• KDI Journal of Economic Policy
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• v.21 no.3_4
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• pp.215-272
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• 1999

외국인투자 유치를 통해 국내산업의 생산성을 향상시키는 것이 중요한데 외국인투자가 한국의 산업생산성에 어떤 영향을 미쳤는지에 대한 실증연구가 전무한 것이 현실이다. 본 연구는 기업데이터를 이용하여 외국인투자의 생산성효과를 추정하는 것을 목적으로 한다. 상기 분석을 통해 얻은 결과를 요약하면 다음과 같다. 첫째, 외국인소유기업의 노동생산성이 높다. 둘째, 외국인투자의 생산성 파급효과는 양(+)의 효과를 가지나 통계적으로 유의하지 않다. 즉, 생산성 파급효과가 미미하다고 볼 수 있다. 이상의 결론은 매우 중요한 시사점을 갖는다. 우선 외국인투자기업이 선진기술 및 경영노하우를 전수할 능력을 가졌을 가능성을 시사한다. 외국인투자를 유치하는 중요한 이유 중의 하나인 선진기술 및 경영노하우 전수의 전제조건인 외국인투자기업의 기술 및 노하우 소유가 실제로 성립할 가능성을 시사한다. 하지만 외국인투자가 국내산업 전반의 효율성 제고로 이어지는 데는 아직 장애요인이 존재함을 암시한다. 경쟁규율이 확립되지 않았거나 기술파급을 위한 제도적 여건이 미비한 것이 원인일 가능성이 있다. 따라서 정책적인 시사점은 어떻게 기술파급효과를 극대화할 것인가에 집중된다. 경쟁에서 낙오한 기업의 퇴출을 확실히 제도화함으로써 외국인투자의 경쟁압력이 기업의 효율성 증가로 이어지도록 해야 할 필요가 있으며 각종 반경쟁적 관행 또는 행위를 단속할 수 있는 경쟁정책의 확립이 요구된다. 또한 노동시장의 유연성 제고, 산업입지정책의 효율화 등을 통해 외국인투자의 기술이전 및 확산효과가 극대화되도록 해야 할 것이다.

• Patent21
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• s.55
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• pp.9-12
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• 2004

본 조사는 국내 진출한 외국인투자기업의 연구개발 활동에 대한 실태조사로서, 외환위기 이후 외국인투자가 크게 증가하고 있는 상황에서 실시된 본격적인 실태조사로서 의의를 지닌다. 외국인투자는 외국인이 대한민국 법인(설리중인 법인을 포함) 또는 대한민국 국민이 영위하는 기업이 발행한 의결권 있는 주식총수 또는 출자총액의 100분의 10이상을 소유라고, 최소투자금액이 5천만원 이상인 기업을 의미한다. 본서에서는 외국인투자기업의 연구개발 현황을 살피기 위해, 한국에서 출원된 특허를 통한 IT 및 BT 분야 기술 동향을 보다 객관적인 지표로 진단해보고자 한다.

• The Journal of the Korea Contents Association
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• v.22 no.6
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• pp.692-700
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• 2022

This study was conducted to analyze firms' death rate and impact factors on the death of Foreign-invested Companies in Korea which is between 20013 and 2017. Cox Proportional Hazard Model took to conduct on the death impact factors, such as 2 characteristics factors of the firm, and 4 financial characteristics variables, variables, and 4 profitability factors. As a result of the impact factors of Foreign-invested Companies' death the Labour(NE) variables of characteristics firm had negative effects. And the Debt(LB), Operating Profit (OP), and Sales Profit (SP) of the financial characteristics had a negative effect. Other factors did not produce significant results. As a result of an empirically comparative analysis of the mortality rate of foreign-invested companies by the Kaplan-Meier method, it was analyzed that fully owned companies and large enterprises had lower extinction risk and greater sustainable management potential than joint ventures or SMEs.

