외국인직접투자가 기업 경영성과에 미치는 영향: 중국 상장기업을 중심으로
The Impact of Foreign Direct Investment on Firm Performance: The Case of Chinese firms
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본 연구는 중국의 기업별 자료를 이용하여 외국인직접투자가 기업의 수익성에 미치는 영향을 분석했다. 중국의 A주 주식시장에 상장된 기업을 대상으로 2005년부터 2022년까지의 패널 자료를 이용하여 분석하였다. 분석 결과에 의하면 첫째, 외국인직접투자는 기업의 수익성 개선에 긍정적인 영향을 미치는 것으로 나타났다. 둘째, 기업 규모와 연수의 증가는 중국 A주 주식시장에 상장된 기업의 수익성 제고에 부정적인 영향을 미치는 것으로 나타났다. 셋째, 판매율 증가와 투자율의 증가 및 총요소생산성의 제고는 수익성 개선에 긍정적인 영향을 미치는 것으로 분석되었다. 이러한 결과가 시사하는 바는 외국인직접투자의 실행과 판매율 및 투자율의 증가를 통해서 수익성을 개선할 수 있다는 것이다. 이와 함께 중국에 진출하고자 하는 외국기업은 수익성 개선을 위해 규모의 경제를 실현하고 혁신 능력을 제고하는 방안도 함께 고려해야 함을 보여준다.
Abstract
This study investigates the impact of foreign direct investment (FDI) on firm profitability using firm-specific data from China. We used panel data from 2005 to 2022 for firms listed on China's A-share stock market. The results show that FDI has a positive effect on firm profitability. This effect is more evident in the eastern region and for firms in labor- and technology-intensive industries. Second, we find that increasing firm size and years of experience negatively impacts the profitability for firms listed on the China's A-share stock market. Third, an increase in the sales rate, investment rate, and an increase in total factor productivity have a positive effect on profitability. These results imply that profitability can be improved by implementing FDI and increasing sales and investment rates. This also shows that foreign companies looking to enter China should consider realizing economies of scale and improving their innovation capabilities to improve their profitability.
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