한국기업의 해외직접투자는 주주부를 중가시키는가?
Do Korean Firms’ FDI Increase the Shareholder Wealth?
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>본 연구는 해외직접투자를 공시한 기업들의 단기성과를 검정하기 위하여 해외직접투자를 공시한 기업 중에서 상장기업만을 대상으로 표본기업을 선정하고, 사건연구(event－study)의 방법을 사용하여 주가자료를 이용한 분석방법으로 전체 기업과 진출유형에 따라 주가의 흐름을 분석하고 이것이 주주부에 미치는 영향을 검증하고자 하였다. 또한 해외투자기업의 단기성과에 영향을 미치는 요인을 분석하기 위하여 다중회귀분석도 함께 실시하였다. 본 연구의 실증분석 결과는 다음과 같이 요약할 수 있다.전체 해외직접투자 기업들을 대상으로 한 분석결과 해외직접투자 공시 전후에 유의적인 정(＋)의 초과수익을 나타냄으로서 우리나라에서 해외직접투자의 공시는 기존의 외국연구사례와 유사한 결과를 얻을 수 있었다. 또한 항목별 분석에서 관련산업보다는 비관련산업에 투자한 기업집단, 국제화경험이 있는 집단, 생산시설확장을 공시한 기업집단에서 보다 큰 성과가 있는 것으로 나타났다.한편 다중회귀모형 분석결과 해외직접투자 공시효과에 가장 큰 영향을 미치는 요인은 투자목적, 사업관련성 순으로 생산시설확장이나 생산거점의 해외이전이 해외직접투자의 중요한 목적인 것으로 규명되었다.
Abstract
>This study investigates the reaction of sampling firms that announced foreign direct investment plans and understanding subsequent responses in the stock market. These responses were based on properties of the invested companies and detailed investment types. By using stock price data based on Event－Study Methodology, we were able to analyze short－term results of the companies after announcing their plans for foreign direct investment. We also used regression analysis in order to evaluate factors influencing short－term results of these companies. The results can be summarized as follows.First, after analysing all foreign direct investment cases, it turned out that a significant positive abnormal return was seen before and after the announcement of a foreign direct investment plan. Therefore, the announcement of a foreign direct investment plan can yield highly positive results for stockholders and interested persons in Korea.In addition, as for detailed results of the analysis, a better return was seen in the investment of non－relevant industries, the experience of globalization, cultural distance, the purpose of investment, than in relevant industries, the non－experience of globalization, cultural distance(long distance) industries.Besides, multiple－regression analysis revealed that the factor which most influenced the effect of announcing a foreign direct investment plan was the size of investment.
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