수출주도형 해외직접투자 결정요인

최인헌 한국지역학회 2010 지역연구 Vol.26 No.1

This paper examines when the export-oriented foreign direct investment occurs and how the market-oriented foreign direct investment is different from the export-oriented foreign direct investment and what are the determinants of the export-oriented foreign direct investment. The purpose of the market-oriented foreign direct investment is generally based on dominating market and taking high market share. So market size seems to be one of critical factors to the multinational companies. The export-oriented foreign direct investment, however, seems to be focused on the production cost more than market size because this mainly seeks to export the goods produced at the offshore plants directly to the third countries. It is examined whether low wage rate is the one of determinants of the export-oriented foreign direct investment or other determinants exist. According to the result of study low wage rate does not work as the determinant of export-oriented foreign direct investment, but per capita GDP and unionization which were worked as the determinants of the market-oriented foreign direct investment also seem to be determinants of the export-oriented foreign direct investment. In this study, however, the most finding is liberalization. Liberalization plays important role in determining the export-oriented foreign direct investment. It is concluded that the countries which show liberalization with the transparent economic policy seem to attract more export-oriented foreign direct investments. 해외직접투자에 대한 연구가 많이 진행되고 있지만 수출주도형 해외직접투자 보다는 대부분 시장주도형 해외직접투자에 초점이 맞춰져 있다. 시장주도형 해외직접투자는 시장지배를 우선으로 한다는 점에서 정치적 안정성, 외화송금규제, 인프라 등이 투자결정의 주요 요인으로 작용하는 것으로 밝혀지고 있다. 이에 비해 수출주도형 해외직접투자는 시장규모보다는 세금 혜택, 저임금 등이 주요 역할을 하는 것으로 나타났다. 역외공장(offshore plant)을 통해서 제3국으로 직접 수출하거나 아니면 본국으로 재수입하기 위해서는 값싼 노동력 등이 전제돼야 한다는 것이다. 본 연구에서는 수출주도형 해외직접투자의 결정요인으로 저임금이 실제로 영향을 미치는지 아니면 다른 요인들이 있는지를 살펴보았다. 연구결과 저임금 보다는 시장주도형 해외직접투자의 결정요인으로 작용한 일인당 GDP, 노동조합 등이 수출주도형 해외직접투자의 결정요인으로도 작용한 것으로 나타났지만, 보다 중요한 것은 자유화 혹은 시장개방화가 수출주도형 해외직접투자 결정에 가장 크게 영향력을 미친다는 결론이다. 이는 투명한 경제정책과 시장개방을 많이 한 국가가 그렇지 못한 국가에 비해 높은 수출주도형 해외직접투자를 유치한다는 의미이다.

A Study on the Effect of Foreign Direct Investment on Container Traffic Volume in Korea

Bong-ho Choi(최봉호) 한국국제상학회 2018 國際商學 Vol.33 No.1

Purpose : The purpose of this study is to analyze the effect of inward foreign direct investment and outward foreign direct investment on container traffic volume and to provide implications considering the importance of port hinterland. Research design, data, methodology : In this study, We introduce the Vector Autoregression Model (VAR) basically in consideration of the fact that there is no prior information or constraints on the endogeneity or externality of related variables. We then analyze the long-term and short-term dynamics of container traffi, c volume inward foreign direct investment and outward foreign direct, investment through unit root tests, cointegration tests, cointegration equations, and vector error correction models. Results : The impact of foreign direct investment and foreign direct investment on container trade volume was negative in the short term. However, in the long term, inward foreign direct investment and outward foreign direct investment appear to positively affect container trade in some way. The impact of inward foreign direct investment has been relatively more large and long-term impact on container trade volume growth than that of outward foreign direct investment. Conclusions : The effect of foreign direct investment on container traffic volume is positive in the long run, especially in inward foreign direct investment. Therefore, it can be seen that efforts to attract foreign direct investment are necessary for the development of port hinterland and creation of container traffic volume. 본 연구에서는 최근 항만배후단지의 개발 및 발전의 중요성을 감안하여 해외투자인 외국 인직접투자와 해외직접투자가 컨테이너물동량에 미치는 영향에 대하여 분석하고 시사점을 제공하고자 한다. 분석은 선행연구에서 컨테이너물동량에 영향을 미치는 주요거시경제변수를 도출하고 외국인직접투자와 해외직접투자와 함께 분석모형을 구성한다. 그리고 관련변수들 간의 내생성이나 외생성에 대한 사전정보나 제약조건이 주어지지 않은 점을 고려하여 기본적으로는 벡터자기회귀모형(Vector Autoregression Model: VAR)을 도입한다. 그런 다음 단위근 검정, 공적분 검정, 공적분 방정식 및 벡터오차수정모형의 추정을 통하여 컨테이너물동량과 외국인직접투자, 해외직접투자간의 장기적 관계 및 단기 동태적 관계를 분석한다. 분석결과 해외투자의 컨테이너물동량에 대한 영향 관계는 외국인직접투자와 해외직접투자 모두 단기적으로는 부(-)의 관계를 나타냈다. 하지만 장기적으로는 컨테이너물동량에 대해서 외국인직접 투자와 해외직접투자는 안정적인 균형으로 수렴하는 것으로 나타나 어떤 식으로든 컨테이너 물동량에 영향을 미치는 것으로 보인다. 외국인직접투자와 해외직접투자의 충격은 컨테이너물 동량에 영향을 미치는데 외국인직접투자의 충격이 컨테이너물동량의 증가에 상대적으로 더 크고 오랜 기간 동안의 영향을 미치는 것으로 나타났다. 따라서 항만배후단지의 개발과 컨테이너물동량의 창출을 위해서는 외국인직접투자의 유치를 위한 노력이 필요함을 알 수 있다.

