기업집단의 내부거래와 효율성에 대한 연구

박승록(Seung-Rok Park) 한국경제연구원 2002 규제연구 Vol.11 No.1

In this paper, we model the relationship between technical efficiency measures and internal trade, debt guarantee and mortgage to better understand the role of internal business transactions to the technical efficiency of Korean firms. Difference in technical efficiency due to firm characteristics such as its size, its inclusion as part of the 30 largest business groups, and the type of opening to public of the firm is examined. Furthermore, this study also investigates input-output data such as gross output, labor input, capital input, intermediate input, and internal transaction data among affiliates or more specifically internal trade, debt guarantee and mortgage for the period 1992 to 1998 for 1,640 firms included in the business groups. The stochastic frontier production function applied in this study have parameter estimates for labor, intermediate input, capital input and time trend that are not only statistically significant but reliable m their economic interpretation. The decomposition. of variance of error terms shows that 65 percent of variance may be assumed as constituting the random part, while the remainder may be linked to technical inefficiency. This suggests that the stochastic production function as specified m this study is correctly chosen and specified. The coefficients of 6 variables used to explain the technical efficiency are also tested and found to be statistically significant The role of internal sales and purchases among affiliates on the technical inefficiency of firms that are include in a business group is negative, which implies that the transaction cost hypothesis is appropriate to explain the business behavior of Korean firms that belong to business groups. Debt guarantees and mortgage from affiliates also contributed to the increase of technical efficiency by way of providing easy bank loans. However providing mortgage to affiliates tends to lower technical efficiency. Further research is needed to explain the differences in the effects of the provision of debt guarantees and mortgage to affiliates. This study also examines the relationship between technical efficiency and type of firm Firms included in the 30 largest business group have enjoyed higher technical efficiency by way of internal transactions. However the type of opening to public and size of firm do not affect the technical efficiency of the firm engaged in internal transactions. The effect of an increase of technical efficiency from internal transactions in the 30 largest business groups do not adversely affect other firms included in the smaller business groups.

기업집단의 내부거래와 효율성에 대한 연구

박승록(Seung-Rok Park) 한국경제연구원 2001 한국경제연구원 연구보고서 Vol.2001 No.-

In this paper, we model the relationship between technical efficiency measures and internal trade, debt guarantee and mortgage to better understand the role of internal business transactions to the technical efficiency of Korean firms. Difference in technical efficiency due to firm characteristics such as its size, its inclusion as part of the 30 largest business groups, and the type of opening to public of the firm is examined. Furthermore, this study also investigates input-output data such as gross output, laborinput, capital input, intermediate input, and internal transaction data among affiliates or more specifically internal trade, debt guarantee and mortgage for the period 1992 to 1998 for 1,640 firms included in the business groups. The stochastic frontier production function applied in this study have parameter estimates for labor, intermediate input, capital input and time trend that are not only statistically significant but reliable in their economic interpretation. The decomposition. of variance of error terms shows that 65 percent of variance may be assumed as constituting the random part, while the remainder may be linked to technical inefficiency. This suggests that the stochastic production function as specified in this study is correctly chosen and specified. The coefficients of 6 variables used to explain the technical inefficiency are also tested and found to be statistically significant. The role of internal sales and purchases among affiliates on the technical inefficiency of firms that are included in a business group is negalive, which implies that the transaction cost hypothesis is appropnate to explain the business behavior of Korean firms that belong to business groups. Debt guarantees and mortgage from affiliates also contributed to the increase of technical efficiency by way of providing easy bank loans. However providing mortgage to affiliates tends to lower technical efficiency. Further research is needed to explain the differences in the effects of the provision of debt guarantees and mortgage to affiliates. This study also examines the relationship between technical efficiency and type of firm. Firms included in the 30 largest business group have enjoyed higher technical efficiency by way of internal transactions. However the type of opening to public and size of firm do not affect the technical efficiency of the firm engaged in internal transactions. The effect of an increase of technical efficiency from internal transactions in the 30 largest business groups do not adversely affect other firms included in the smaller business groups.

