외국인직접투자의 효과 분석: 투자국별 차별적 효과성과 탄소유입 효과를 중심으로
Study on the effect of inward foreign direct investment to Korea: focusing on the source country difference and carbon leakage
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초록
외국투자자본이 국내로 유입되는 가장 대표적인 방식인 외국인직접투자(Foreign Direct Investment, FDI)는 유치국에 다양한 영향을 미치게 된다. 본 연구에서는 1998년부터 2005년 사이 한국으로 유입된 FDI 투자가 기업들에게 어떠한 영향을 미쳤는가에 대한 연구를 수행하였다. 특히, 탄소누출 현상 측면에서 한국으로 유입된 전체 FDI 투자를 살펴봄에 있어서 감축 의무부담이 있는 선진국으로부터 유입된 FDI 투자와 상대적으로 환경규제가 약한 개도국으로부터 유입된 FDI 투자로 나누어서 그 차별성을 알아보고자 하였다. 기업 수준의 관점에서 FDI 투자를 받은 기업을 대상으로 그 효과성을 살펴보았으며, 구체적인 지표로써 기업의 성장성, 혁신성, 에너지사용 및 수출 등을 살펴보았다. 특히, 본 논문의 주요 관심사인 FDI를 통한 탄소누출 여부를 판단하기 위해 에너지사용량의 변동에 대한 분석을 수행하였다. 분석 결과를 살펴보면, FDI 투자를 받은 기업들의 경우 기업의 성장성 측면에서 큰 성과를 보이고 있다는 것을 확인할 수 있다. FDI 투자를 선진국으로부터의 FDI 투자와 개도국으로부터 FDI 투자로 나누어서 분석한 결과에서는 투자국에 따른 성과 차이가 발생하고 있는 것으로 분석되었다. 특히, 에너지사용량의 경우 선진국으로부터 FDI 투자를 받은 기업들의 에너지사용량 증가가 개도국으로부터 FDI 투자를 받은 기업들보다 큰 것으로 나타났는데, 이는 FDI 투자를 통한 탄소 누출 현상에 대한 증거 중 하나가 될 수 있을 것이다.
Abstract
Foreign direct investment (FDI) is widely considered a major channel of foreign capital inflow, and it has various effects on host country. This study aims to find the evidence of FDI effects on firms’ performance and environment in Korea. Especially, in terms of carbon leakage, the source countries are grouped into two groups, developed countries and developing countries. The analysis result shows that the foreign direct investment gives positive effects on firms' growth, i.e. sales growth, liability growth, assets growth and employment growth. It also shows that the effect of the foreign direct investment differs according to whether the source country is a developed country or a developing country. Especially, the energy use growth of firms which received the foreign direct investment from the developed countries is larger comparing with the energy use growth of firms which received the foreign direct investment from the developing countries.
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