1위와 3위를 기록한HDFC와 ICICI Prudential의 강점을 분석했다. 인도 로컬기업의 경우 시장점유율 2위와 5위에 오른Reliance Capital과 UTI를 선택했으며, 외국 단독투자 형태의 경우 상위 10대기업에 유일하게 이름을 올린 Franklin Templeton의 성공요인을 분석했다. 인도 증권시장에서 높은 성과를 보이고 있는 기업들은 대부분 외국과 인도기업의 합작형태이거나 인도로컬기업들이다. 반면 외국 단독 투자형 기업들은 높은 실적을 보이지 못하고 있다. 단독 투자형 외국기업들은 인도 투자자들의 다양하고 독특한 특성을 이해하기가 쉽지 않기 때문이다. 반면 로컬기업이나 외국-인도 간 합작기업들은 인도 투자자에 대한 높은 이해를 바탕으로 인도 전역에 갖추고 있는 영업망을 통해 고객의 다양한 니즈를 충족시키는 전략을 사용하고 있다. 인도 증권시장에서 7위를 기록하고 있는 외국단독 투자형 기업 Franklin Templeton도 실제로는 인도 로컬기업을 인수해 현지화를 이룬 기업이다. 인도 현지에서 성공하기 위해서는 인도 투자자에 대한 폭넓은 이해가 선행되어야 한다. 또 넓은 영업망을 확보해 소비자와 끊임없이 접촉하면서 회사의 강점을 전달해 주는 기능도 강화돼야 한다. 이에 따라 인도에 진출하는 외국계 증권사들은 단독투자 보다는 인도 현지기업을 찾아 합작회사 형태로 진출함으로써 성공가능성을 높일 수 있을 것으로 보인다. 외국계 단독기업으로서는 독자적으로 인도 증권시장의 복잡한 규제를 제대로 이해하기 힘들 뿐 아니라, 인도 소비자들에게 브랜드 가치를 인식시키기도 힘들기 때문이다. 또 인도주식시장의 경우 외국인 투자자본에 대해서는 투자대상기업의 주식을 24%이상 소유할 수 없는 제한을 두고 있는 반면, 외국기업과 로컬기업의 합작사의 경우에는 소유지분에 대한 제한이 없다. 또 외국기업과 인도기업 간 합작회사의 경우 외국기업의 지분이 50%를 넘어도 무방하기 때문에, 현지 로컬기업을 소수 지분으로 참여시키는 방식으로 합작회사를 설립해 투자에 대한 제약조건을 벗어나는 전략도 필요하다. 독자 경영을 원하는 외국계 기업들은 우선 합작투자 형태로 진입해 충분한 노하우와 브랜드 인지도를 쌓은 후 로컬 합작사 지분을 인수하는 단계적인 전략을 고려해 볼 필요가 있다. 본고는 인도 증시관련 법규, 각종 공시자료와 언론매체, 기업보고서 등을 통해 연구를 진행했다. 향후 개별기업을 대상으로 한 설문조사, 인터뷰 등을 통해 추가적인 자료를 확보하고 계량적인 방법을 통한 추가적인 연구가 필요할 것이다. The purpose of this study is to analyze the financial market environment and the key success factors for entering India securities market by investigating the cases of financial companies in India. There are 4 major regulations that could affect foreign securities firms entering India securities market, which are Depositories Act(enacted in 1996), SEBI Act(1992), Companies Act(1956), and Securities Contracts Act(1956). With the enactment of SEBI Act, SEBI(Securities and Exchange Board of India) was empowered, becoming a major institute of India securities market. Securities companies in India consist of three types: India local firm, foreign firm, and joint venture between foreign and local firms. The three firms out of top five firms in India securities market are joint ventures, and the other two firms are India local firms. For example, the biggest securities company based on operating assets in 2011 was HDFC Asset Management Company, which was a joint venture between the British company(Standard Life Investment) and a India local company(Housing Development Finance Corporation). ICICI Prudential Asset Management Company was number three in the operating assets ranking in India securities market, which was also a joint venture between a Indian commercial bank(ICICI bank) and British firm(Prudential). Even in the joint venture, Indian local firms have much stronger decision power than foreign partners. The India securities market environment is so complex that foreign firms are not easy to successfully penetrate the market single-handed. For such a reason, there is no foreign firm listed in top five securities companies in India and there are only two foreign wholly-owned companies in top 20 securities firms. One of characteristics in India securities market is that the leading companies have strong market power. For example, the total market share of top 5 securities companies is more than 50 percent, which is very high compared to the US securities market where the top 5 firms had only 38% market share in 2009. The total market share of top 10 companies in India securities market was close to 80 percent. In addition, the market dominating power of top 5 companies has an upward tendency. The total market share of top 5 securities companies was 51 percent in 2005, increasing to 58% in 2009. This paper examines major securities companies in India such as HDFC and ICICI Prudential(joint ventures between foreign and local firms), Reliance Capital and UTI(India local firms), and Franklin Templeton(foreign firm). Franklin Templeton is the only foreign company listed in top 10 companies. Most financial companies with high performance are joint ventures between foreign and local firms and/or India local companies. On the contrary, foreign companies have been underperforming by lack of understanding the diverse needs of Indian investors. Even though Franklin Templeton is regarded as a foreign company, but it became a major securities company after taking over an Indian local securities company(Pioneer ITI) in 2003. The findings of this paper suggest that it is proper for foreign financial companies to enter India securities market by setting up a joint venture with local firms rather than building up a wholly-owned company. The India security market has very complicated regulations and complex local investors and, hence, it is not easy for foreign firms to adjust itself to local business environment. A joint venture between a India local firm and a foreign firm could bypass the regulation applied only to foreign wholly-owned company. For example, there is a legal restriction that foreign investing firms cannot hold more than 24 percent of a local firm’s share. However, this restriction is not so for a joint venture between local and foreign firms. The foreign financial firms that plan to have 100% share may use a stepwise strategy in which they set up a joint venture with local partners at first and, afterward, buy back local partner’s share when they accumulate sufficient knowhow of doing business in India securities market.