• KDI Journal of Economic Policy
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• v.37 no.sup
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• pp.87-121
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• 2015

To attract more FDI inflows, the Korean government has designated several special economic zones (SEZs), offering various advantages and support to the FDI. There is, however, a shared acknowledgement that those efforts have gained little reward. In this regard, this paper empirically analyzes company-level performances of labor productivity, operating profit ratio, propensity to invest and innovate, etc. and then conducts regression analysis and PSM analysis to see whether these performances are meaningfully different between foreign-invested firm and domestic firm and between foreign-invested firms. The main findings of this paper are as follows. First, in the aspects of labor productivity and operating profit ratio, no empirical evidence was found to support the hypothesis that foreign-invested firm outperforms domestic firm in efficiency and profitability, Second, in the aspects of propensity to invest, foreign-invested firms in foreign investment zones outperformed domestic firms. Third, in the aspect of R&D investment, overall, foreign-invested firms showed a stronger propensity to invest than domestic firms, but there is no empirical evidence that high propensity to invest was driven by the policy on special economic zones. In the aspect of investment in educational training, empirical evidences were found that the role of foreign-invested firms outside the special zones turned out to be the strongest and that among firms inside special zones, it was those in the free economic zone that outperformed domestic firms. Lastly, foreign-invested firms showed a stronger propensity to employ than domestic firms, but there is no empirical evidence that high propensity to employ was driven by the policy on special economic zones.

• Journal of Global Scholars of Marketing Science
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• v.2
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• pp.39-57
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• 1998

IMF위기 이후 여러 가지로 어려움에 처해 있는 경제를 회복하기 위한 돌파구로서 외국기업과 자본의 유치의 중요성이 더해지고 있다. 특히 대규모 기업의 구조조정과 기업들의 투자마인드 위축으로 어려움을 겪고 있는 지방경제를 활성화하기 위한 수단으로서의 투자유치는 먼저, 외국자본의 직접투자를 통하여 단기간에 산업기반을 강화할 수 있고, 제조업의 해외이전에 따른 산업공동화를 방지할 수 있다. 또한 당면한 과제인 고실업을 해소하기 위해서도 필요하다. 정부는 '98, 9. 17. 외국인투자유치촉진법을 제정, 공포하고, 시행령을 마련하여, 국세와 지방세의 감면혜택은 물론 분양가와 조성원가와 차액보조금, 고용보조금, 직업훈련비등의 인센티브를 보완한다. 경상남도의 외국인투자유치전략으로는 경남의 입지적 경쟁우위를 확보할 수 있는 업종을 선정하여 중점유치활동을 전개하고 있다. 이를 위한 구체적 방안으로는 첫째, 투자유치과를 신설하고 전문직공무원을 채용하였고, 민간전문가를 기업으로부터 파견받아 기존 공무원이 담당하기 힘든 부분을 담담토록 하고 있고, 둘째, 진사지방산업단지를 외국인투자지역으로 지정하고 하였다. 셋째, 외국인투자기업에 대한 여러 가지 인센티브를 위하여 경상남도 기업 및 투자 유치조례(안)을 입안중이다. 넷째, 투자유치 타켓기업을 선정하여 집중유치활동을 전개하고 있으며, 다섯째, 경남도내에 이미 투자한 기업에 대한 사후관리를 철저히 하여 경영상의 애로사항 해결에 만전을 다 할 것이다. 지방자치제의 실시로 지방자치단체간의 경쟁이 가열되고 있으나 투자유치활동에 있어서 동서의 협력방안을 모색해 보았으며, 공동투자프로젝트 개발, 공동투자유치설명회 개최, 투자 유치기법의 상호 벤치마킹 등이 필요하다. 결론적으로 외국인 투자촉진법 등 법령의 정비와 외국인 투자유치의 중요성에 대한 인식이 확산되어 외국인 투자유치의 환경이 획기적으로 개선될 것으로 기대된다. 지방자치단체에서도 투자를 기다리던 관행에 탈피하여 입체적인 투자유치노력을 전개해야 할 것이다.

• The Journal of the Korea Contents Association
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• v.19 no.5
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• pp.287-295
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• 2019

This study was conducted to analyze firm survival rate and impact factors of survival of Foreign-invested Companies in Korea which is between 2006 and 2017. An empirical analysis of the survival factors of firms used explanatory variables such as characteristics of the and 3 firm dummy and 2 firm factors, financial variables of 3 profitability and 3 stability factors. The Kaplan-Meier method was chosen to perform analyses on the survival rates, Cox Proportional Hazard Model took to conduct on the impact factors. As a result of the impact factors of Foreign-invested Companies survival, Ownership (OS), Labour (NE ) of characteristics of the firm had positive effects. The Gross Sales Profit (GSP), Net Profit (NP ) and Operating Profit (OP ) of the financial characteristics had a positive effect. Additional Asset (LA ) had positive effects and Capital (LC), Debt (LB ) had a negative effect. Other factors did not produce significant results.

