• 한국경제지리학회지
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• 제17권2호
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• pp.231-248
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• 2014

외국인직접투자는 지역경제성장에 매우 중요한 역할을 하는 것으로 알려져 있다. 우리나라는 외환위기를 맞이하면서 외국인직접투자촉진법을 제정하였고, 중앙정부 및 지방정부는 외국인투자지역이나 경제자유구역을 지정하고 적극적으로 외국인투자 유치를 위해 다양한 인센티브를 제공해왔다. 서비스 부문의 비중이 높았던 외국인 직접투자가 2009년에는 오히려 제조업 부문으로의 투자가 더 많아졌다. 본 연구는 1999~2012년 동안 공장형 외국계 제조업체를 대상으로 하여 우리나라의 저렴한 전기요금 및 느슨한 환경규제가 외국계 제조업체의 투자 유인으로 작용하였는가를 살펴보는데 목적을 두었다. 이를 위해 관련 기관 및 외국계 기업체 담당자들과 심층면담을 수행하였다. 연구 결과 우리나라의 저렴한 산업용 전기요금과 안정적인 전기 공급은 외국계 기업들이 한국으로 투자를 하도록 유인하는 것으로 파악되었다. 정부는 저렴한 전기요금이 외국인직접투자를 끌어드리는데 있어서 경쟁적 요소라고 간주하고 있어, 전기 다소비 업종들이 우리나라로의 투자를 증가시키는 잠재적 요인으로 작용할 가능성이 매우 크며, 향후 우리나라 전력수급의 어려움을 가중시킬 수 있음을 시사해준다.

• 국제지역연구
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• 제13권3호
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• pp.145-161
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• 2009

본 논문은 변이할당분석모형을 이용하여 2003-2006 기간중 한국으로 유입된 외국인직접투자를 세계성장효과, 산업구성효과, 경쟁효과, 배분효과 등의 요인으로 분해한다. 2003-2006 기간중 한국으로 유입된 외국인직접투자는 세계추세에 못미치는 수준인 것으로 나타났다. 그 결과 산업구성효과와 경쟁효과는 모두 부(負)(-)의 효과를 기록한 것으로 나타났다. 또한 분석결과 다음의 산업들은 양(+)의 경쟁력효과를 기록한 것으로 나타났다: 전기 및 전자장비, 자동차 및 운송장비, 음식숙박업, 운수, 창고 및 통신, 금융, 사업서비스. 이와 같은 분석결과를 종합하면, 한국은 일부 제조업분야와 대부분의 서비스분야에서 외국인직접투자를 유치하는데 경쟁력을 지니고 있다고 평가할 수 있다. 향후 한국의 외국인직접투자 유치정책은 경쟁력을 지닌 산업을 중심으로 시행되는 것이 적절할 것이다.

• 무역학회지
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• 제47권6호
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• pp.119-134
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• 2022

A new protectionism caused by the US-China competition and a following new Cold War would have a negative impact on global FDI. In this time, this study researched the effects of the long lasting global openness and liberalization on Korea's Inward FDI. 1,387 foreign invested companies in Korea were analyzed. The results are summarized as follows. First, Korea's FDI has been expanded under the environment of globalization. The IFDI amount and share in GDP increased. Seven countries out of the world top 10 were listed in Korea' the top 10. However, the share of the US and Japan's FDI in Korea's IFDI decreased. Second, non-manufacturing industry became prevalent in Korea's IFDI. Considering it's local market-oriented characteristics, the biggest investment motivation by global companies was Korean market pursuit. The US was more local market-oriented than Japan. Third, cross-border M&A, which became active in developed countries since 1980s, also kicked off in Korea from late 1990s. Global companies managed foreign-invested companies in Korea with shares close to wholly owned. The US had higher share ratios than Japan. The implications by this research are as follows. First, looming protectionism by a New Cold War would negatively affect Korea's IFDI through the adverse function of globalization. Second, Korea's IFDI has been converted to a market pursuit type being mainly leaded by non-manufacturing industry. Since GDP is the largest FDI motive in this type of FDI, the key policy for IFDI promotion is lying in the expansion of domestic market rather than deregulation.