Foreign participation in emerging Asia's local currency debt markets and its links with bond yields

Julien Marcilly 인하대학교 정석물류통상연구원 2009 인하대학교 정석물류통상연구원 학술대회 Vol.2009 No.10

The recent financial market turmoil is a reminder of how strongly markets interrelate to one another and notably the significant impact that global risk appetite has on all (open) markets. Emerging Asia"s financial markets have been no exception and have suffered the perils of global market volatility and risk aversion over the past year. Local currency bond markets are part of this story. Within the context of the current crisis, the structural issue of how to manage foreign participation in domestic markets has taken on a new dimension for emerging Asia (and for that matter other emerging markets) given the noticeable surge in inflows to some of Asia"s local bond markets over the past years. Foreign capital inflows enable emerging countries to finance investment and foreign participation in local bond markets is seen as a way to accelerate the development of financial infrastructure. According to common beliefs, foreign investments have been a key driver of the recent downward trend in emerging market bond yields. Capital inflows, however, may create overheating and cause an appreciation of the real exchange rate impacting macroeconomic performance. In addition to this, in times of crisis (triggered by either local or global events) foreign capital flows may exit quickly resulting in financial instability. Foreign participation is thus often blamed for causing financial market volatility with periods of sharp inflows driving asset price bubbles and periods of sharp outflows accelerating asset price declines. It is difficult, however, to assess the precise extent to which foreign investments affect local markets dynamics. Against this backdrop, the goal of this paper is to empirically study the link between foreign investment in emerging Asia"s local currency debt markets and bond yields. The paper is structured as follows. Section 1 is the introduction. Section 2 documents recent trends in bond yields and in foreign investment activity in local currency bond markets of emerging Asia and consider the potential key explanatory factors linking the two. Section 3 summarizes the existing literature related to the effects of foreign participation on financial markets. Section 4 explains the empirical method applied in this paper and details the results of the VAR models and impulse responses. Section 5 concludes.

