한중자유무역협정이 기업실적과 소유권구조의 이질성에 미치는 영향: 한국 전자산업 기업에 대한 실증분석 = The Impact of the Korea?China Free Trade Agreement on Firm Performance and Ownership Structure Heterogeneity: An Empirical Analysis of Korean Electronics Firms

다국어 초록 (Multilingual Abstract)

This study examines the impact of the Korea–China Free Trade Agreement （FTA） on firm performance and ownership structure heterogeneity in Korean electronics firms. In recent years, trade liberalization has emerged as a key institutional factor influencing firm behavior, productivity, and competitiveness in the global market. The Korea–China FTA, which came into effect in 2015, represents a significant policy shift that has altered trade conditions and market dynamics between the two countries. However, the effects of such institutional changes are not uniform across firms, as differences in internal characteristics may lead to heterogeneous outcomes.
Using firm-level data and Tobit regression models, this research analyzes how trade liberalization affects corporate performance while considering differences in ownership structure, particularly foreign shareholding ratios. The empirical framework is designed to capture not only the direct effects of trade policy but also the interaction between policy implementation and firm-specific attributes. In particular, the study incorporates an interaction term between FTA exposure and foreign ownership ratio to investigate whether the effects of trade liberalization vary depending on ownership structure.
The empirical results show that R＆D investment has a significantly positive effect on firm performance, indicating that firms with higher levels of technological investment tend to achieve better outcomes in terms of revenue generation and operational efficiency. This finding is consistent with existing literature emphasizing the role of innovation and absorptive capacity in enhancing firm competitiveness. In contrast, capital input does not present a statistically significant impact on firm performance, suggesting that the mere expansion of capital does not necessarily translate into improved economic outcomes without efficient allocation and utilization.
Furthermore, the interaction term between FTA implementation and foreign ownership indicates that firms with higher foreign shareholding tend to experience stronger performance improvements after the FTA. This result implies that foreign ownership may enhance firms’ ability to benefit from trade liberalization, possibly through improved governance structures, access to international networks, or more efficient resource allocation. It also suggests that the benefits of trade agreements are not evenly distributed but are influenced by firm-level characteristics.
These findings suggest that the effects of trade liberalization are not uniform across firms but vary depending on internal characteristics such as ownership structure. In other words, the impact of the Korea–China FTA cannot be fully understood by examining aggregate industry-level outcomes alone; instead, firm-level heterogeneity must be taken into account. This highlights the importance of micro-level analysis in evaluating the effectiveness of trade policies.
This study contributes to the literature by highlighting the heterogeneous effects of FTAs at the firm level and providing policy implications for trade and industrial development. Specifically, the results indicate that policymakers should consider firm diversity when designing and implementing trade policies, as different firms may respond differently to the same policy environment. In addition, the findings underscore the importance of supporting innovation activities and improving ownership structures to maximize the benefits of trade liberalization.
Overall, this research provides empirical evidence that trade agreements such as the Korea–China FTA play a significant role in shaping firm performance, while also demonstrating that ownership structure is a crucial channel through which these effects are transmitted. The study thus offers a more nuanced understanding of the relationship between trade policy and firm behavior in the context of an increasingly globalized economy.

목차 (Table of Contents)

• 제1장 서 론 1
• 제1절 연구의 배경 및 필요성 1
• 제2절 연구의 목적과 연구 의의 2
• 제3절 연구의 구성 및 기여도 3
• 제2장 선행 연구 4
• 제1절 기업 성과와 R＆D 관련 연구 4
• 제2절 무역자유화와 자원배분 관련 연구 5
• 제3절 소유구조와 기존 연구의 한계 8
• 제3장 연구 방법론 9
• 제1절 연구 분석 모형 9
• 제2절 변수 정의 및 기술통계 11
• 제4장 실증분석 결과 13
• 제1절 전체 표본 분석 결과 13
• 제2절 지역별 이질성 분석 16
• 제3절 시계열 추세 분석 21
• 제5장 결 론 23
• 제1절 주요 연구 결과 요약 23
• 제2절 연구의 시사점 24
• 제3절 연구의 한계 및 향후 과제 25
• 참 고 문 헌 26
• ABSTRACT 30