기업의 소유지배 형태, 해외 자회사 및 해외직접투자가 기업성과에 미치는 영향

• 영문명: The Effects of Ownership Type, Overseas Subsidiaries, and Foreign Direct Investment on the Profitability of Firms in Korea
• 발행기관: 한국무역연구원
• 저자명: 김성환(Sung-Hwan Kim)
• 간행물 정보: 『무역연구』제11권 제5호, 539~558쪽, 전체 20쪽
• 주제분류: 경제경영 > 무역학
• 파일형태: PDF
• 발행일자: 2015.11.30

영문 초록

In this study, we investigate the effects of corporate ownership structure of firms and their foreign direct investment, local direct investment, exportation, importation and the roles and number of their overseas subsidiaries on their financial performance in Korea, using financial and accounting data of the Korean Bureau of Statistics from 2009 to 2003. From multi-variate fixed effects panel regression, we report followings. First, there exists a positive effect of foreign direct investment, local direct investment, exportation and importation of firms in Korea on their financial performance, measured in terms of ROA. Second, there exists a negative effect of overseas subsidiaries on their financial performance. Third, in a separated panel data for subsidiary firms of other firms and for independent firms, we find that subsidiary firms perform better than independent firms in general. More surprisingly, subsidiary firms rely more on exportation than on foreign direct investment whereas independent firms rely more on foreign direct investment than exportation in improving their financial performances. Results imply that firms in Korea relative to their global and local investment and trading do not suffer from moral problems while there might be profit adjustment problems through their overseas subsidiaries or transfer pricing.

목차

I. 서론

II. 선행연구

III. 연구가설 및 모형 설정

IV. 실증분석

V. 결론 및 한계점

키워드

Domestic Direct Investment Foreign Direct Investment Overseas Subsidiary Ownership Structure ROA