DOI QR코드

DOI QR Code

Analyzing the Market Structure of International Construction Contracts : Focusing on Korean Construction Firms

국내 건설기업의 해외건설 계약실적 구조 분석

  • Received : 2018.10.12
  • Accepted : 2018.10.26
  • Published : 2019.01.31

Abstract

Notwithstanding the crucial contribution of international construction industry in the national economy, previous studies on international construction contracts had mainly focused either on trend investigation or market share analysis at a point of time. Fundamentally, the international construction industry is fragmented due to its project-based nature, is heterogeneous that has to involve different firms from diverse fields, and tends to be dynamic according to macroeconomic conditions. Therefore, the combination of static and dynamic analyses is necessary to understand its underlying structure. This study analyzes the market structure of international construction contracts using the data of 9,173 projects awarded by Korean construction firms from 2000 to 2017. Industry-level performance data is analyzed both in static (market concentration) and dynamic (market mobility and instability) methods, and detailed methodology is also provided. Consequently, the static analysis result shows that the competition among Korean construction firms has been more intensified, and the dynamic analysis result indicates that market positions of Korean construction firms are unstable and vulnerable in most of the regions and the sectors. The combination of static and dynamic indices is found to be helpful to understand the underlying aspects of market structure and can be utilized as an effective strategic reference in the highly competitive market.

해외건설업이 국가경제에 기여하는 중추 산업임에도 불구하고, 기존의 해외건설 실적에 관한 연구는 단편적인 동향이나 특정 시점의 시장 점유율을 분석하는데 집중해왔다. 해외건설업은 프로젝트 기반산업으로 분절적이고(fragmented), 여러 다른 업체로 구성되며(heterogeneous), 업황에 따라 시장 구조가 역동적으로 변화하는(dynamic) 특성을 가지고 있어 특정 시점에 대한 정태적 분석과 함께 동태적 시장 변화의 고려가 필수적이다. 본 연구에서는 2000년부터 2017년까지 국내 건설기업이 계약을 체결한 9,173건의 프로젝트 정보를 활용하여 우리나라 해외건설 계약실적 구조를 분석하였다. 산업 차원의 실적정보를 정태적(시장 집중도), 동태적(시장 이동성 및 불안정성)으로 구분하여 분석하였으며, 구체적인 방법론을 기술하였다. 분석 결과, 정태적 측면에서는 국내 건설기업의 해외건설 경쟁구도가 최근 더욱 치열해지고 있으며, 동태적 측면에서는 주요 지역 및 공종을 제외한 대부분의 경우 시장 지위가 미약하고 불안정한 것으로 밝혀졌다. 본 연구는 정태적 동태적 분석의 조합을 통해 건설 관련 주체들의 시장 이해도를 제고하고, 향후 경쟁전략 수립을 위한 기초자료를 제공하였다는 점에서 의의가 있다.

Keywords

GGRHC4_2019_v20n1_124_f0001.png 이미지

Fig. 1. Distribution of international contract values by region(ICAK, 2018)

GGRHC4_2019_v20n1_124_f0002.png 이미지

Fig. 2. Distribution of international contract values by sector(ICAK, 2018)

GGRHC4_2019_v20n1_124_f0003.png 이미지

Fig. 3. Concentration ratios of the whole industry

Table 1. Concentration ratios by region

GGRHC4_2019_v20n1_124_t0001.png 이미지

Table 2. Concentration ratios by sector

GGRHC4_2019_v20n1_124_t0002.png 이미지

Table 3. Rank distribution of Korean construction firms in 2000 and 2009 (P1)

GGRHC4_2019_v20n1_124_t0003.png 이미지

Table 4. Rank distribution of Korean construction firms in 2009 and 2017 (P2)

GGRHC4_2019_v20n1_124_t0004.png 이미지

Table 5. Market mobility indices by region (P1)

GGRHC4_2019_v20n1_124_t0005.png 이미지

Table 6. Market mobility indices by region (P2)

GGRHC4_2019_v20n1_124_t0006.png 이미지

Table 7. Market instability indices by region

GGRHC4_2019_v20n1_124_t0007.png 이미지

Table 8. Market mobility indices by sector (P1)

GGRHC4_2019_v20n1_124_t0008.png 이미지

Table 9. Market mobility indices by sector (P2)