외국인 채권매매가 국내 채권시장 변동성에 미치는 영향

우준명 한국금융학회 2017 금융연구 Vol.31 No.4

The growing role and portion of foreign investors in the domestic bond market have increased concerns over the possible outbreak of large capital outflows increasing financial instability as the Fed announced its balance sheet reduction plans and has been normalizing its policy rate in a scheduled way. However, in contrast to increasing interests in the role of foreign investors, recent studies on their behavior in the Korean bond market have mainly focused on what are the major determinants of bond holdings by foreign investors rather than on volatility induced by their trading behavior. Therefore, this study is different from the previous research in that it analyzed the role of foreign investors’ bond trading in terms of volatility. To this end, we estimate the impact of foreign investors on conditional volatility in the local currency bond market with various EGARCH models. Net buying by foreign investors is included in a setup of EGARCH models as an explanatory variable for bond market volatility. Net purchases of domestic sovereign bonds have a tendency to increase the volatility of the bond market. However, they show different aspects across volatility regimes when incorporating a Markov switching process into the model. When the volatility regime is high, net sales (purchases) of foreign investors raise (lower) the degree of volatility. This implies that the net sell-off of foreign investors during the period of the global financial crisis might contribute to the further increase in the volatility of the bond market and that policymakers should always pay attention to potential capital outflows from the domestic bond market when financial conditions are unstable. On the other hand, by estimating the timing of the structural change in volatility within the sample period, we find that the high volatility regime in the bond market had lasted from the initial period of the global financial crisis to the end period of European fiscal debt crisis in 2011. In addition, we also look into the role of foreign investors in determining the time varying transition probabilities in the volatility regimes, but it is not statistically significant. This outcome might be mainly ascribable to the home bias of domestic investors in the sovereign bond market, or to a more important role of economic fundamental factors in determining market volatility. Finally, to ensure the robustness of the results, we include the exchange rates in estimating the EGARCH models reflecting a possible linkage between two financial markets, because it is well-known that capital outflows and inflows by foreign investors through the FX market are substantially associated with flows of funds in other domestic financial markets. The results from these alternative models do not show significant differences from those of models without considering the FX market. It also turns out that the models excluding the FX market are preferred to the ones with it. 본 연구에서는 외국인 채권거래 행태가 우리나라 채권시장 변동성에 어떤 영향을 미쳤는지다양한 EGARCH 모형을 이용하여 분석하였다. 국고채(3년물)의 (조건부)변동성을 설명하는요인으로 외국인 채권 순매수 변수를 추가하여 추정해 본 결과, 외국인 채권 순매수가 많을수록채권시장 변동성도 높아지는 등 외국인 투자자의 채권매매는 시장변동성에 통계적으로 유의한영향을 미쳤다. 다음으로 마코브 스위칭 모형을 이용하여 변동성의 국면에 따라 외국인 채권거래행태가 변동성에 미치는 영향이 달라지는지 살펴보았다. 추정결과, 고(高)변동성 국면에서 외국인채권 순매도(순매수)는 시장 변동성을 더욱 확대(축소)시키는 것으로 추정되었다. 이는 글로벌금융위기 당시 외국인 투자자의 채권 순매도가 시장 변동성을 더욱 확대시켰음을 시사한다. 마지막으로 국면전환 확률의 내생성을 고려한 모형을 추정해 본 결과, 외국인 채권매매가 변동성의국면전환 확률에는 유의한 영향을 주지 못하는 것으로 추정되었다. 이는 경제의 본질적 요인이외국인 채권거래 보다 채권시장 변동성에 더 중요한 역할을 하거나, 채권시장에서 국내 투자자의보유 비중이 높기 때문으로 판단된다.

外國證券의 公示規制 立法에 관한 考察 - 美國法과의 比較를 中心으로 -

이규수 한국상사법학회 2008 商事法硏究 Vol.27 No.1

These days, the globalization of capital markets has increased with deregulation, liberalization of capital flows and companies enter foreign capital markets to raise capital. Consequently, sometimes companies are required to observe foreign corporation laws or securities laws and it is necessary to consider disclosure rules for foreign securities. In the United States, foreign companies should comply with the U.S. disclosure system although they are subject to somewhat different requirements than domestic companies. However, this system increases disclosure costs and deters effective regulatory competition with foreign markets. And the foreign integrated disclosure system is not effective in regulatory competition with foreign disclosure system. Relaxing disclosure requirements for foreign companies might create an inequity for domestic companies. For the reform of disclosure rules, new theoretical proposals have been suggested arguing that the entire body of current U.S. securities laws should be replaced by a new statutory framework: the issuer choice approach and the issuer nationality approach. On the contrary, the world’s securities regulators suggest the replacement of domestic disclosure regimes with unified disclosure standards to be used in all international offerings: the harmonization approach. In Korea, the government has promoted the plans about globalization of capital markets since 1980’s and recently three foreign companies have listed their securities on Korea’s stock exchanges or KOSDAQ. Although foreign companies are subject to more or less different requirements than domestic companies, generally they should observe the Korea disclosure system according to the current securities laws. To increase international competitiveness by achieving an appropriate balance between attracting foreign companies and protecting domestic investors, it is necessary to modify and reform domestic rules and systems within international standards. These days, the globalization of capital markets has increased with deregulation, liberalization of capital flows and companies enter foreign capital markets to raise capital. Consequently, sometimes companies are required to observe foreign corporation laws or securities laws and it is necessary to consider disclosure rules for foreign securities. In the United States, foreign companies should comply with the U.S. disclosure system although they are subject to somewhat different requirements than domestic companies. However, this system increases disclosure costs and deters effective regulatory competition with foreign markets. And the foreign integrated disclosure system is not effective in regulatory competition with foreign disclosure system. Relaxing disclosure requirements for foreign companies might create an inequity for domestic companies. For the reform of disclosure rules, new theoretical proposals have been suggested arguing that the entire body of current U.S. securities laws should be replaced by a new statutory framework: the issuer choice approach and the issuer nationality approach. On the contrary, the world’s securities regulators suggest the replacement of domestic disclosure regimes with unified disclosure standards to be used in all international offerings: the harmonization approach. In Korea, the government has promoted the plans about globalization of capital markets since 1980’s and recently three foreign companies have listed their securities on Korea’s stock exchanges or KOSDAQ. Although foreign companies are subject to more or less different requirements than domestic companies, generally they should observe the Korea disclosure system according to the current securities laws. To increase international competitiveness by achieving an appropriate balance between attracting foreign companies and protecting domestic investors, it is necessary to modify and reform domestic rules and systems within international standards.

