본문 바로가기
KERD
논문KCI 등재

공공기관 출자회사 생존에 영향을 미치는 요인에 관한 연구

The Survival of Public Institution’s Subsidiaries: The Influence of Government Intervention

0

조회

0

다운로드

3

인용

0

참고문헌

키워드

주제분류사회과학일반

초록

본 논문의 목적은 공공기관 출자회사 생존에 미치는 영향요인을 탐색적으로 분석하고, 출자회사의 설립 시 중앙정부의 개입이 출자회사의 운영지속성에 미치는 영향을 검증하는 데 있다. 오늘날 신공공관리적 패러다임 하에서 공공기관은 끊임없이 개혁을 요구받아왔으며, 이에 따라 공공기관의 출자회사 또한 저조한 경영성과에 따른 존폐의 문제에 직면하였다. 그러나 최근까지 이들 출자회사의 경영효율성을 강화하기 위하여 관리기준을 체계화하고 설립취지와 성과 등을 고려하여 매각 및 청산을 권고하였음에도 불구하고 그 규모와 숫자는 지속적으로 증가하였다. 이에 본 연구에서는 국내외 선행연구를 바탕으로 중앙정부의 개입여부, 모기관과 자회사 간 관계적 요인, 재무적 요인을 포함하여 연구모형을 구성하였으며, 이항로짓분석을 통해 공공기관 출자회사의 생존요인을 분석하였다. 분석결과 중앙정부와의 사전협의의무를 갖지 않는 출자회사 집단의 생존예측확률이 그렇지 않은 출자회사와 비교하여 높은 것으로 나타났으며, 해외출자여부와 자산규모, 출자금액이 출자회사의 생존과 정(+)의 관계를 갖는 것으로 확인하였다. 이러한 추정결과는 출자회사에 대한 모기관의 영향력과 함께 출자회사에 대한 중앙정부의 관심이 공공기관 출자회사 유지와 철수전략에 유의미한 영향을 미치고 있음을 시사한다.

Abstract

The purpose of this study is to analyze the factors influencing the survival of subsidiaries of public institutions and to examine the influence of the government intervention on the operation continuity of them. Today, under the New Public Management paradigm, public institutions have been constantly demanding reforms. Thus the subsidiaries of public institutions have also faced the question of maintenance or abolition due to their poor performance. To enhance the management efficiency of subsidiaries, until recently, they have been required to liquidate in consideration of the purpose and performance of the establishment. Nevertheless the number of subsidiaries have increased steadily . In this study, based on literature related in organizations survival, we constructed a research model including government intervention, relational factors between parent institutions and their subsidiaries, and financial factors and use Binomial Logit Analysis to examine the factors. As a result, it is found that the probability of survival of a group that do not have prior consultation with the government is higher than that of the unsupported subsidiaries group. And the subsidiaries located in abroad and amount of asset and investment have a positive relationship with the probability of subsidiaries' survival. These results suggest that the government's attention in the subsidiaries have a significant effect on the survival strategy of subsidiaries as well as the influence of the public institution on the subsidiaries.

참고문헌 (85)