• Journal of Digital Convergence
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• v.17 no.3
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• pp.153-160
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• 2019

This paper analyzes the impact of investment tendency of foreign investor on accounting conservatism. We use the sample of 1,527 firm-year Korea listed companies belonging to non-financial corporate sector during 2014-2016. The results of empirical analyses show that investment horizons of foreign investors has a positive relevance with accounting conservatism. This result indicates that the firm have a long-term foreign investors has a good quality of accounting earning than the firm have a short-term foreign investors. This study that verified the relevance between investment tendency of foreign investor and accounting conservatism is expected to provide useful information by suggesting the need for more incentive for the long-term foreign investors. And we expect a follow-up study focused on the discriminative effect of investment tendency of foreign investor on accounting policy.

• Management & Information Systems Review
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• v.28 no.2
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• pp.113-134
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• 2009

The purpose of this paper is to investigate the relationship between foreign ownership and firm value. Based on the sample of 3,398 firm-year observations in the period of 2000 to 2007, we find evidence that foreign ownership is positively associated with firm value measured by the market-to-book ratio. In addition, we employ simultaneous equation system where both foreign ownership and firm value are treated as endogenous variables. Simultaneous regression models indicate that the foreign ownership affects firm value, but not vice versa. The positive effects of foreign ownership on firm value result from monitoring and disciplining roles played by foreign investors. Many Korean firms have been run by an owner-manager while monitoring provided by institutional equity holders has been limited. Therefore, Korean firms are expected to suffer from more severe agency costs caused by the conflicts of interest between owner-managers and outside investors. Our empirical results support the notion that foreign investors play an important role in enhancing corporate transparency and improving corporate governance.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.9 no.5
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• pp.129-139
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• 2014

This study supplements the limitation as much as possible that existing literatures have, and, on the target of new registered businesses to KOSDAQ, this study presents answers to the worries raised earlier by recovering problems on causal relationship direction between foreigner investment and dividend level and by analyzing them with dividend level as an independent variable. First, with the whole samples used, dividend income rate didn't show significant relationship with foreigners' investments. It is similar to study result of the existing literature. A panel analysis, on the target of sample businesses that paid dividends before foreigners' investments originated, showed that foreigners' investments didn't have a significant effect on dividend rate. It means that foreigner investors don't have an effect on dividend level. But, a panel analysis of samples shows that foreigner investments have a significant thesis relationship with dividend level variable, that is dividend return rate, except the businesses which paid dividend before foreigners' investments originated. It means that in case foreign investors' preference is controlled, in the businesses which pay dividends, foreign investors have a significant effect on dividend level to native KOSDAQ. Especially, this study result is very significant, for it shows that dividend return rate, insignificant in existing studies, was significant when foreigners' preferences to the businesses which pay dividends was controlled. It means that the more foreigners' shares increase, the more relative importance of dividend out of all profits increases, compared with all of the amounts at the time, and that foreign investors stick to short-term profit and induce big dividend.

• KDI Journal of Economic Policy
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• v.36 no.1
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• pp.1-42
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• 2014

This study analyzes how heterogeneous across firms' productivity level the effects of foreign direct investment (FDI) on the productivity of firms in a host country are. The study uses firm level data over 2000~2009 in South Korea and takes a quantile regression approach to estimate FDI's heterogeneous effects on the invested firm ('direct effects') and other domestic firms in the industry to which the invested firm belongs ('intra-industry spillover effects'). Major empirical results are as follows. In manufacturing sector, FDI has positive and statistically significant direct effects on the invested firm. In addition, the higher the quantiles of firms' productivity level are, the larger the positive productivity effects are. FDI also has positive and statistically significant intra-industry spillover effects on domestic firms in low quantiles of productivity while it has negative and statistically significant or insignificant spillover effects on those in high productivity quantiles. In service sector, on the other hand, Sufficient evidence is not found that FDI has statistically significant direct effects or intra-industry spillover effects. Taken together, the study suggests that FDI has heterogeneous effects on the productivity of firms in host country, depending on the firms' productivity level and sector.