중국의 세계기업 인수·합병 현황과 시사점

박승록(Seung Rok Park),정군오(Kun Oh Jung),임응순(Eung Soon Lim) 한국아시아학회 2008 아시아연구 Vol.11 No.1

최근 중국은 외환보유고 증가를 억제하기 위한 하나의 방편으로 중국기업의 해외 직접투자를 장려하고 있는데, 이러한 해외투자의 많은 부분이 중국기업의 해외기업에 대한 인수·합병 형태로 이루어지고 있다. 본 연구는 이러한 중국기업의 해외투자에 대한 선례를 분석함으로써 한국기업에 대한 시사점을 찾고자 한다. 특히, 본 연구는 중국기업의 해외기업에 대한 인수·합병의 추세, 산업별·국가별 특징, 인수·합병 형태, 자금조달방법과 대금지급방법 등에 초점을 두고 진행되었다. 본 연구의 분석결과는 해외투자를 계획하고 있는 많은 한국기업에게 유리한 시사점을 제공해 줄 수 있을 것이다. 또한 기업의 대외진출 촉진과 해외투자 확대 방안을 위한 정부정책의 개선에 있어서도 좋은 참고자료가 될 것으로 판단된다. Recently, Chinese firms are actively undertaking M&A of foreign enterprises as a measure of foreign direct investment. This increasing M&A is a line in the chain of the Chinese government policy managing of its level of foreign reserves. Considering this features, this paper tries to find some implications for the Korean firms via the M&A experiences of Chinese firms. To this end, the present paper investigates the cases of Chinese M&A against foreign firms, focusing the trend, industrial and regional features, form, the way of funding and paying. The findings of this paper gives an important strategic means to the Korean firms that try to invest abroad. Furthermore, this paper would provide some policy implications for the Korean government which is promoting the foreign investment by Korean firms.

기업집단의 내부거래와 효율성에 대한 연구

박승록(Seung-Rok Park) 한국경제연구원 2002 규제연구 Vol.11 No.2

In this paper, we model the relationship between technical efficiency measures and internal trade, debt guarantee and mortgage to better understand the role of internal business transactions to the technical efficiency of Korean firms. Difference in technical efficiency due to firm characteristics such as its size, its inclusion as part of the 30 largest business groups, and the type of opening to public of the firm is examined. Furthermore, this study also investigates input-output data such as gross output, labor input, capital input, intermediate input, and internal transaction data among affiliates or more specifically internal trade, debt guarantee and mortgage for the period 1992 to 1998 for 1,640 firms included in the business groups. The stochastic frontier production function applied in this study have parameter estimates for labor, intermediate input, capital input and time trend that are not only statistically significant but reliable m their economic interpretation. The decomposition. of variance of error terms shows that 65 percent of variance may be assumed as constituting the random part, while the remainder may be linked to technical inefficiency. This suggests that the stochastic production function as specified m this study is correctly chosen and specified. The coefficients of 6 variables used to explain the technical efficiency are also tested and found to be statistically significant The role of internal sales and purchases among affiliates on the technical inefficiency of firms that are include in a business group is negative, which implies that the transaction cost hypothesis is appropriate to explain the business behavior of Korean firms that belong to business groups. Debt guarantees and mortgage from affiliates also contributed to the increase of technical efficiency by way of providing easy bank loans. However providing mortgage to affiliates tends to lower technical efficiency. Further research is needed to explain the differences in the effects of the provision of debt guarantees and mortgage to affiliates. This study also examines the relationship between technical efficiency and type of firm Firms included in the 30 largest business group have enjoyed higher technical efficiency by way of internal transactions. However the type of opening to public and size of firm do not affect the technical efficiency of the firm engaged in internal transactions. The effect of an increase of technical efficiency from internal transactions in the 30 largest business groups do not adversely affect other firms included in the smaller business groups.

대중국 해외투자의 국내고용 및 투자에 대한 효과분석

박승록(Seung Rok Park) 한국경제연구원 2005 한국경제연구원 연구보고서 Vol.2005-20 No.-

This study examines the effects of Korea's outward foreign direct investment to China in view of the domestic employment and investment. Main findings are that job of about 134,000 was disappeared and domestic investment of 50 billion won was reduced in Korea during 1993~2003 by Korea's outward foreign direct investment to China. These effects are growing more rapidly as Korea's investment to China increases.