FDI对中国区域技术创新能力的影响

杜华卿,고정식 한중사회과학학회 2022 한중사회과학연구 Vol.20 No.2

This study analyzed the effect of foreign direct investment on the improvement of China’s technological innovation capability. Chinese government in the 10th Five-Year Plan has identified scientific and technological innovation and independent innovation as its main goals for economic development, and suggested that it be promoted as a central task for the government, business, and each province. In this trend, the topic of enhancing the technological innovation capability of the Chinese economy has become a major research target by scholars at home and abroad. Above of all, this paper not only analyzes the flow and characteristics of foreign direct investment in China. trends in the share of foreign direct investment in China’s total social fixed investment, and the proportion of foreign direct investment in China’s tax revenue, imports and exports, and industrial product increase, but also this study identifies the trends in the proportion of foreign direct investment in each region in the eastern, central, and western regions of China and the proportion of foreign direct investment by type of foreign direct investment. As a result of analyzing the characteristics of foreign direct investment, the proportion of FDI investment in the total fixed investment fell from 17% in 1994 to about 1% in 2018, making foreign direct investment no longer meaningful in China’s fixed asset investment. The share of tax revenue, import and export, and industrial output has also shown a continuous downward trend since the mid-2000s. In addition, it was found that the trend of foreign direct investment in coastal areas is increasing while independent investment occupies for an overwhelming proportion of investment types. Furthermore, this paper empirically analyzed how foreign direct investment had an impact on China’s technological innovation capabilities from 1992 to 2018. First, through a regression analysis using the Cobb-Douglas production function, we demonstrated how major key factors such as foreign direct investment, R&D investment, and R&D manpower had an effect on technological innovation capability (like patent rights production) at the national level. Furthermore, the effect of foreign direct investment on technological innovation in each region of China was analyzed. Then, empirical regression analysis was conducted by dividing each region into the eastern (coastal) central and western regions and by target period. As a result of the research, it was confirmed that foreign direct investment has a close correlation with the improvement of China’s technological innovation capability. It was also found that it did not affect technological innovation before the mid-2000s, when quantitative economic growth was dominant trend. Since then, it has been shown that there is a high correlation between foreign direct investment and the improvement of technological innovation capability in the period when efforts were made for relatively qualitative economic growth. As a result of empirical analysis of regional correlations in China, the eastern and western regions showed a high correlation, while the central region was found to have no correlation.