GGRHC4_2019_v20n1_124_t0009.png 이미지

Table 10. Market instability indices by sector

GGRHC4_2019_v20n1_124_t0010.png 이미지

References

  1. Baldwin, J. R., and Gorecki, P. K. (1994). "Concentration and Mobility Statistics in Canada's Manufacturing Sector." Journal of Industrial Economics, 42(1), pp. 93-103. https://doi.org/10.2307/2950591
  2. Barla, P. (1999). "Market Share Instability in the US Airline Industry." Journal of Applied Business Research, 15(4), pp. 67-79. https://doi.org/10.19030/jabr.v15i4.8152
  3. Chiang, Y. H., Tang, B. S., and Leung, W. Y. (2001). "Market Structure of the Construction Industry in Hong Kong." Construction Management and Economics, 19(7), pp. 675-687. https://doi.org/10.1080/01446190110067046
  4. Choi, J. H., Lee, Y. S., and Kim, J. J. (2014). "An Analysis of the Market Structure Change in Construction Management Industry: Based on Public Announcement Data of CM Capabilities, 2004-2012." Journal of Architectural Institute of Korea, 30(7), pp. 89-96.
  5. Das, B. J., Chappell, W. F., and Shughart, W. F. (1993). "Advertising, Competition and Market Share Instability." Applied Economics, 25(11), pp. 1409-1412. https://doi.org/10.1080/00036849300000145
  6. ENR (Engineering News Record). (1996). "The Top 225 International Contractors." (Jun. 1, 2018).
  7. ENR (Engineering News Record). (2015-2017). "The Top 250 International Contractors." (Jun. 1, 2018).
  8. Han, S. H., Kim, D. Y., Jang, H. S., and Choi, S. (2010). "Strategies for Contractors to Sustain Growth in the Global Construction Market." Habitat International, 34(1), pp. 1-10. https://doi.org/10.1016/j.habitatint.2009.04.003
  9. ICAK (International Contractors Assosiation of Korea). (2018). "International Construction Information Service." (Jun. 1, 2018).
  10. Jiang, W., Hu, X., Ye, K., and Wong, J. K. W. (2016). "Market Structure of International Construction Professional Services: Evidences from Top Design Firms." Journal of Management in Engineering, 32(1), 04015033. https://doi.org/10.1061/(ASCE)ME.1943-5479.0000395
  11. Jung, W., Han, S. H., Koo, B., and Jang, W. (2012). "Which Strategies are More Effective for Internal Contractors during Boom and Recession Periods?" Journal of Management in Engineering, 28(3), pp. 281-290. https://doi.org/10.1061/(ASCE)ME.1943-5479.0000087
  12. Kim, S. I., Kim, M. C., and Jang, H. S. (2007). Policy Directions and Strategies for Strengthening Competitiveness towards Revitalization of Overseas Construction, Korea Research Institute for Human Settlements, Gyeonggi-do, Korea.
  13. Lee, K. W., Han, S. H., Park, H., and Jeong, H. D. (2016). "Empirical Analysis of Host-Country Effects in the International Construction Market: An Industry-Level Approach." Journal of Construction Engineering and Management, 142(3), 04015092. https://doi.org/10.1061/(ASCE)CO.1943-7862.0001083
  14. McCloughan, P. (2004). "Construction Sector Concentration: Evidence from Britain." Construction Management and Economics, 22(9), pp. 979-990. https://doi.org/10.1080/0144619042000209396
  15. Oh, D. H. (2003). "A Study on Estimating the Structure of Housing Construction Market in Korea" Journal of the Korean Urban Management Association, 16(1), pp. 25-47.
  16. Porter, M. E. (1980). Competitive Strategy: Techniques for Analyzing Industries and Competitors, Free Press, New York.
  17. van Kranenburg, H. (2002). "Mobility and Market Structure in the Dutch Daily Newspaper Market Segments." Journal of Media Economics, 15(2), pp. 107-123. https://doi.org/10.1207/S15327736ME1502_3
  18. Yang, H., Chan, A. P. C., Yeung, J. F. Y., and Li, Q. (2012). "Concentration Effect on Construction Firms: Tests of Resource Partitioning Theory in Jiangsu Province (China) from 1989 to 2007." Journal of Construction Engineering and Management, 138(1), pp. 144-153. https://doi.org/10.1061/(ASCE)CO.1943-7862.0000416
  19. Ye, K., Shen, L., and Lu, W. (2014). "A Discriminant Model for Measuring Competition Intensity of Construction Market." Engineering, Construction and Architectural Management, 21(2), pp. 152-169. https://doi.org/10.1108/ECAM-05-2012-0053
  20. Zilke, J. P., and Taylor, J. E. (2015). "Evaluating the Suitability of Using International Market Analyses to Characterize the Global Construction Industry." Journal of Management in Engineering, 31(5), 04014078. https://doi.org/10.1061/(ASCE)ME.1943-5479.0000312