수요 불확실성과 수직결합: 레미콘과 시멘트 기업을 중심으로
Demand Uncertainty and Vertical Integration:Evidence from Ready-Mixed Concrete and Cement Firms
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초록
레미콘 산업은 높은 운송비용과 저장이 불가능한 레미콘의 속성으로 인하여 불확실한 수요에 대처하기 위해서 핵심 원재료인 시멘트의 안정적인 확보가 필수적이다. 본 연구는 레미콘 수요의 불확실성이 레미콘 기업과 시멘트 기업 간의 수직결합에 미치는 영향을 분석한다. 실증분석 결과는 레미콘 수요의 불확실성이 높은 지역일수록 시멘트 업체와 수직결합된 레미콘 공장의 비율이 상대적으로 높음을 보여준다. 이러한 결과는 레미콘-시멘트 기업 간의 수직결합은 불안정한 수요 때문에 발생할 수 있는 시장에서의 거래비용을 줄이기 위해서 발생했음을 시사한다.
Abstract
In ready-mixed concrete (remicon) industry characterized by both substantial transportation costs and perishability of remicon, it is crucial for remicon firms to maintain a stable supply of cement when they face demand uncertainty. This paper investigates the impact of remicon demand uncertainty on vertical integration between remicon firms and cement firms. Empirical results show that the share of vertically integrated remicon plants is higher in geographic local markets faced with a high demand uncertainty. The result suggests that vertical integration between remicon and cement firms are resulted from reducing transaction costs due to demand uncertainty.
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