우리나라 외국인직접투자의 결정요인 분석

김영태(Kim, Young-Tai),강삼모(Kang, Sam-Mo) 동국대학교 사회과학연구원 2012 사회과학연구 Vol.19 No.2

동아시아 국가들은 과거에는 주로 외자 확보의 목적으로 외국인직접투자를 유치하려 했다. 그러나 최근에는 신성장산업 유치를 통해 성장잠재력을 높이기 위해서 추진되는 경향이 있다. 또한 외국인 직접투자가 얼마나 일자리를 창출하는지에 대해서 더욱 관심을 기울이고 있다. 일반적으로 외국인 직접투자는 크게 그린필드형 투자와 M&A형 투자, 2가지 형태로 분류할 수 있다. 먼저 그린필드형 투자는 자본투자를 통해 공장이나 사업장을 새로 설치하는 것이다. M&A형 투자는 주식의 취득이나 합병을 통해 기존 기업에 자본을 투입하는 것이다. 본고에서는 우리 경제가 나아갈 방향과 부합되는 외국인직접투자 정책 등에 대한 시사점을 얻고자 외국인직접투자의 결정요인을 총액수준에서 뿐만 아니라 투자 형태별 및 업종별로 구분하여 실증분석해 보았다. 외국인직접투자의 결정요인은 투자형태나 업종별로 차이가 있는 것으로 나타났는데, 다음과 같은 시사점을 얻을 수 있었다. 첫째, 총액수준에서는 우리나라 GDP 또는 세계 외국인직접투자의 성장이 우리나라의 외국인직접투자를 늘리는 요인으로 작용하였다. 그러나 지가 상승은 외국인직접투자를 줄이는 요인으로 작용하였다. 둘째, 총액수준에서는 결정요인으로 나타나지 않았던 선물환율의 상승은 M&A형 외국인직접투자의 감소요인이 되었다. 셋째, 주가의 상승은 장기적으로 제조업 외국인직접투자의 증가 요인이 되었으며 단기적으로 서비스업 외국인직접투자의 증가요인이 되었다. 넷째, 중국의 외국인직접투자의 변동이 우리나라 외국인직접투자에 미치는 영향력이 커졌다는 점에 주목할 필요가 있다. 이와 같은 결과들은 거시경제 관점에서 형태별(그린필드형ㆍM&A형) 및 업종별(서비스업ㆍ제조업) 외국인직접투자의 결정요인에 차이가 있음을 인식하고 각각의 결정요인을 구분하여 분석하고 비교할 수 있도록 한다. East Asian countries in the past attracted the foreign direct investment in order to get the international capitals. In recent years, they have tried to increase the potential GDP growth by the new growing industries. In additions, they focused on how much foreign direct investment could create jobs. If the host countries expected to have different effects through the foreign direct investment, they would try to get the different foreign direct investment by the type. The foreign direct investment can be classified into two major types. The Greenfield type foreign direct investment is to install a new factory. The M&A type foreign direct investment input the capitals through the acquisition of stock. In this paper, the foreign direct investment was divided by investment type and industry. And then, we conducted the empirical analysis in order to know the determinants of foreign direct investment. We obtained the following results. First, the GDP growth worked as a factor increasing the foreign direct investment. However, the rise in land price reduced the foreign direct investment. Second, the M&A type foreign direct investment was reduced by rise of forward exchange rate. Third, the share price increased the foreign direct investment in the long term. By the way, in the short term, the foreign direct investment into service industry was increased by the share prices. Fourth, China"s foreign direct investment fluctuations has a high impact on foreign direct investment in Korea. In this study we recognized the determinants of foreign direct investment in Korea were different by nvestment type and industry. These results have several policy implication.