• 통상정보연구
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• 제11권3호
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• pp.391-408
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• 2009

This study first designates the factors affecting Foreign Direct Investment (FDI) in order to analyze the FDI in Korea, and calculates the Korean FDI index by using various designated variables and by applying Factor Analysis Technique. In addition, it attempts to understand the influence wielded by the foreign investment variables of foreign multinationals on FDI in Korea, by setting to analyze & verify Environmental Factors and the overall model based on FDI in Korea. Through an emprical analysis of USA, Japan, EU, China, as our hypothesis, we could verify that the positive effects(+) among the decisive factors of FDI in Korea include the market size, the mean earning rate of domestic manufacturing industries, and the marketing capacities of foreign corporations, while the negative effects(-) include the ratio of taxation on domestic manufacturing industries. Other FDI factors have various effects on each, so some factors show the same effects as the hypothesis while others show separate effects. In addition, the only nation for which the effects of FDI factors in Korea coincide with the hypothesis completely is the USA, while other nations (such as Japan, EU, China) have some effects that conform to the hypothesis, but other effects do not accord with it.

• 기술혁신학회지
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• 제13권3호
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• pp.513-537
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• 2010

"시장규율로서의 FDI" 가설에 따르면 직접투자 자금유입은 국내기업의 혁신활동에 영향을 미치는 시장구조에 변화를 주는 메커니즘으로 작용한다. STEPI의 2008 KIS 데이터에 대한 프로빗 추정결과는 Bertschek(1995)이 분석한 독일기업의 경우와 달리, 한국기업의 제품혁신을 설명하는데 FDI가 설명력이 없는 것으로 나타났다. 이의 근거로 본 연구는 한국 산업의 시장구조가 독일의 경우보다 독점적인데서 기인한다는 추론을 제시하였다. 2005, 2008년 데이터로 구성된 패널데이터 분석의 경우, GLS와 OLS의 행렬가중평균을 추정하는 임의 파라미터 추정법을 적용하였다. 그 결과는 단순 패널프로빗추정 결과와 상당한 차이가 나, 기업간 파라미터에 많은 파라미터 추정치 변화가 있음을 보여준다. 그러나, 패널추정치와 횡단면 추정치간 타 계수의 부호는 달라도 FDI에 대한 결과는 동일한 것으로 나타난다.

• The Journal of Asian Finance, Economics and Business
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• 제7권4호
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• pp.163-171
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• 2020

The study aims to examine the effects of inward every presence of foreign investment, import, and real exchange rate shocks on export performance in Vietnam. This study employs a time-series sample dataset in the period of 2009 - 2018. All data are collected from the General Statistics Office of Ministry of Planning and Investment in Vietnam, World Development Indicator and Ministry of Finance, State Bank of Vietnam. This study employs the Augmented Dickey-Fuller test and the vector error correction model with the analysis of cointegration. The results demonstrate that a higher value of import significantly accelerates export performance in the short run, but insignificantly generates in the long run. When the volume of registered foreign investment goes up, the export performance will predominantly decrease in the both short run and long run. Historically, countries worldwide are more likely to devaluate their currencies in order to support export performance. According to the study, the exchange rate volatility has an effect on the external trade in the long run but no effect in the short run. Finally, Vietnam's export performance converges on its long-run equilibrium by roughly 6.3% with the speed adjustment via a combination of import, every presence of foreign investment, and real exchange rate fluctuations.

• 산업진흥연구
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• 제6권4호
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• pp.69-81
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• 2021

파키스탄은 남아시아의 상서로운 개발도상국이다. 국제투명성기구(Transparency International)의 2020년 부패인식지수 보고서에 따르면 파키스탄은 0(최저)에서 100(최고)까지의 정치적 안정성 측면에서 전 세계적으로 총 31점으로 124위, -2.25점으로 188위를 기록했다. 더 결정적으로, 파키스탄에 대한 외국인 직접 투자의 유입은 2008년과 2019년 사이에 감소했다. 정치적 불안정과 정부 부패는 외국인 직접 투자와 양의 선형 관계와 음의 선형 관계를 모두 가지고 있지만, 본 연구에서는 시간이 지남에 따라 정치적 불안정과 외국인 직접 투자 사이의 정부 부패의 완화된 영향을 테스트했다. 또한 같은 국가의 여러 정치 체제에서 정치적 불안정과 외국인 직접 투자 사이의 관계를 테스트했다. 따라서, 본 연구의 결과는 권위주의 정권이 민주적 정부 기간보다 더 많은 외국인 직접 투자를 유치했음을 시사하였다. 더욱이, 우리는 그 나라에서 정부의 부패가 심할 때 외국인 직접 투자가 적다는 것을 발견했다. 그러나 정부의 부패는 정치적 불안정과 외국인 직접 투자(FDI) 사이의 긍정적인 관계를 약화시켰다.

