한국기업의 개도국 투자에 있어 지분(ownership)-통제(control)-성과(performance)간의 관계에 대한 연구
A Study of the Relationship Between Ownership, Control, and Performance in Korean Foreign Direct Investment into Developing Countries
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초록
본 연구는 제휴 후 관리(post-alliance management)문제로서 통제와 성과간의 관계를 합작지분수준과 연결시켜 논의함으로써 합작지분에 관련된 기존 논의를 확장시키고자 하고 있다. 본 연구를 실증적 분석을 위하여 한국 제조업체의 합작 사례들을 연구 대상으로 삼았다. 연구의 관찰기간은 IMF 위기가 한국경제에 영향을 미치기 이전 시기인 한국 제조업체의 합작투자가 활발히 이루어지기 시작한 1990년을 전후에서 1996년 말 까지 약 7년간이다. 본 연구에서는 교섭력과 거래비용이론을 이용하여 이들 간의 관계를 규명할 수 있는 이론적 틀을 마련함과 동시에 통제와 성과의 다측면적인 면을 고려하여 측정하였다. 특히 본 연구는 지분-통제-성과간의 상충관계, 즉 일정한 방향성이 나타나지 않는 이유를 두 가지 연구모형을 이용하여 밝히려 했다. 첫째 교섭력과 통제력의 차원에서 자원과 지분의 상관성을 동시에 고려하여 통제-성과간의 관계를 살펴보았다. 둘째 파키의 통합적인 틀에 따라 지분 외 통제-성과에 영향을 주는 요인으로서 합작동기, 합작파트너의 유형, 공헌자원 유형, 신뢰성, 그리고 외부요인으로서 두 가지 산업유형(장치 vs. 가공)과 세 투자지역(중국 vs. 아세안 vs. 기타지역)의 영향을 알아보았다. 본 연구의 결과 두 가지 모형 모두 지분-통제-성과간의 관계를 설명하는데 매우 유의적으로 검증되었다. 특히, 본 연구는 다수 지분이외에도 자원의 종류 및 결합형태 등이 실질적인 통제 그리고 성과에 영향을 미치고 있음을 발견하였다.
Abstract
This research mainly focuses on the relationship between control and performance in post-alliance management based on a dataset that describes foreign direct investments by Korean manufacturing firms in developing countries from 1990 to 1996.This research utilizes two theoretical models of bargaining power theory and transaction cost theory to build our own eclectic model to consider various aspects of the relationship between control and performance in post-alliance management. In particular, we try to explain a non-linear relationship from ownership to control and ultimately to performance of the joint venture. Our model considers the interactive relationship between ownership and resources as well as its impact on the relationship between control and performance. Our model also includes external factors such as the motives for joint venture, types of joint venture partner, types of key resources, trust between partners, industry characteristics, and the regional characteristics of host countries. Empirical analysis of this research demonstrated that our model successfully explains the complicated relationship among ownership, control, and performance. In particular, empirical results based on our model suggest that the effective control and consequently the performance of joint ventures is affected not only by the majority ownership, but also by types of key resources invested in the joint venture and the ways in which those resources are combined to be used for the joint venture.
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