RCEP 회원국의 투자원활화 수준이 중국 해외직접투자에 미치는 영향에 관한 연구

강진구,이봉수 한국무역경영학회 2024 한국무역경영연구 Vol.- No.34

본 연구의 목적은 2010년부터 2019년 까지 패널자료를 이용하여 역내포괄적경제동반자협정 11개 국가(자료부족으로 미얀마, 브루나이, 라오스 제외)의 투자원활화 수준이 중국의 해외직접투자에 미치는 영향을 분석하는 것이다. 우선  투자원활화 측정지표 4개(규제 환경, 인프라, 금융 시장, 비즈니스 용이성)을 선정하고, 주성분 분석법을 이용하여 11개국의 투자원활화 점수를 구한 후, 9개의 설명변수(투자원활화 수준, 시장 규모, 인구수, 지리적 거리, 개방 정도, 세금 수준, 천연 자원  및 아시아태평양경제협력체 회원국 여부, 중국과 효과적인 쌍방 투자협의 체결 여부)로 투자 중력모형을 설립하며 최소자승법 활용한 회귀 분석을 실시하였다. 분석 결과는 투자원활화 수준이 중국의 해외직접투자에 가장 큰 영향을 미치고, 4가지 지표 모두 중국의 해외직접투자에 긍정적인 영향을 미치며, 그 중 제도적 환경이 가장 큰 영향을 미쳤다. 또한 시장규모, 인구수, 지리적 거리, 개방도, 천연자원 및 쌍방 투자 협의 체결 여부와 같은 설명 변수는 중국의 해외직접투자에 긍정적인 영향을 미치는 반면 세금 수준 및 아시아태평양경제협력체 회원국 여부는 중국의 해외직접투자를 어느 정도 방해할 것으로 나타났다. 역내포괄적경제동반자협정이 발효된 지 얼마 안되어 투자원활화 수준이 중국의 해외직접투자에 미치는 영향에 대한 연구는 많지 않기 때문에 체계성과 차별성을 두었다. The purpose of this paper is to analyze the effects of the  investment facilitation levels of 11 RCEP countries (excluding Myanmar, Brunei, and Laos due to lack of data) on China‘s foreign direct investmentI using balanced panel data from 2010 to 2019. First, four investment facilitation measurement indicators (regulatory environment, infrastructure, financial market, ease of doing business) were selected, investment facilitation scores of the 11 countries were obtained using the principal component analysis, an investment gravity model was established with nine explanatory variables (investment facilitation level, market size, population, geographic distance, degree of opening, tax level, natural resources, whether the country is an APEC member or not, and whether a valid bilateral investment treaty with China has been concluded) were used to establish an investment gravity model, and regression analyses were conducted with Ordinary Least Squares and system Generalized Method of Moments. The results of the regression analyses showed that investment facilitation levels had the greatest effect  on China‘s foreign direct investment, all four first-level indicators had positive effects on China’s foreign direct investment, and among them, the institutional environment had the greatest effect. In addition, it was shown that explanatory variables such as market size, population, geographical distance, degree of openness, natural resources, and whether or not a valid bilateral investment treaty has been concluded would have positive effects on China’s foreign direct investment, while tax levels and APEC membership would impede China’s foreign direct investment to some extent. Since the RCEP came into effect not long ago, there are not so many studies on the effects of investment facilitation levels of RCEP member states on China‘s foreign direct investment, and the investment facilitation measurement index constructed in this paper is relatively systematic and scientific because it includes all the contents of company‘s foreign direct investments.

국가안보위협형 외국인 M&A의 국제적 규제동향과 입법과제

송종준 한국상사법학회 2008 商事法硏究 Vol.26 No.4

Recently Cross-border M&As have been increasing and welcomed between OECD member countries, but strong political pressure has been given to the M&A for acquiring the infrastructure industries concerned with national security in lots of member countries. Such pressures have been significantly heightened while M&As by non-member country for the member country infrastructures are rapidly increasing. So many countries are enhancing the regulation of the Foreign Direct Investment for protecting national security. France and Germany have enlarged the scope of enterprise lists prohibiting Foreign Direct Investment. United States Congress began to consider the needs to make changes to current Exon-Florio in order to improve the statute's effectiveness for protecting national security. Canada Government introduced new national security provision in the foreign investment law. Russia is in process of introducing explicit provision for protecting national security in executing the foreign direct investment policies. China Government already changed the law to review foreign M&As for the essential industries giving significant affects to national economic security. Meanwhile, Korean government has been lessening or deregulating the formerly strict regulations of foreigner's M&A since the 1997 financial crisis. Nowadays lots of big listed companies, some of which are among national infrastructure industries, are controlled by Foreigners. We have concerns that such controls could cause direct or indirect significant threats to our national security interests and strategic interests in the future. This paper suggests some legislative recommendations for protecting essential national security on the base of U.S. Exon-Florio Act. Fist, the name of the current Foreign Investment Promotion Act should be changed to the Foreign Investment Act. Second, “before and after review” process should be introduced against foreign M&A threatening our essential national security. Third, the review should be not restrictively but comprehensively given to all of the Foreign M&As acquiring the infrastructure industries relating to essential national security. Recently Cross-border M&As have been increasing and welcomed between OECD member countries, but strong political pressure has been given to the M&A for acquiring the infrastructure industries concerned with national security in lots of member countries. Such pressures have been significantly heightened while M&As by non-member country for the member country infrastructures are rapidly increasing. So many countries are enhancing the regulation of the Foreign Direct Investment for protecting national security. France and Germany have enlarged the scope of enterprise lists prohibiting Foreign Direct Investment. United States Congress began to consider the needs to make changes to current Exon-Florio in order to improve the statute's effectiveness for protecting national security. Canada Government introduced new national security provision in the foreign investment law. Russia is in process of introducing explicit provision for protecting national security in executing the foreign direct investment policies. China Government already changed the law to review foreign M&As for the essential industries giving significant affects to national economic security. Meanwhile, Korean government has been lessening or deregulating the formerly strict regulations of foreigner's M&A since the 1997 financial crisis. Nowadays lots of big listed companies, some of which are among national infrastructure industries, are controlled by Foreigners. We have concerns that such controls could cause direct or indirect significant threats to our national security interests and strategic interests in the future. This paper suggests some legislative recommendations for protecting essential national security on the base of U.S. Exon-Florio Act. Fist, the name of the current Foreign Investment Promotion Act should be changed to the Foreign Investment Act. Second, “before and after review” process should be introduced against foreign M&A threatening our essential national security. Third, the review should be not restrictively but comprehensively given to all of the Foreign M&As acquiring the infrastructure industries relating to essential national security.

