한국 상장기업의 해외자회사 철수에 관한 연구
Divestment of Foreign Operations by Korean Listed Manufacturing Firms
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초록
최근에 우리나라 기업들은 해외직접투자에 있어서 괄목할만한 성과를 거두어 왔다. 그러나 해외에 설립한 자회사 중에서 일부는 철수하는 사례가 발생하고 있다. 정부 자료에 의하면, 2004년 말까지 약 650건 정도의 철수 건수가 공식적으로 보고 되었다. 본 연구에서는 1986년-2004년의 기간 동안 상장 제조 기업의 해외 자회사 철수에 영향을 미친 요인들을 실증적으로 분석하였다. 실증 결과에 의하면, 모기업의 해외 생산 경험과 투자대상국의 경제성장률은 해외 자회사의 철수율을 억제하는 효과가 있는 것으로 나타났다. 해외 경험은 기술집약도가 높은 기업에서 유의성을 보여 경험이 모기업 생산 기술의 해외 이전을 수월하게 하여 자회사의 철수율을 낮춘다고 해석할 수 있다. 시장성장률은 완전 철수와 기술집약적인 기업에서 높은 유의성을 보여 투자대상국의 경제적 환경의 중요성을 암시하고 있다. 그러나 일부 실증 결과는 가설과는 반대로 나타났다. 예를 들어 재벌 소속 기업들의 자회사는 오히려 철수율이 높은 것으로 나타났다. 이는 해외 경험이 풍부한 재벌 기업들이 전략적 차원에서 자회사들 사이에 자원을 빈번하게 이동하거나 생산 입지를 조정하기 때문이라고 판단된다. 본 연구는 기존의 국내 연구와 다소 상이한 결론을 제시하므로 추후에 보다 광범위한 자료를 사용하는 후속 연구가 필요하다고 판단된다.
Abstract
Although Korean firms have been highly successful in overseas manufacturing, it was reported that some of them had divested foreign manufacturing subsidiaries partially or completely. This study investigates several important factors that are believed to have influenced the decision makings of Korean firms to divest their manufacturing facilities in the foreign market during the period of 1986-2004. As expected, international manufacturing experiences of parent firms and economic growth rates of host countries tend to reduce the probability of divestment. The international experiences of parents are considered to reduce the exit rates of subsidiaries by facilitating the transfer of core competence between parents and subsidiaries. The economic growth of host countries seems to be particularly influential in the cases of complete divestment and technologically intensive manufacturing. This implies the importance of considering the general economic environment of host markets to divest subsidiaries. Nevertheless, some empirical findings are against our expectation. Chaebol-affiliated firms are found to divest their subsidiaries more frequently than their counterparts. In particular, chaebol-affiliated firms with international experiences are more likely to transfer financial resources between subsidiaries and/or rearrange the locations of subsidiaries to pursue their strategies on a global basis. As this study suggests empirical findings that are partially different from previous ones, it will be necessary to undertake further research by using more extensive data in the future.
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