  1. 곽채기, "공공기관 구조조정의 대안과 접근전략 - 민영화 대상 기관 적합성 평가 기준 개발 방안을 중심으로", 한국공기업학회 2008 춘계학술대회 발표집, pp.1~43 (2008)
  2. 김난영, "신성장동력정책 정부출자사업의 대리인문제(Agency Problem)에 관한 소고", 한국행정학회 학술발표논문집, pp.1~25 (2011)
  3. 김렬, "준정부조직의 불멸성(immortality)에 관한 실증적 연구 -한중 지방정부의 그림자조직(shadow organization)을 중심으로-", 한국행정논집, 18(4), pp.1149~1172 (2006), 한국정부학회
  4. 김용창, "경제 하부구조 관련 공기업의 해외투자에 대한 연구(2) - 해외 하부구조투자의 유형과 성격, 국적성의 문제 -", 한국경제지리학회지, 15(2), pp.166~191 (2012), 한국경제지리학회[DOI]
  5. 김판석, "공공기관 거버넌스 및 운영제도 혁신의 성과와 향후 과제", 한국행정논집, 20(2), pp.407~435 (2008), 한국정부학회
  6. 배인명, "지방공기업의 경영성과와 지방자치단체의 재정여건", 국정관리연구, 7(2), pp.191~213 (2012), 성균관대학교 국정전문대학원[DOI]
  7. 여영현, "지방산하기관의 실태조사 및 그림자 조직화 방지연구", 한국조직학회보, 5(1), pp.83~115 (2008), 한국조직학회[DOI]
  8. 원구환, "지방공기업 내부지배구조로서의 이사회 구성과 재무성과간의 상관성 분석: 지방개발공사를 중심으로", 지방정부연구, 11(4), pp.111~127 (2008), 한국지방정부학회
  9. 이상철, "행정조직의 변형경로에 관한 기초연구: ‘지방정부 shadow 조직의 paradox’ 규명", 한국행정학보, 40(3), pp.77~104 (2006), 한국행정학회
  10. 이주경, "공기업 비핵심사업 수행에 대한 진단과 평가", 한국행정학회 학술발표논문집 (2013)
  11. 이희섭, "공공기관의 지배구조가 대리인비용에 미치는 영향", 회계정보연구, 29(2), pp.249~278 (2011), 한국회계정보학회
  12. 정선자, "LCC(저비용항공사)와 FSC(전통항공사)의 재무적 특징 및 차이점에 관한 실증적 연구", 관광레저연구, 24(7), pp.151~166 (2012), (사)한국관광레저학회
  13. 한병섭, "FDI 기업의 퇴출 유형별 결정요인에 관한 실증분석: 완전청산 對 부분회수를 중심으로", 국제경영리뷰, 10(1), pp.69~94 (2006), 한국국제경영관리학회
  14. 공기업출자회사 매각진행현황 분석, "공기업개혁시민연합", ~ (2014)
  15. 국민권익위원회, "공공기관 등의 출자・출연기관 설립・운영 투명성 제고", ~ (2013)
  16. 국회사무처, "20대 국회 346회 국정감사 산업통상자원위원회 회의록", ~ (2016)
  17. 국회사무처, "20대 국회 354회 국정감사 산업통상자원중소벤터기업위원회 회의록", ~ (2017)
  18. 국회사무처, "20대 국회 364회 국정감사 기획재정위원회 회의록", ~ (2018)
  19. 제1부 공공기관 현안분석 : 1.공기업 출자회사 관련 문제점과 개선과제, "나유성", 한국조세재정연구원, 4~34, pp.연구보고서 2015(1) (2015)
  20. 나유성, "공공기관 출자회사 운영실태 평가" (2016), 국회예산정책처
  21. 기획재정부, "공공기관 선진화 추진계획(5차)", ~ (2009)
  22. 기획재정부, "2단계 공공기관 정상화 추진방향" (2015)
  23. 기획재정부, "제4차 공공기관 운영위원회 개최 결과-자율・책임경영을 위한 공공기관 지침 전면 개편", 기획재정부 보도자료, ~ (2018)
  24. 기획예산위원회, "2차 공기업 민영화 및 경영혁신 계획" (1998)
  25. 한국공기업학회, "공공기관 기능점검 접근전략 및 모델 개발", 기획재정부, ~ (2008)
  26. Aghion P, "Formal and Real Authority in Organizations", Journal of Political Economy, 105(1), pp.1~29 (1997)
  27. Aldrich H, Auster E.R, "Even Dwarfs Started Small: Liabilities of Age and Size and Ttheir Strategic Implications", Research in Organizational Behavior, 8, pp.165~198 (1986)
  28. Ambos T, "What are the Consequences of Initiativetaking in Multinational Subsidiaries", Journal of International Business Studies, 41(7), pp.1099~1118 (2010)
  29. Barkema, H.G, "Foreign Entry, Cultural Barriers, and Learning", Strategic Management Journal, 17(2), pp.151~166 (1996)
  30. Benito G.R, "The Benefits of Internationalization for State‐Owned Enterprises", Global Strategy Journal, 6(4), pp.269~288 (2016)
  31. Berry H, "When Do Firms Divest Foreign Operations", Organization Science, 24(1), pp.246~261 (2013)
  32. Berger P.G, "Bustup Takeovers of Value‐Destroying Diversified Firms", The Journal of Finance, 51(4), pp.1175~1200 (1996)
  33. Boddewyn J.J, "Foreign Divestment: Magnitude and Factors", Journal of International Business Studies, 10(1), pp.21~27 (1979)
  34. Borisova G, "Government Ownership and Cost of Debt: Evidence from Government Investments in Publicly Traded Firms", Journal of Financial Economics, 118, pp.168~191 (2015)
  35. Brouthers K.D, "Explaining the National Cultural Distance Paradox", Journal of International Business Studies, 32(1), pp.177~189 (2001)
  36. Chang S.J, "An Evolutionary Perspective on Diversification and Corporate Restructuring: Entry, Exit, and Economic Performance during 1981–1989", Strategic Management Journal, 17(8), pp.587~611 (1996)