China's Outward Foreign Direct Investment Patterns: Evidence from Asian Financial Markets

HE, Yugang,CHOI, Baek-Ryul Korea Distribution Science Association 2020 The Journal of Asian Finance, Economics and Busine Vol.7 No.2

Since the economic crisis sweeps across the world in 2008, the foreign direct investment of various countries has been greatly impacted. Therefore, this paper regards China as an example to analyze China's outward foreign direct investment patterns in terms of Asian financial markets with a panel data over the period 2003-2017. We mainly focus on the money market oriented outward foreign direct investment and foreign exchange market oriented outward foreign direct investment. Using the individual fixed effect model to conduct empirical analyses, the empirical findings indicate that China will reduce its foreign direct investment amount to a country with large money supply and China will increase its foreign direct investment amount to a country with large foreign exchange reserves. Furthermore, when a country has signed Free Trade Agreement with China, China will increase more foreign direct investment amount to these countries than that of a country who has not signed Free Trade Agreement with China. Moreover, the empirical findings indicate that no matter what the money market oriented outward foreign direct investment or foreign market oriented outward foreign direct investment, China will reduce its foreign direct investment amount to these Asian countries due to the global economic crisis.

한국의 해외직접투자와 FTA의 연관성에 관한 연구

최아름 한국자료분석학회 2017 Journal of the Korean Data Analysis Society Vol.19 No.5

This study examined the factors affecting trade volume and foreign direct investment. The FTA was intended to identify the moderating effects of trade volume and foreign direct investment. For the study, It present the amount of FDI, trade, FTA, GDP, GDP per capita, population, distance between countries and inflation variables for the top 50 exporting countries that trade with Korea from 2000 to 2015. The gravity model was used to identify these relationships. The results of the study are as follows. First, trade has a positive effect on foreign direct investment. As the amount of trade between countries increases, the amount of foreign direct investment increases, so trade and foreign direct investment are complementary. Second, Korea's foreign direct investment motivation is indicated by horizontal or vertical motivation. Foreign direct investment can be seen as a result of facilitating the entry of foreign countries into the market and the procurement of intermediate goods. Third, the FTA concluded that the relationship between trade and foreign direct investment has a moderating effect. The FTA concluded that the link between trade and foreign direct investment is strengthened. The purpose of this study is to find out the relationship between trade, FTA and foreign direct investment. And that it provided a realistic implication of the conclusion of an FTA. 본 연구는 교역량과 해외직접투자의 관계 및 FTA가 교역량과 해외직접투자에서 어떠한 영향을 미치는지 규명하고자 하였다. 연구를 위하여 한국과 교역하는 수출상위 50개 국가를 대상으로 2000년부터 2015년까지의 해외직접투자금액, 교역량, FTA체결여부, GDP, 1인당 GDP, 인구, 국가 간 거리, 인플레이션 변수를 제시하고 중력모형을 사용하여 이들의 관계를 규명하였다. 연구결과는 다음과 같다. 첫째, 교역량은 해외직접투자에 정(+)의 영향을 미치는 것으로 나타났다. 국가 간의 교역량이 많을수록 해외직접투자가 많이 나타남에 따라 교역량과 해외직접투자는 상호보완적인 관계임을 알 수 있다. 둘째, 한국의 해외직접투자는 수평적 동기와 수직적 동기에 의해 나타나는 것으로 제시되었다. 현지국의 시장진출과 중간재 조달의 용이성을 위해 해외직접투자가 일어나는 것으로 볼 수 있다. 셋째, FTA체결이 교역량과 해외직접투자와의 관계에서 조절효과가 있는 것으로 나타났다. FTA체결을 통하여 교역량과 해외직접투자의 연관성이 강화되는 것으로 나타났다. 본 연구는 교역량과 FTA체결, 해외직접투자의 관계를 규명함으로써 FTA체결에 따른 현실적인 함의를 제공하였다는데 그 의미를 지니고 있다.