법률시장 개방과 개정 외국법자문사법 연구

이기영 ( Ki Young Lee ) 법조협회 2011 法曹 Vol.60 No.10

On April 30th, the amended Foreign Legal Consultant Act went into force. The FLC amendment is to institutionalize the phase two opening of the Korean legal services market as promised in Korea-ASEAN FTA, which includes the provisions that would henceforth have a significant impact on the liberalization of legal services market in Korea. This paper is focused on the main points and relevant issues regarding the amended Foreign Consultant Act. The essence of phase two liberalization which is regulated by the Amendment is allowing cooperation between the Foreign Legal Consultant Office and the Korean lawyers to jointly deal with the specific cases which both involves foreign and domestic issues, and sharing the profit. Such cooperation might raise concerns over the specific scope of cooperation that allows joint work and profit sharing. However, the answers to the majority of them can be found in the text of Foreign Legal Consultant Act, especially in respect with the phase two liberalization. Foreign Legal Consultant Act, in principle, forbids any types of cooperation, but it allows specific cooperative agreements on particular cases, only to the Foreign Legal Consultant Offices of the countries that are subject to the benefit of expanded opening up of the Korean legal services market. Hence, it is deemed that the comprehensive cooperation, joint handling of cases without profit-sharing, and partnership with other professionals who are related to legal practice, which are not explicitly stated in the Amendment, are still forbidden. On the other hand, cooperation between the overseas-based law firms and the domestic law firms, and FLC`s consultation on foreign laws in respect to patent and labor relations can be allowed to certain extent. The amended Act requires the Foreign Legal Consultant Offices to make pre-registration and en bloc ex-post facto report in order to provide legal services under phase two opening up of the Korean legal services market. It is to pay a due consideration to ensure observance of the requirements under phase two opening up of the Korean legal services market, while minimizing the administrative burden of FLCOs. Above this, some regulations have been newly legislated including: ban on FLC`s illegitimate intervention in domestic affairs on account of cooperation; payment of fees when applying for Foreign Legal Consultant qualification and Foreign Legal Consultant Office license; and issuance of registration certificate and furnishing of registration documents. The enforcement regulation and public notification have also been revised following the amendment of FLC Act. Under the amended FLC Act, the Korean legal services market is currently opened up to phase two, only to ASEAN countries, but the application of phase two liberalization will be expanded to include EU countries from July 1st, 2013. From then on, EU law firms will be able to have access to the Korean legal services market, having a considerable influence on the domestic legal services sector. It is my expectation that the discussion on the amended Foreign Legal Consultant Act for the opening of Korean legal services market would become more lively so that it contributes to the successful liberalization of the domestic legal services market.

10·21 부동산대책이 외환시장과 주식시장에 미친 영향에 관한 실증적 연구

임병진 한국전문경영인학회 2011 專門經營人硏究 Vol.14 No.1

Stock market return has less the reverse movement of foreign-exchange market return before 10·21 real estate policies. but Stock market return has more the reverse movement of foreign-exchange market return after 10·21 real estate policies. So this paper investigates on the influence of 5·23 real estate policies on return of the stock market and foreign-exchange market. We examine on the influence of 10·21 real estate policies on return of tthe stock market and foreign-exchange market for 500 daily data from October 10. 2006 to October 20. 2008 before 10·21 real estate policies and 500 daily data from October 21. 2008 to October 19. 2010 after 10·21 real estate policies. The analysis employs the vector-autoregression, impulse response function and variance decomposition using daily returns on the stock market and foreign-exchange market. This research showed following main results. First, from basic statistic analysis, both fthe stock market and foreign-exchange market have unit roots. Second, there is at least one cointegration between them. In addition, we find that the stock market return has the reverse movement of the foreign-exchange market return after 10·21 real estate policies.

