수직적/수평적 FDI 결정요인 분석 -한국 다국적기업의 대 중국 FDI 중심으로-
On the Determinants of Horizontal and Vertical FDI By Korean Multinational Corporations in China
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초록
본 연구는 중국에 위치한 우리나라 다국적기업의 수직적 FDI와 수평적 FDI를 정의하고 실증적 연구방법을 통해 각 수직적 수평적 FDI 결정요인을 분석하였다. 2011년 중국에 입지하고 있는 1,671개 현지법인의 개별 기업자료와 중국 각 성별 자료를 수집하여 기업특성요인과 현지특성요인을 동시에 고려한 실증(토빗, 이분형로지스틱, 그리고 다항로지스틱)분석모형을 구축하였다. 3개의 분석모형에서 다음과 같은 일관된 결과가 도출되었다. 우리나라 다국적기업의 대 중국 수평적 FDI는 상대적으로 높은 중국 내 경쟁환경으로 인해 기업특유의 우위요소와 현지화가 중요한 영향을 미치는 것으로 나타났다. 그리고 중국 성별 시장규모와 소득수준이 높을수록 수평적 FDI 확률이 높아지는 것으로 분석되었다. 반면 수직적 FDI는 홀드업 문제를 제거하기 위한 방편으로 기업들이 수직적 글로벌통합을 선택한 것으로 분석되었으며, 임금과 같은 저렴한 생산요소 가격과 FDI 집적효과가 중요한 영향을 미치는 요인으로 나타났다. 이러한 분석결과는 선행이론모델을 뒷받침하고 있으며, 현지법인특성요인을 중점적으로 고려함으로써 기업들이 대 중국 FDI 전략을 구축함에 있어 중요 고려요인들을 구체적으로 제시하고 있다.
Abstract
This study analyzes the determinants of horizontal and vertical FDI by Korean affiliates located in China. We utilize the data from 1,671 Korean affiliates and provinces of China. Our study reports the results from Tobit, (binary) logit and multinomial logistic regressions. The robust results from those regressions indicate the differences between the determinants of horizontal and vertical FDI. As the market sizes and per capita GNI of Chinese provinces increase, it is more likely to be horizontal FDI. On the other hand, the results point to the premise that vertical FDI tries to avoid hold up problem. Moreover, low production costs (such as low wages) play an important role in determining the vertical FDI in China. In concluding remarks, this study provides some insights for business strategy of Korean affiliates in China.
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