  37. State Capitalism vs. Private Enterprise, "Chen D", Nanjing University, ~ (2015)
  38. Coudounaris D.N, "Creating Marketing Magic and Innovative Future Marketing Trends: Proceedings of the Academy of Marketing Science", pp.837~860 (2017)
  39. Delios A, "Ownership Strategy of Japanese Firms: Transactional, Institutional, and Experience Influences", Strategic Management Journal, 20, pp.915~933 (1999)
  40. Delios, A, "Survival and Profitability: The Roles of Experience and Intangible Assets in Foreign Subsidiary Performance", Academy of Management Journal, 44(5), pp.1028~1038 (2001)
  41. Dhanaraj C, "Institutional Environment and Subsidiary Survival", Management International Review, 49(3), pp.291~312 (2009)
  42. Dranikoff, L, "Divestiture: Strategy’s Missing link", Harvard Business Review, 80(5), pp.75~83 (2002)
  43. Duhaime I.M, "Factors Influencing Divestment Decision‐Making: Evidence from a Field Study", Strategic Management Journal, 5(4), pp.301~318 (1984)
  44. Elfenbein D, "Time to Exit: Rational, Behavioral, and Organizational Delays", Strategic Management Journal, 36(7), pp.959~975 (2015)
  45. Evans J, "Optimal Timing for an Indivisible Asset Sale", Mathematical Finance, 18(4), pp.545~567 (2008)
  46. Evans D.S, "An Estimated Model of Entrepreneurial Choice under Liquidity Constraints", Journal of Political Economy, 97(4), pp.808~827 (1989)
  47. Fan J.P.H, "Politically Connected CEOs, Corporate Governance and Post-IPO Performance of China's Partially Privatized Firms", The Journal of Law, Economics, and Organization, 29(6), pp.330~357 (2013)
  48. Fichman M, "Honeymoons and the Liability of Adolescence: A New Perspective on Duration Dependence in Social and Organizational Relationships", Academy of Management Review, 16(2), pp.442~468 (1991)
  49. Firth M, "Corporate Investment, Government Control, and Financing Channels: Evidence from China’s Listed Companies", Journal of Corporate Finance, 18(3), pp.433~450 (2012)
  50. Haveman H.A, "Organizational Environments in Flux: The Impact of Regulatory Punctuations on Organizational Domains, CEO Succession, and Performance", Organization Science, 12(3), pp.253~273 (2001)
  51. Haynes M, "The Determinants of Divestment: A Panel Data Analysis", Journal of Economic Behavior and Organization, 52(1), pp.147~166 (2003)
  52. Henderson A.D, "Firm Strategy and Age Dependence: A Contingent View of the Liabilities of Newness, Adolescence, and Obsolescence", Administrative Science Quarterly, 44(2), pp.281~314 (1999)
  53. Hennart J.F, "The Choice between Mergers", Acquisitions and Joint Ventures: The Case of Japanese Investors in the United States, 1997, pp.18(1), 1~12
  54. He X, "The Renaissance of State-owned Multinationals", Thunderbird International Business Review, 58(2), pp.117~129 (2015)
  55. Hillier D, "Asset Sales and Firm Strategy: An Analysis of Divestitures by U.K. Companies", European Journal of Finance, 15, pp.71~87 (2009)
  56. Disentangling the Effects of State Ownership on Investment–Evidence from Europe, "Jaslowitzer, P", ~ (2016)
  57. Jensen, M.C, "Theory of the Firm: Managerial Behavior, Agency Cost and Ownership Structure", Journal of Financial Economic, 3, pp.305~360 (1976)
  58. Jensen, M.C, "Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers", American Economic Review, 76(2), pp.323~329 (1986)
  59. John K, "The Voluntary Restructuring of Large Firms in Response to Performance Decline", The Journal of Finance, 47(3), pp.891~917 (1992)
  60. John K, "Asset Sales and Increase in Focus", Journal of Financial Economics, 37(1), pp.105~126 (1995)