국제신생벤처기업의 네트워크 시장지향성과 지식역량이 경쟁우위와 해외진출성과에 미치는 영향

김정포 한국경영컨설팅학회 2020 경영컨설팅연구 Vol.20 No.3

The purpose of this study was to investigate the network market orientation, dynamic knowledge capabilities and competitive advantage as a antecedent factors affecting the foreign market performance of International New Ventures(INVs) in Korea. In recent years, despite the steady increase in foreign market entry of small and medium-sized enterprises(SMEs) in Korea, only a few prior studies have been conducted to study the influence of external networks related to foreign activities that can directly affect the foreign market performance of SMEs. Therefore, this study was to study the network market orientation, absorption capability that affects the acceptance of these factors, and the resulting factors that create competitive advantage, as the antecedent factors affecting the foreign market performance of SMEs in Korea. In order to achieve the objectives of this study, 5 research hypotheses were established, and hypothesis tests using structural equations model were conducted for 119 sample companies. The empirical results shows that network market orientation has a positive effect on the development of absorption capability related to exploration and adaptation activities among the dynamic capabilities of INVs, and that these absorption capability affect the differentiation and low cost advantage based on innovation, which have a positive impact on foreign market performance of SMEs. The implications of this study were as follows. It has been confirmed that INVs have explored network market orientations as important prerequisites for developing absorption capability for the internal utilization of information and knowledge related to foreign markets, as well as that absorption capabilities directly affect competitive advantages such as differentiation and low cost advantage, as well as play a positive role between antecedent factors such as network market orientation and competitive advantage. It was also confirmed that the competitive advantage developed and accumulated through this process had a significant impact on entity’s performance abroad. Finally, through this research as above, it was confirmed that market-oriented business networks were important as a antecedent factor in the foreign market performance of SMEs such as INVs, thus contributing to the lack of practical research in related research. 본 연구는 우리나라 국제신생벤처기업의 해외진출성과에 영향을 미치는 선행요인으로 네트워크 시장지향성, 동적지식역량 및 경쟁우위에 대해 연구하고자 하였다. 최근 들어 우리나라 중소벤처기업들의 해외진출이 지속적으로 증가하고 있음에도 불구하고, 기존연구들에서 중소벤처기업의 해외진출 활동과 해외진출성과에 직접적으로 영향을 미칠 수 있는 해외사업관련 외부 네트워크의 영향력에 대한 연구는 소수에 그치고 있는 실정이다. 따라서 본 연구에서는 우리나라 중소벤처기업의 해외진출성과에 영향을 미치는 선행요인으로 네트워크 시장지향성과 이를 기업 내부에 수용하는데 영향을 미치는 흡수역량 및 경쟁우위 요인들이 기업의 해외진출성과에 어떤 영향을 미치는지를 연구하고자 하였다. 본 연구의 목적을 달성하기 위하여 5개의 연구가설을 수립하였고 119개 해외진출 중소벤처기업을 대상으로 구조방정식모형을 이용한 실증분석을 수행한 결과, 네트워크 시장지향성이 국제신생벤처기업의 동적역량 중 탐색 및 적응 활동과 관련된 흡수역량의 개발에 긍정적인 영향을 미치며, 이러한 흡수역량이 혁신을 기반으로 하는 차별화 기반 및 저비용 기반의 경쟁우위 역량에 영향을 미쳐 결론적으로 해당 기업의 해외진출성과에 긍정적인 영향을 미치는 것으로 나타났다. 본 연구를 통하여 얻을 수 있었던 시사점은 다음과 같다. 국제신생벤처기업들의 해외시장 관련 필요지식과 정보의 기업 내부 활용을 위한 흡수역량 개발의 중요 선행요인으로 네트워크 시장지향성 요인을 탐색해 보았다는 점과 흡수역량이 차별화 및 저비용 우위와 같은 경쟁우위 요인에 직접적인 영향을 미칠 뿐만 아니라 선행요인인 네트워크 시장지향성과 경쟁우위 요인들 간에 긍정적인 매개 역할을 수행할 수 있음을 확인하였다. 또한 이러한 과정을 통하여 개발되고 축적된 경쟁우위 요인들이 결과적으로 기업의 해외진출성과에 유의한 영향을 미쳤다는 점을 확인하였다. 마지막으로 이상과 같은 연구를 통하여 국제신생벤처기업과 같은 해외진출 중소벤처기업의 해외진출성과에서 시장지향적인 해외 사업네트워크가 선행요인으로서 중요하다는 점을 확인하여 관련 연구에서의 실질적인 연구부족 현상에 일정부분 기여할 수 있었다.