최근 인도의 해외직접투자 동향과 결정요인 분석
Outward Foreign Direct Investment from India: Recent Trends, Government Policies and Theoretical Explanation
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최근 크게 확대되고 있는 인도 기업의 해외직접투자(outward FDI)에 대한 학계의 관심이 고조되고 있다. 인도의 해외직접투자는 과거 개도국에 대한 제조업 부문의 현지시장 확보형 신설투자(greenfield investment)가 주류를 이루었으나 2000년대에 들어와 선진국에 대한 경영자원 확보형 인수․합병(M&A) 방식의 투자가 크게 증가하고 있다. 이러한 변화는 인도 정부의 관련 정책과 더불어 기업들의 투자행태가 크게 바뀌고 있음을 의미한다. 이 논문은 기존 관련 문헌과 2차 통계자료를 통하여 이러한 인도 해외직접투자의 최근 동향과 정부의 관련정책 변화를 분석하여 보고, 그 투자결정 요인에 대한 이해를 제고하기 위하여 제품수명주기이론의 연장 및 기술변화의 국지화이론 등 전통적인 해외직접투자 이론의 설명력과 그 한계를 살펴보고 최근 대두된 '도약대(springboard)' 접근방법에 의거하여 최근 새로이 급증하고 있는 인도 기업의 M&A 투자를 이론적으로 설명하여 보았다.
Abstract
With the relaxation of the Indian government control over Indian firms' overseas expansion India has emerged as an important source of corporate outward foreign direct investment(OFDI) in recent years, exerting a prominent effect on the world economy. While Indian OFDI mostly occurred in manufacturing in developing countries as greenfield investment until the 1990s, much of it has been made via M&As in the developed countries such as N. America and Europe in the last ten years or so. This paper attempted to theoretically explain OFDI by Indian firms with traditional theories on OFDI by developing countries such as extended theory of product life cycle and theory of localization of technical change for their OFDI in developing countries along with a 'springboard' perspective for their OFDI in developed countries.
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