  61. Josefy M. A, "Living and Dying: Synthesizing the Literature on Firm Survival and Failure across Stages of Development", Academy of Management Annals, 11(7), pp.770~799 (2017)
  62. Kang J.K, "Corporate Restructuring during Performance Declines in Japan", Journal of Financial Economics, 46(1), pp.29~65 (1997)
  63. Kaufman, H, "Are Government Organizations Immortal" (1976), The Brookings Institution
  64. Lang L, "Asset Sales, Firm Performances, and the Agency Costs of Managerial Discretion", Journal of Financial Economics, 37, pp.3~37 (1995)
  65. Lee, D, "Divestiture and Firm Performance: A Meta-analysis", Journal of Management, 36(6), pp.1345~1371 (2010)
  66. Lee G.K, "Acquisition vs. Internal Development as Modes of Market Entry", Strategic Management Journal, 31(2), pp.140~158 (2010)
  67. On the Chinese Pyramids: A Dichotomy of Causes, Evolution and Consequences, "Liu Q", University of Hong Kong, ~ (2011)
  68. Li, J, "Foreign Entry and Survival: Effects of Strategic Choices on Performance in International Markets", Strategic Management Journal, 16, pp.333~351 (1995)
  69. Lockett A, "The Resource-based View and Economics", Journal of Management, 27, pp.723~754 (2001)
  70. Makadok R, "Search and Selection in the Money Market Fund Industry", Strategic Management Journal, 17(1), pp.39~54 (1996)
  71. Makino, S, "Local Ownership Restrictions, Entry Mode Choice, and FDI Performance: Japanese Overseas Subsidiaries in Asia", Asia Pacific Journal of Management, 15(2), pp.119~136 (1998)
  72. McDougall PP, "Explaining the Formation of International New Ventures: The Limits of Theories from International Business Research", Journal of Business Venturing, 9(6), pp.469~487 (1994)
  73. Mitchell W, "Foreign Entrant Survival and Foreign Market Share: Canadian Companies’ Experience in United States Medical Sector Markets", Strategic Management Journal, 28(4), pp.789~798 (1994)
  74. Moe, Ronald C, "The Emerging Federal Quasi Government : Issues of Management and Accountability", Public Administration Review, 61(3), pp.290~312 (2001)
  75. Nguyen, P, "Which Governance Characteristics Affect the Incidence of Divestitures in Australia", Australian Journal of Management, 40(2), pp.351~374 (2015)
  76. Peteraf M, "The Cornerstones of Competitive Advantage: A Resource Based View", Strategic Management Journal, 14(3), pp.179~191 (1993)
  77. Praet A, "Voluntary Firm Restructuring: Why Do Firms Sell or Liquidate Their Subsidiaries", Annals of Finance, 7(4), pp.449~476 (2011)
  78. Asset Liquidity and Segment Divestitures, "Schlingemann F", NBER, 117~144, pp.Working Paper No.7873 (2002)
  79. Sharma A, "Diversifying Entry: Some ex ante Explanations for Postentry Survival and Growth", Academy of Management Journal, 39, pp.635~677 (1996)
  80. Sim, A.B, "Determinants of Stability in International Joint Ventures: Evidence from a Developing Country Context", Asia Pacific Journal of Management, 17(3), pp.373~397 (2000)
  81. Suarez F.F, "Dominant Designs and the Survival of Firms", Strategic Management Journal, 16, pp.415~430 (1995)
  82. Witteloostuijn A, "Explaining the Survival of Public Organizations: Applying Density Dependence Theory to a Population of U.S. Federal Agencies", Public Administration, pp.1~18 (2018)
  83. Wilson B.D, "Divestment of Foreign Subsidiaries" (1980), UMI Press
  84. Wood A., "Capacity Rationalization and Exit Strategies", Strategic Management Journal, 30, pp.25~44 (2009)
  85. Zhang, M, "Pyramidal Structure, Political Intervention and Firms’ Tax Burden: Evidence from China’s Local SOEs", Journal of Corporate Finance, 36(1), pp.15~25 (2016)

관련 논문AI추천

이 간행물의 다른 논문 (11건)