경로형 해외직접투자와 글로벌 가치포획의 재편 = Exploring the Landscape of Global Value Capture through the Lens of Pass-Through Foreign Direct Investment

다국어 초록 (Multilingual Abstract)

This study investigates the growing phenomenon of indirect foreign direct investment (FDI), wherein investment flows are channeled through one host country to another, often facilitated by special purpose entities of multinational corporations. Despite its rising significance, this issue has received limited scholarly attention. Utilizing newly available OECD data on ultimate investor countries, the research contrasts conventional analyses which focus on immediate investor countries, with a deeper exaploration of the true origins and returns of FDI. The findings reveal that conventional statistics often underrepresent countries serving as ultimate investors in the global production system, while tax havens frequently emerge as major hubs for immediate investment. Furthermore, profits disproportionately flow back to a small group of advanced economies that act as ultimate investors, highlighting the role of pass-through FDI in enabling global value capture. This trend illustrates how FDI is evolving into a mechanism increasingly resembling portfolio investment. However, it remains distinct in its reinforcement of hierarchical global production networks, rather than merely signaling deindustrialization or financialization. After all, pass-through FDI distorts international capital flows, concentrates benefits among a small group of multinational corporations in advanced economies, and perpetuates economic imbalances by driving global value capture.