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정보통신기술과 외국인간접투자 결정요인 분석

The Relationship between Information Communication Technology and Foreign Portfolio Investment

배연호
한국국제경제학회 (The Korea International Economic Association)|2011.12|국제경제연구 (KUKJE KYUNGJE YONGU)|제17권 제3호|pp. 25-65|DOI 10.17298/kky.2011.17.3.002

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참고문헌

키워드

인터넷Internet중력모형Gravity Model정보탐색비용FPI자본시장지수Information Search CostCapital Market Index
주제분류경제학

초록

본 연구는 2001년～2009년의 기간에 걸쳐 FPI 투자국과 투자대상국 상위 10개국간 투자 결정요인에 관한 분석을 진행하였다. 확장된 중력모형을 사용하여 분석을 하였으며, 인터넷 관련변수를 정보변수로 설정하였다. FPI의 결정요인을 분석하는 연구를 진행한 결과 모든 경우에서 자본이동은 거리와 음의 값을 갖는 것으로 나타났다. 특히 초고속 인터넷 가입자 수로 구성된 정보변수는 모든 분석에서 통계적으로 유의한 것으로 나타났다. 즉, 양 국가의 인터넷 인프라가 잘 갖추어져 있는 경우 FPI 투자가 증가한다고 예측할 수 있다. 그리고 자본시장지수의 경우, 전반적으로 금융시장 발전 수준이 높을수록 자본이동의 유인이 높아진다는 결과를 얻을 수 있었다. 이를 통해 자본이동의 자국편향이나 지역편향에 해당 국가의 인터넷 환경이 자본이동의 제약조건 중 하나인 정보불균형을 감소시킬 수 있음을 보여준다.

Abstract

This study empirically analyzes the determinants of FPI (Foreign Portfolio Investment), using a panel data set of top 10 investors and host countries between year 2001 and year 2009. Applying the extended gravity model and adding the internet-related variables, I get two major results: first, the international capital flow has a negative relation with distances between countries; second, the number of high-speed internet subscribers has significantly positive impacts in all cases. Particularly the second result means FPI can increase for countries with well developed Internet infrastructure. On the other hand, the capital market index suggests that capital mobility increases as source and host countries have more developed financial market. As a result, this study shows that development of the Internet infrastructure can mitigate the information asymmetry in the international financial market, and tends to increase international capital mobility. This result also implies the home bias and region bias puzzles of the international capital mobility.

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