불확실성 하의 해외직접투자: 실물옵션 관점의 활용
Foreign direct investments under uncertainty: The real options approach
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초록
기업의 전략에 있어 실물옵션의 개념은 미래에 대한 새로운 통찰력과 접근법을 보여주고 있다. 이에 본 연구에서는 기존이론과 실물옵션 이론과의 차이를 고찰하고, 실물옵션의 관점에서 이루어진 주요 해외직접투자 연구를 살펴보고자 한다. 실물옵션이론은 투자에 대한 기업 고유의 재량적인 의사결정을 통해, 기업으로 하여금 환경의 불확실성을 단순히 회피하는 것에서 한 단계 더 나아가 위험을 감수함으로써 새로운 가치를 증대시킨다는 점에서 학문적 가치뿐만 아니라 현실적으로도 그 중요성이 강조되고 있다. 또한, 후속투자 및 시장 철수 등 해외직접투자의 새로운 연구이슈가 투자시점의 후반부 방향으로 진행되고 있다는 점을 볼 때, 실물옵션 연구의 활용가치는 매우 크다고 할 수 있다. 본 연구는 Ⅰ장의 서론에서 실물옵션의 의미와 연구의 필요성을 설명하고, Ⅱ장에서는 기존이론과 실물옵션이론의 주요 개념과 차이에 대해 서술하며, Ⅲ장에서 해외직접투자 분야에 적용된 주요 실물옵션연구를 살펴보고, Ⅳ장의 결론 및 시사점을 통해 향후 연구방향을 제시하는 순서로 이어진다.
Abstract
The real options perspective has provided the new insight for the future in strategic management field. And the approach also has been used to generate a number of predictions regarding the potential value associated with investments that provide the ability to improve performance by expanding into attractive markets. Therefore, the importance of the real options perspective is emphasized in practical aspect as well as academic field. This paper begins with a detailed survey of three theoretical approaches—transaction cost economics, the resource-based view, and real options perspective, then reviews their application studies in the foreign direct investment domain. And a final section on limitations and implications for research and practices concludes.
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