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.

국내기업의 주요재무비율과 해외직접투자 간의 관련성

신현대(Shin Hyun-Dai) 한국국제회계학회 2011 국제회계연구 Vol.0 No.38

본 연구에서는 1990년부터 2009년 사이의 자료를 이용하여 국내 기업들의 수익성, 활동성, 자본구조를 나타내는 주요 재무비율을 추출하고 이러한 재무비율들이 해외직접투자와 어떠한 관련성을 갖고 있는지에 대하여 조사 및 분석을 시도하였다. 이러한 조사 및 분석의 노력에 따라 얻어진 결과는 다음과 같다. 첫째, 기업의 수익성을 나타내는 비율 중 총자산순이익율과 자기자본순이익율은 해외직접투자에 유의한 수준에서 “+”의 방향을 나타내었으나 매출액순이익율은 유의한 수준에서 “-”의 방향을 나타내었다. 이것은 해외직접투자는 기업의 수익성 제고에 기여하는 것이 분명하나, 수출을 위한 국가 간의 경쟁, 정부의 수출 지향적인 정책, 환율의 변동 등에 의해 매출액 대비 순이익은 도리어 낮아질 수 있음을 시사해 준다. 둘째, 기업의 활동성을 나타내는 비율 중 재고자산회전율은 해외직접투자에 유의한 수준에서 “+”의 방향을 나타내었으나 총자산회전율과 매출채권회전율은 해외직접투자에 통계적으로 유의하지 않았다. 이것은 해외직접투자가 재고자산의 원활한 회전을 촉진하여 매출 신장에 긍정적인 영향을 미치나 매출채권의 회수나 총자산의 회전과는 큰 관련성이 없음을 시사해 준다. 셋째, 기업의 자본구조 비율인 부채비율과 유동부채비율은 해외직접투자에 유의한 수준을 나타내지 않았다. 이것 또한 해외직접투자와 기업 자본 운용상의 자본구조와는 별다른 관련성이 없음을 시사해 준다. 한편, 이러한 국내기업의 주요재무비율과 해외직접투자 간의 관련성 고찰은 해외직접투자와 재무비율 상호간의 효과성에 대한 조사, 검증의 의미를 갖고 있다. 따라서 이에 대한 고찰은 바람직한 재무구조와 해외직접투자 방안에 관한 모색의 계기를 마련해 줄 수 있다. The purpose of the study is to investigate that the relevance of between major financial ratios and foreign direct investment in Korean companies. these data can be collected from 1990 to 2009 at Ecos for the study. financial ratios, which are used in data are profitability ratios, activity ratios, capital structure ratios. Meanwhile, The results of study can be summarized in the following. First, considering that statistically, though net income on total asset and net income on shareholders’ have significant positive effects on foreign direct investment. return on sales has significant negative effects on foreign direct investment. It shows us it could descent return on sales on foreign direct investment because of competition among countries, a policy of export drive, fluctuations in the exchange rate, although the foreign direct investment has contribution to generate profit taken as a whole. Second, though inventory turnover ratio has significant positive effects on foreign direct investment. asset turnover ratio and account receivable turnover ratio have not significant positive effects on foreign direct investment. It shows us foreign direct investment that has not relevance on asset turnover ratio and account receivable turnover ratio but inventory turnover ratio for promotion. Third, debt to equity and short term debt to equity have not relevance on foreign direct investment. It shows us to be not an important matter. According to the results it shows the necessity of the recognition about relevance between foreign direct investment and financial ratios that it can be important factor as growing and developing of firms. So it needs managing, coordinating, controlling.