중국의 세계기업 인수ㆍ합병 현황과 시사점

박승록(Seung Rok Park) 한국경제연구원 2007 한국경제연구원 연구보고서 Vol.2007-09 No.-

  본 연구는 최근 중국정부가 외환보유고 증가를 억제하기 위해 해외직접투자를 장려함에 따라 중국기업이 해외기업의 인수ㆍ합병을 활발히 추진하고 있다는 점에 주목하고 이로부터 한국기업에 대한 시사점을 찾고자 하였다.<BR>  ? 중국은 기업발전의 일천한 역사에도 불구하고 해외기업 인수ㆍ합병을 비교적 활발히 추진하고 있다. 이는 중국의 외환보유고 증가 억제를 위한 정책 변화, 천연자원 확보를 위한 전략적 판단, 선진기술과 유명브랜드 확보, 선진시장 진출을 위한 필요성 때문이다. 한국은 중국에 비해 기업 역사가 오래되었음에도 불구하고 인수ㆍ합병을 통한 기업성장의 필요성에 대한 인식부족으로 이를 적극 활용하지 못하고 있다. 따라서 한국기업은 향후 해외투자에서 해외기업의 인수ㆍ합병의 규모와 비중을 확대할 필요가 있다.<BR>  ? 세계 주요 해외기업 인수ㆍ합병 시장은 건수, 거래규모 면에서 미국, 영국, 독일, 프랑스, 이탈리아, 네덜란드 등 선진국에 집중되어 있다. 하지만 중국은 홍콩, 미국, 버뮤다, 싱가포르, 케이만 제도, 영국, 독일 등에서 많은 인수ㆍ합병을 추진하고 있는데 내용 면에서는 아시아지역 위주의 인수ㆍ합병을 추진하고 있다. 한국은 중국, 미국, 일본에 크게 의존하면서 오히려 중국보다 인수ㆍ합병 시장을 다변화하지 못하고 있다. 한국은 저렴한 노동력 확보 측면에서 신흥시장에서의 인수ㆍ합병에도 관심을 기울일 필요가 있지만 핵심기술 확보, 유명브랜드 확보, 현지시장 진출 등을 위한 선진국에서의 인수ㆍ합병을 추진해야 한다.<BR>  ? 중국의 해외기업 인수ㆍ합병 거래규모는 세계 평균에 미치지 못하지만 천연자원 확보를 위한 거래를 성사함으로써 비교적 대규모 인수ㆍ합병을 추진하고 있다. 이에 비해 한국은 소규모의 인수ㆍ합병을 추진하는 경향이 강하다. 따라서 향후 대규모 인수ㆍ합병 거래에도 큰 관심을 기울일 필요가 있다.<BR>  ? 중국의 해외기업 인수ㆍ합병은 건수 기준으로 사업서비스, 투자회사 등 서비스 분야와 전기ㆍ전자기계, 통신, 화학 등 제조업 그리고 철광, 원유 및 가스 분야에 집중되어 있다. 거래액 기준으로 원유 및 가스 분야, 사업서비스, 통신, 전기ㆍ전자기계 등에 집중되어 있다. 주로 천연자원의 전략적 확보, 선진기술의 획득, 유명브랜드 확보, 선진시장 진출을 위한 목적을 가지고 이를 추진하고 있다. 한국은 중국과 비교할 때 원유 및 가스 분야와 같은 천연자원 확보나 서비스 분야로 진출하기 위한 인수ㆍ합병을 확대할 필요성이 있다. 특히 원유 및 가스, 철광 등 천연자원 확보를 위한 인수ㆍ합병은 전략적으로 확대 추진해야 할 분야로 평가된다.<BR>  ? 중국은 인수ㆍ합병의 형태에 있어서 거래건수 기준으로는 기업인수, 소수자 지분, 합작의 형태를 주로 활용하고, 거래액 기준으로는 기업인수의 방법을 가장 광범위하게 활용하고 있으며, 그 다음으로 소수자 지분 확보, 합작의 방법을 활용하고 있다. 