• 무역학회지
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• 제44권6호
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• pp.217-230
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• 2019

This study investigates the impacts of international trade and foreign direct investment (FDI) on income distribution both nationally as well as provincially in Vietnam. This study uses panel data of 63 provinces in Vietnam for the period of 2008-2016 and a time series dataset from 1992 to 2016. We found the following results. First, the income distribution is significantly affected by per capita income. When we consider the Kuznets hypothesis, the intra-provincial income inequality of Vietnam's 63 provinces follows a regular U-shaped relationship. In contrast, the income distribution in Vietnam exhibits an inverted U-shaped relationship between the Gini coefficient and per capita income. Second, the inward FDI tends to reduce income gaps in each province through the employment of predominantly low-skilled workers. FDI, however, seems to increase income inequality throughout Vietnam. This result is potentially due to the strong concentration of FDI into a very few areas. Third, the effect of trade openness exhibits a decrease in inequality both within each province and in the whole country of Vietnam.

• The Journal of Asian Finance, Economics and Business
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• 제7권6호
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• pp.173-183
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• 2020

The paper investigates the determinants of foreign direct investment (FDI) in Vietnam in 2000-2019 period. This study uses difference Generalized Methods of Moments (GMM) and Pooled Mean Group (PMG) to analyse panel data officially provided by General Statistical Office of Vietnam. The results show that market size impacts positively significant on FDI attraction: 1% -1.45% (PMG) and 1% -1.25% (GMM). Besides, some other factors have positive influences as labor force, macroeconomic policy, macroeconomic stability and skilled labor. Meantime, the trade openness negatively affects FDI inflows in the short-term, while not being statistically significant in the long-term. Moreover, economic shocks often have a negative impact on FDI inflows. The findings of this study lead to the following recommendations. First, authorities should pay special attention to encourage economic growth rate in Vietnam to expand market size because this is the first priority of foreign investors. Second, authorities need to continue increasing the rate of skilled labor, especially highly qualified management force, engineers and well-skilled workers. Third, the authorities should adjust trade openness to boost the role of its determinant in attracting FDI inflows. Fourth, macroeconomic stability needs to be governed by international standards in order to secure the belief of foreign investors in the long-term.

• Journal of Korea Trade
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• 제24권8호
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• pp.63-80
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• 2020

Purpose - Recent empirical studies have shown that FDI is expected to be strongly associated with democratic governance, political stability, and sound macroeconomic conditions of the host country. We attempt to take it a step further to see if governments implement a major change in institutional characteristics, will the institutional reform toward better governance have a substantive effect in enhancing FDI inflows. This paper thus aims to analyze the importance of good governance as an important factor in the attractiveness of FDI inflows in ASEAN+3 (Korea, China, Japan) countries. Design/methodology - To determine the effects of good governance on FDI inflows across ASEAN+3 countries recorded between 1996-2018, the Worldwide Governance Indicators (WGI) are used to investigate the impact of good governance on FDI inflows. The model has been estimated by using fixed effects to show the robustness of the results. Findings - Our main findings can be summarized as follows: Political Stability, Rule of Law, and Voice and Accountability have a statistically significant impact on the inflow of FDI in the ASEAN+3 Countries, especially for Korean economy. Moreover, GDP growth continue to exert their positive influence. However, Regulatory Quality, Government Effectiveness and Control of Corruption, though equally important, are insignificant to attract FDI inflows. The key finding is that good governance has a significant impact on inward FDI in the ASEAN+3 countries. Originality/value - Existing studies focus on the impact of political factors on FDI across countries. This paper instead attempts to investigate which type of good governance is the most important in promoting FDI inflows across ASEAN+3 countries, which is essential for multinationals to consider when choosing a foreign site as a possible FDI destination.