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외국인투자지분율 차이가 외국인투자기업의 수익성에 미치는 효과에 관한 연구

A Study on the Effect of Foreign Investment Ratio on the Financial Profitability of Foreign Invested Companies in Korea

김경애
한국기업경영학회 (Korean Corporation Management Association)|2010.12|기업경영연구 (Korean Corporation Management Review)|제17권 제4호|pp. 37-55

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조절효과Moderating EffectROA외국인투자기업외국인투자지분율Foreign-Invested EnterprisesInvestment Ratio
주제분류경영학

초록

본 연구는 우리나라에 진출한 외국인투자기업의 외국인투자지분율 차이가 경영성과에 미치는 영향을 살펴본 것이다. 본 연구는 2007년 KIS Value에서 구한 외국인투자기업중 매출액 5백억 이상 기준으로 671개사를 대상으로 하였다. 그 중 유효한 자료가 가능한 597개사를 1.10% < 투자비중 < 50% 2.투자비중 = 50%. 3.투자비중 > 50% 세 개의 투자비중으로 대분류 하였다. 경영성과지표로는 수익성을 나타내는 재무비율 중에 총자산수익률(ROA)을 보았다. 분산분석(ANOVA)을 실시한 결과 외국인투자지분율 성과차이가 다르게 나타났다. 또한 그 결과를 살펴봄에 있어서 최고경영자(CEO)국적(한국, 공동, 외국인), 투자자국가별(일본, 유럽, 미국), 설립시기(아시아 금융위기전후), 기업규모(대기업, 중소기업), 산업별(제조업, 도소매업, 기타서비스업)등을 조절변수로 고려하여 살펴보았다. 그 결과 조절변수로 사용한 투자자국별(미국)에서 투자비중 = 50에서 성과가 가장 높게 나왔으며, 기업규모(중소기업)에서는 투자비중 > 50%에서 성과가 더 잘 나타났다. 그러나 설립시기와 CEO국적, 산업별에 따른 외국인투자비율 성과차이는 보이지 않았다

Abstract

This research intends to investigate the difference in the financial performance by investment ratio in foreign-invested enterprises in Korea. 671 firms whose sales are over 50 billion won in 2007 are selected from KIS VALUE. 597 enterprises were finally selected in the analysis. I classified firms into three categories according to the investment ratio: 1. 10% < investment ratio < 50% 2. investment ratio = 50% 3. investment ratio > 50%. We use ROA(Return on Asset) as a proxy for the business performance. ANOVA test shows that ROA differs according to the investment ratio. Foreign invested companies with investment ratio over 50% and investment ratio equal to 50% show higher financial performance than companies with investment ratio between 10% and 50%. It is because foreign investors with higher investment ratio can prohibit Korean partner from abusing management power and can monitor management easily. Furthermore they will demand transparent information about the firm. They can strengthen control over management decision and thus intervene in the decision of capital structure. Also I analyzed the moderating effect with CEO nationality(Korean CEO, Joint CEO, Foreign CEO), investor country nationality(Japan, Europe, United States), establishment year(before and after the 1998 economic crisis in Korea), company size(large, small and medium enterprises), industry type(Manufacturing, Wholesale and retail, other services) in relation to investment ratio. As a result investor country nationality and company size had an effective moderating effect. In case of investor country nationality(Japan, Europe, United States), United States had a moderating effect on investment ratio. Firms with investment ratio equal to 50% had a best performance, those with investment ratio higher than 50%, middle and those with investment ratio between 10% and 50%., the worst. This can be understood by countries’ strategy. US is the typical case. The strategy is that firms establish a branch abroad and trust the management of the branch to the branch. In the case of Korea and Japan, traditionally parent company tend to control a branch strongly. Nevertheless, US firms trust the management power to the branch. The performance of US firms turns out to be better especially when the investment ratio is 50% and over 50%. The performance was best especially when the investment ratio is 50%. This implies that the equal voting power is very important in management decision. Small and medium companies had a moderating effect on investment ratio. The performance was the best when investment ratio is 50%, and the worst when it is between 10% and 50%. This implies that the performance in a small and medium company was better when the investment ratio is 50% or over 50%. While establishment year, CEO nationality and industry did not have moderating effects.

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