한국은 거래건수 기준으로 합작, 소수자 지분, 기업인수의 방법을 활용하고 있으나, 거래액 기준으로는 합작, 기업인수, 소수자 지분 확보의 방법을 활용하고 있다. 한국은 비교적 다양한 인수ㆍ합병 방법을 활용하고 있으며 중국에 비해 합작의 형태를 더욱 많이 활용하고 있다. 세계적인 추세로 볼 때 한국은 기관투자가에 의한 기업 인수ㆍ합병을 더욱 확대할 필요가 있다.<BR>  ? 중국은 해외기업의 인수ㆍ합병에 있어서 자금조달 방법으로는 자본증가, 개발금융 및 사모펀드를 주류로 하여 비교적 다양한 방법을 활용하고 있다. 세계적인 추세와 비슷하게 자본증가에 의한 방법을 많이 활용하고 있다. 한국은 건수 기준으로는 개발금융, 벤처캐피탈, 회사 내 벤처, 자본증가의 방법을 많이 활용하고 있다. 거래액 기준으로는 은행 신규 신용공여, 사모펀드, 개발금융, 회사 내 벤처의 순서로 활용하고 있다. 벤처캐피탈은 소규모 자금조달에, 은행 신규 신용공여는 대규모 자금조달에 활용되고 있다. 세계적인 추세와 비교할 때 한국은 자금조달 방법이 비교적 다변화되어 있지만 자본증가에 의한 자금조달을 확대할 필요가 있다.<BR>  ? 해외기업의 인수ㆍ합병에서 대금지급 방법을 보면, 세계 전체로는 현금, 부채, 지분제공 방법이 광범위하게 활용되고 있다. 중국 역시 현금, 부채의 방법을 많이 활용하고 있다. 한국은 해외기업의 인수ㆍ합병에 있어서 대금지급 방법으로 중국 또는 세계적인 추세와 비슷하게 현금, 부채의 방법을 많이 활용하고 있다. 세계적인 추세로 볼 때 지분인정 방법을 확대할 필요가 있다.   This study is looking for implications for South Korean corporations of cross-border M&A drive of Chinese corporations. Chinese corporations are propelling cross-border M&A because of the government’s policy change in control of foreign exchange reserves, its strategic consideration for natural resources security, acquisition of advanced technology and famous brand from advanced countries. Despite their longer history than Chinese counterpart, Korean corporations have not actively utilized the worldwide trend of global M&A due to lack of understanding about M&A as a new momentum for corporation growth. Therefore, South Korean corporations need to enlarge scale of cross-border M&A and increase its weight in the overseas investment.

