투자유치기관 지배구조와 외국인투자 유치성과간 연관성에 관한 실증연구
The Governance of Investment Promotion Agency and Foreign Investment Inflows
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본고는 외국인투자 유치기관(IPA)의 조직구조와 유치성과 간 관계를 구조방정식모형을 이용하여 실증분석 한 논문이다. IPA의 조직구조를 외형적 하부구조(설립연도, 총직원 수, 해외직원 수)와 지배구조(조직독립성, 소속상층성)으로 나눠97개 실증자료를 토대로 실증분석을 시도한 결과, 외형적 하부구조뿐만 아니라 지배구조 측면에서, 조직의 독립성이 높고(정부로부터 독립기관) 관할 기관이 상층적(부처 단위수준보다는 대통령/총리 소속)일 때 투자유치활동 성과가 더욱 높은것으로 나타났다. 이와 같은 사실은 IPA의 외형적 구조에만 국한하여 투자유치활동과 유치성과 간 연관성을 밝힌 기존 연구들을 보완하는 차별적인 정책적 시사점을 제공한다. 즉 상대적으로 최근에 IPA를 설립하여 경험이 부족하거나 인력 및해외네트워크가 부족한 IPA라도 지배구조의 설계(특성)에 따라서는 투자유치 성과가 달라질 수 있으므로 지배구조 또한 외국인투자 정책의 중요 정책변수로 보아야 한다는 것이다.
Abstract
This article examines the relationship between the Investment Promotion Agency (IPA)’s structure and its performance. This article conducts structural equation analysis with maximum-likelihood estimations focusing upon the agency’s organizational structure, i.e., hardware (substructure) and software (IPA governance). The empirical results show that not only the IPA’s the hardware measured by the age, overseas staff, and number of IPA, but also the software measured by the organization dependency (independent IPA) and the power of competent authority (presidential/prime ministry organization),positively affects the attraction of foreign investment. From these results, we infer that a well-designed IPA governance will lead to outperforming in attracting foreign investment through effective promotion service (one-stop service), even if an IPA lack of employment and overseas network budget. We suggest the policy makers take non-hardware factors such as the IPA’s governance structure into consideration when establishing the investment inducement policy.
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