서비스산업 해외직접투자가 국내고용에 미치는 영향

Abstract

Korea's outward direct investment has shown an increasing trend since the 1990s, in spite of sporadic setbacks following the 1997 Asian financial crisis and the 2008 global financial crisis. More importantly, outward direct investment of the service sector surpasses that of the manufacturing sector. This phenomenon relects the increasing importance of the service sector in industrialized economies and liberalization of foreign investment in service sector in developing countries, in addition to fierce competition in domestic service market. This paper aims to analyze the linkage between outward direct investment (ODI) and employment in the service industry. Using the panel data covering a sample period of 1980-2014, we have estimated the effect of outward direct investment on employment in the various service sectors. Main results are as follows. First, ODI appears to have a positive effect on employment in the service industry in general, and such a effect becomes more stronger as time goes by. Second, when the service industry is divided into the domestic demand oriented sector and the export-oriented sector, we can confirm the positive employment effect of ODI only in the latter. Third, when the service industry is divided into the intermediate input service sector and the final service sector, the former appears to have a positive employment effect of ODI, but not the latter. Fourth, when ODI is divided into four groups by destination (Asia, Europe and North and South Americas), all four areas appear to show a positive linkage between ODI and employment, particularly in the case of North America. Fifth, it does not matter whether ODI takes the form of the joint venture or not. Meanwhile, the size of the parent company matters. That is, the positive employment of ODI appears for large-scale enterprises, but not for small and medium sized enterprises. To sum up, ODI in the service sector has a positive effect on domestic employment. In order to vitalize the service industry as Korea's new growth engine, it is important to strengthen international networks for human resources, R&D, sales through ODI.