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우리나라 外國人投資企業行態의 比較分析 : 投資企業 라이프ㆍ사이클의 長ㆍ短을 中心으로
金先植 숙명여자대학교 경제연구소 1984 論文集 Vol.13 No.-
This paper is the preliminary research to find out the characteristics of the foreign firms or joint ventures which divested from Korea. Divestment is defined here as the decline of the exit of the foreign equity. And data sources of the change in the foreign equity of foreign investment firms were 「Directory of foreign investment firms, 1978」published by Korea chamber of Commerce and「Current of foreign investment, 1983」by Korea Economic Planning Board. Results of the analysis are as follows: ① 268 firms of total 649 foreign investment firms divested. ② 43.8% of Japanese investment firms, 33.8% of American investment firms, and 22.2% of European investment firms divested. ③ 42.3% of Small size foreign firms (below 200 employees), 35.0% of medium size foreign firms (200~500 employees), 40.0% of large size foreign firms(above 500 employees)divested. ④ More firms of export-oriented foreign firms divested than domestic market-oriented foreign firms. ⑤ More firms of labor-intensive foreign firms divested than capital intensive foreign firms. In Sum, the largest portion of the foreign divestment firms from Korea are shared by Japanese, small size, export-oriented and labor intensive firms.
金先植 淑明女子大學校 1986 論文集 Vol.27 No.-
which conditions are to be provided for a firm to go abroad through toe Foreign Direct Investment? Many theorists, especially in inernational business, have tried to answer to it, since the FDI took important positions in the international economy after the world wat Ⅱ. After the seminal article of S. Hymer in 1960, many FDI theories have been developed from the various aspects and approaches in the 1960s and 1970s. From the end of 1970s, some theorists tried to integrate these FDI theories. But we have to go a long way to reach a established integrated model of the FDI. The purpose of this study is to contribute to the development of such an integrated model of the FDI. The first issue to be clarified in the studies of integration of the FDI theories, is how to define the FDI, because the category of integrated model of the FDI depends on the definition of the FDI, In this study, the FDI is defined as the internalization in the international markets. A FDI model according to such a view is constructed and compared to the existing FDI theories about the determinants of the FDI. I wish to show that such a FDI model as the internalization in the international markets could be a inthrated FDI model as far as the FDI determinants theories are concerned. This study is consited of ① the definition of the internalization and the FDI, ② the review of the major FDI theories and the classification criteria of them, ③ the construction of a internalization model in the domestic markets, ④ the extension of it as a internalization model in international markets, ⑤ finally, the assessment of this model in view of the integration of the FDI theories. A critical point of this study is to modify the traditional concept of the FDI. The FDI has been generally defined as the associated transfer of the production factors (capital, pro-duction technology, managerial technology, etc.). But this study put an emphasis on the route of transfer rather than the objects of transfer: that is, the FDI is the transfer in the internal market rather than in external market. Thefore, in terms of the internal market transactions versus the external market transactions, the FDI is the relatve version of the foreign indirect investment in the aspect of the international capital movement and the relative version of the licensing in the aspect of the international technology transfer and the relative version of the export in the aspect of the international product movement. As mentioned above, the foreign direct investment could be defined as the internalization in the international markets. The FDI is the symmetric concept of the foreign indirect investment, licensing, or export. when the transaction costs in these external markets are high because of the market imperfections, the FDI as the internalization take place of the external market transaction. On the other side, the internalization, in itself, requires the operating costs, which can be named as the internal organization cost. The internalization is realized if the market transaction cost (=internalization incentives) are higher than the internal organization costs. Figure I shows the above hypothesis as the model in the case of the domestic markets, and ◁그림삽입▷(원문을 참고하세요) Figure Ⅱ shows the same hypothesis as the extension model in the case of the international markets. It can be argued that the FDI model of Figure Ⅱ may integrate the FDI determinants theories under the economic rationality assumptions in the micro-enterprise level.