Business Duration, Vertical Integration, and Firm Productivity Growth in Korea’s Core Growth-leading Industries

다국어 초록 (Multilingual Abstract)

This study investigates the extent to which the business duration of firms impacts their productivity growth within the bounds of a vertically integrated industrial structure in Korea’s three core growth-leading industries from 2006 to 2011. A fixed-effect stochastic frontier production model is applied to firm-level panel dataset from 2006 to 2011 for Korea’s automobile, electronics, and general machinery industries. Empirical results show that the productivity of older electronics firms declined more than that of older automobile firms, while older firms that vertically integrated with capital shares in the general machinery industry persistently increased their productivity. In the aftermath of the 2008 financial crisis, productivity loss was greater in the older electronics firms than in the older automobile firms; it was greater in the older firms not vertically integrated with capital shares than in the older firms that vertically integrated with capital shares. The institutional framework should be altered to increase the productivity growth of older firms, especially older firms not vertically integrated with capital shares.

국문 초록 (Abstract)

본 연구는 수직통합의 정도가 높은 한국의 핵심 성장주도산업인 자동차, 전자, 일반기계 산업에서 생산과정 상 자본관계가 있는 기업 들 간에 거래가 있는 기업 들 (VI firms)과 그렇지 않은 기업들 (NVI firms)로 나누어 기업의 영업지속기간이 수직통합 하의 기업의 생산성증가에 미치는 효과를 규명하기 위해 고정효과 확률생산경계모델을 2006-2011년 기업 미시패널데이터에 적용해 이를 추정했다.
실증분석결과, 영업지속기간이 길수록 전자기업 들이 자동차기업 들에 비해 총요소생산성이 더 크게 하락하는 것으로 나타났으나 자본관계가 있는 기업 들 간에 거래가 이루어지고 있는 수직통합 일반기계기업 들 (VI general machinery firms)은 총요소생산성이 지속적으로 증가하고 있는 것으로 나타났다.
특히, 2008년 글로벌 금융위기라는 시장의 외생적 충격은 상대적으로 영업기간이 긴, 즉, 오래된 전자기업 들의 생산성 하락이 오래된 자동차 기업들의 생산성 하락 보다 더 크게 나타나고 있는 현상을 초래했으며, 특히 오래된 NVI 기업들의 생산성 하락이 오래된 VI 기업들의 생산성 하락 보다 더 큰 것으로 나타나고 있다.
따라서 수직통합 산업구조 하에서 영업기간이 길수록 생산성이 하락하는 기업들, 즉, 상대적으로 오래된 기업들의 생산성 하락은 자원배분의 효율성 또한 악화시키는 결과를 초래하므로 이를 개선하기 위한 제도적 시스템, 특히 중소기업 위주의 NVI 기업들의 경영환경 개선이 더욱 시급하다.

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