한, 중, 일 기업의 해외직접투자 동향 비교분석: 투자처결정요인과 정책적 함의
Comparative analysis of outward foreign direct investments by Korean, Chinese, and Japanese firms: investment location choices and policy implications
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초록
본 연구는 한국, 중국, 일본 기업의 해외직접투자(Outward Foreign direct investment; OFDI)의 동향 및 투자대상국 결정요인을 비교 분석하는 것에 목적을 둔다. 특히 해외투자의 동기에 있어서 지식습득(knowledge sourcing)의 이점에 주목하여3국의 해외투자가 혁신역량 강화의 이로움을 제공하는지에 중점을 두어 분석하였다. 이를 위해 한국 학계에서 아직 널리 활용되지 않는 개별투자 정보 중심의 데이터를활용하여 3국 기업의 해외투자를 203년에서 2012년의 기간에 대하여 기초적인 통계자료를 분석하였다. 더 나아가 보다 엄밀한 분석을 위해 투자처선택요인 모델(investment location choice)에 근거한 회귀분석을 실시하여 3국 기업이 해외투자 결정시 투자대상국의 어떤 특성에 민감한지를 분석하였다. 분석 결과 한국, 일본 기업은주요 투자처, 투자목적, 투자산업 등 다양한 측면에서 매우 유사한 모습이 관측되는반면 중국 기업은 한, 일 기업과 달리 기술선진국에 주력한 투자가 특징이었다. 한, 일 모두 해외투자가 중국에 편중된 모습이 관측되며 한국의 경우는 소수 대기업에 의한 해외투자 집중이 중국, 일본에 비해 그 정도가 아주 높다는 것이 확인되었다. 투자처선택요인 회귀분석에서도 중국의 경우에만 같은 조건이라면 기술력이 풍부하고 지적재산권이 상대적으로 약한 원거리의 국가를 해외투자 시 선호하는 것으로 나타났다. 이는 해외투자 시 지식습득과 능력함양의 동기가 중국의 경우에만 뚜렷하다는 것을함의한다. 본 연구의 분석 결과는 한국이 기술선진국이 되었음을 의미함과 동시에 해외경제활동을 통한 지식의 습득(knowledge sourcing)에 소극적임을 함의한다. 해외투자에 있어서 지식함양의 소극성, 투자기업편중, 대(對)중국 편중은 장기적으로 신 성장산업(emerging industries)의 발전을 저해할 수 있다는 점에서 국가적 차원의 대책이필요하다.
Abstract
This study investigates outward foreign direct investment (OFDI) of firms based in South Korea, China, and Japan, and compares investment trends and determinants of destination countries among OFDIs from thre countries. In particular, I focus on knowledge sourcing benefits from OFDIs, which may enhance inovation capabilties of investing countries. For descriptive statistics, I rely on OFDI information extracted from fDi Markets, an individual investment specifc database for international investments, 203-2012, which has not ben widely used in the Korean academia. In aditon, regresions base on foreign investment location choice models are utilzed to conduct more rigorous analyses of the determinants of destination countries. I find that Korean and Japanese firms show similar paterns in many investment aspects whereas Chinese firms, in particular, invested mainly in advanced economies. Both Korean and Japanese firms were headed towards China for their OFDI to the greatest extent while a high concentration of investing firms is observed only for Korean firms. Investment location choice regresion results sugest that unlike Korean and Japanese firms, Chinese firms prefer destination countries with plentiful technology pol and relatively weak IPR protection while geographic distance does not deter their foreign investments. This implies that knowledge sourcing motives during foreign activites are clearly observed for Chinese firms, not for Korean and Japanese firms. These findings sugest that Korea has become a technologicaly leading country but at the same time, Korean firms are not active for foreign knowledge sourcing. Policy measures should be discused in the sense that reduced foreign knowledge sourcing, high concentration of investing firms, and OFDI concentration on the Chinese market may not be beneficial to fostering emerging industries.
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