보험회사의 해외직접투자 결정요인 분석
The Determinants of Foreign Direct Investment for Korean Insurance Companies
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초록
본 연구는 우리나라 보험회사의 해외진출에 영향을 미치는 변수들을 국내요인, 기업요인, 해외요인 등으로 분류한 후, 이들 요인이 국내 보험회사의 해외진출 가능성에 미치는 영향을 분석하였다. 먼저 이항 로짓 모형을 이용하여 분석한 결과 생명보험 산업은 선진 금융기법 습득, 국제적 네트워크 구축, 자사 브랜드 홍보 등의 이유로 금융허브와 같은 금융선진지역에 진출하려는 성향이 강한 반면, 손해보험 산업은 기존 고객과의 관계지속 및 거래강화 등을 위한 목적으로 국내 기업들의 해외진출에 따른 동반진출에 무게를 두고 있는 것으로 나타났다. 보험회사의 해외진출을 지점과 현지법인으로 구분하여 분석한 다항 로짓 모형에서도 이항 로짓 모형과 유사한 분석결과가 도출되었다. 실증분석 결과 손해보험 산업은 이항 로짓 분석에서와 마찬가지로 금융서비스 변수가 유의하지 않은 것으로 나타났다. 반면, 보험산업 전체를 대상으로 회귀분석을 실시했을 때 금융서비스 변수가 유의적으로 나타남에 따라 생명보험산업의 해외진출 결정요인 중 금융서비스가 매우 중요한 변수임을 간접적으로 알 수 있었다.
Abstract
This paper investigates the determinant of the patterns of Korean insurer’s foreign investment using a set of home country characteristics, foreign country characteristics and insurer-specific characteristics. The analysis reveals that important factors in determining whether Korean insurers participate in a given foreign country depend on the type of insurers. Financial services are more likely to attract life insurers, which implies that life insurers tend to expand toward financial markets of developed countries. In the case of non-life insurers, the bilateral trade is more important than other factors. It implies that non-life insurers are more likely to expand to the countries in which their domestic corporate clients choose to invest so as to be able to offer them the services they need. The result also suggests that insurers with a larger scale of per capita assets would tend to more expand abroad.
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