기업재무구조요인과 수직적/수평적 FDI
The Impact of a Financial Constraints on the Vertical and Horizontal FDI Decisions
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연구목적: FDI 선택모형에 있어 기존 연구에서 강조하고 있는 생산성과 더불어 재무제약에 근거하여 모기업의 재무구조요인이 수직적 FDI와 수평적 FDI 유형별 의사결정에 미치는 영향에 관한 실증적 연구를 목적으로 한다. 논문구성/논리: 한국수출입은행으로부터 2011년 전 세계에 입지하고 있는 한국 다국적기업의 현지법인 4,429개의 데이터를 수집하였고, 금융감독원 전자공시시스템(DART)을 통해 수집한 현지법인의 모기업 재무자료를 대응시켜 구축하였다. 실증분석모형(토빗모형)은 FDI 유형별 다양도 모형과 집중도 모형으로 구축하였다. 결과: 한국 다국적기업의 현지시장 접근성을 높이기 위한 수평적 FDI는 상대적으로 높은 경쟁환경과 초기고정비용으로 인해 외부금융기관으로부터 자금을 차입하는 경향이 높고, 충분한 현금흐름이 가능한 기업일수록 수평적 FDI의 다양도(현지법인의 수)와 집중도(현지매출규모)가 증가하는 것으로 분석되었다. 수직적 FDI에서는 상대적으로 자본여력과 기업규모가 작은 중소기업들에게 있어, 일정수준 이상의 자산수익성을 가진 기업들이 비용효율성을 높이기 위해 기업내무역을 통한 중간재 조달 전략을 선택하는 경향이 증가하는 것으로 나타났다. 마지막으로 기술 및 특허와 같은 무형자산 비중이 높은 중소기업일수록 홀드업문제(hold-up problem)를 회피하기 위해 수직적 FDI를 통한 기업내수입 규모를 증가시키는 것으로 분석되었다. 독창성/가치: 현지법인 교역자료를 통해 수직적 FDI와 수평적 FDI를 정의하여 실증분석모형을 구축함으로써 기업특유의 생산성과 더불어 재무구조요인이 FDI 유형별 미치는 영향에 관한 실증분석연구를 시도하였다는 점에서 차별성을 가진다.
Abstract
Purpose: This study analyzes the effects of financial structure factors on vertical FDI and horizontal FDI by multinational corporations in South Korea, based on financial constraints with the firm’s productivity which has been emphasized in prior studies. Composition/Logic: We use data of 4,429 Korean overseas affiliates and their parent firms by Korea Export-Import Bank and Data Analysis, Retrieval and Transfer System of Financial Supervisory Service. The empirical research model of this study considers extensive and intensive margin by vertical and horizontal FDI, and the result of Tobit regressions are reported Findings: The firms that select horizontal FDI for access to local markets tend to borrow from external financial institutions. The firm has a higher cash flow, it is more likely to increase the extensive and intensive margin of horizontal FDI. On the other hand, both the profit-asset ratio and cost effectiveness of parent firm are important determinants of vertical FDI for small and medium sized enterprises(SMEs). Moreover, SMEs with higher intangible assets ratio tend to increase vertical FDI to avoid the hold-up problem. Originality/Value: This empirical study examines the effects of specific financial constraints and productivity on the decision of vertical and horizontal FDI by using data from overseas affiliates of Korean multinational corporations.
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