기업가 정신의 결정요인, 성과와 발현의 인과관계에 관한 연구

박승록 ( Seung Rok Park ) 한국중소기업학회 2016 中小企業硏究 Vol.38 No.1

본 연구에서는 2006~2015년간, 140여 개 국가의 약 50여개 변수를 이용하여 구조분석모형을 통해 기업가 정신에 대한 OECE의 분석틀 즉, 규제체계, 시장조건, 금융접근성, 지식창조 및 확산, 기업가적 역량, 기업가적 문화라는 6개 기업가정신의 결정요인을 측정할 구성개념과 기업가 정신의 성과 및 발현을 나타내는 변수들의 인과관계를 검증하였다. 첫째, 신생기업의 탄생은 기업과 정신의 발현된 모습으로서 경제성장과 같은 요인들에게 큰 영향을 못 미치는 것으로 보인다. 단기적으로 창업기업의 활성화를 통해 경제성장이나 일자리 창출을 기대하기 힘들다는 것을 의미한다. 둘째, 기업가적 역량이 풍부하더라도 이것이 창업으로 쉽게 연결되지 않는다는 점을 발견했다. 셋째, 시장조건은 신생기업의 탄생이나 경제성장이나 일자리 창출에 매우 중요한 역할을 한다는 점을 발견하였다. 시장여건을 나타내는 반독점법 효율성, 노사관계, 사회간접자본, 시장지배력과 같은 요인들이 기업가 정신의 성과와 발현에 매우 큰 역할을 한다는 것을 의미한다. 넷째 기업가적 역량을 키우는 데는 지식의 창조 및 확한이 매우 큰 역할을 하고 있음을 발견하였다. 하지만 이것이 창업으로 연결되지 않는다는 점에서 이들 간 연결고리를 강화하는 것이 필요할 것이란 점을 발견하였다. 넷째. 시장조건에는 규제체계와 금융 접근성이 매우 중요한 역할을 하고 있음을 발견하였다. 경제활동의 하부구조를 형성하고 있는 규제체계와 금융부분의 역할이 시장조건의 개선에 큰 영향을 미치고 이것이 바로 창업이나 경제성장에 큰 영향을 미친다는 것을 의미한다. In this study, we try to examine the relationship among the determinants, performances and impacts of entrepreneurship using structural equation model, which is constructed with 140 countries on about 50 variables during 2006-2015. Our model is based on the so called ``OECD framework for the study of entrepreneurship``, which specifies the determinants of entrepreneurship with of six components (regulatory framework, market conditions, access to flnance, knowledge creation and diffusion, entrepreneurial capabilities, entrepreneurial culture) and the performances of entrepreneurship measures by birth of new fm, employment and wealth, and also the impacts of entrepreneurship measures by economic growth, job creation and poverty reduction etc. Even though the above OECD framework still remains as a conjecture rather than a statistically established methodology, we try to demonstrate the relationship among the determinant, performances and impact of entrepreneurship as a pioneering study in this field.

공기업과 민간기업의 생산성 분석

박승록(Seung-Rok Park) 한국경제연구원 2002 규제연구 Vol.11 No.2

In this study, we looked at the trend of accounting productivity, absolute productivity levels measured by labor and capital productivity and technical efficiency, and total factor productivity change for about 2,000 firms including 55 public firms and 1,960 private firms of the Chaebol, non-Chaebol firms. To measure the level of technical efficiency m the production and total factor productivity change including technological change, technical efficiency improvement and economies of scale, we specified an econometric model that uses the stochastic frontier production function. Estimation of a translog function gives parameter estimates of the production function, the variance composition of the error term, the parameters necessary to measure technical efficiency, and the statistical distribution of the error term representing technical efficiency. Parameter estimates generally show good statistical properties. The main findings of this study can be summarized as follows: First, this study finds that public firms compared to private firms enjoy high net income and stability in their levels despite lower sales per person and fixed assets as well as lower labor, capital productivities and technical efficiency. Especially, the level of technical efficiency of public firms has remained lower than for private firms. Even though large public firms have a similar level of technical efficiency comparable to the top 30 Chaebol, small public have lower technical efficiency level than private firms. Second, the growth rate of total factor productivity of both private and public firm has decreased after the financial crisis. As one component of TFP growth, the technological change of individual firms show a similar trend and level of growth to the TFP growth rate, which has continued to fall ever since the financial crisis. Private firms have displayed higher technological change than public firms. Small among public firms, and non-Chaebol firms among private firms, have also achieved higher technological innovation. In terms of the scale economy, although all private firms have experienced diseconomies of scale after the financial crisis, they have begun to show signs of recovery. All private and public firms face similar changes in technical efficiency. Small public firms and non-Chaebols have achieved higher change m technical efficiency than large public firms and the top 30 Chaebols respectively. Third, our analysis on total factor productivity before and after the financial crisis reveals that the change of TFP mainly depends on technological change rather than scale economies or technical efficiency change. However, there is only a drastic change in the economies of scale change without any extreme change in the trend of technological change and technical efficiency change in the restructuring period, especially in 1998, Implying that there has been no sufficient effort to enhance firms future competitiveness. We also observed that, in corporate restructuring, labor productivity surged sharply mainly due to the layoff of employment rather than the sales of fixed asset, technological innovation and technical efficiency change. Therefore, the direction of restructuring of Korean firms, especially those that suffered from the financial crisis may be unappropriate and may not contribute to sustainable economic growth.

세계 기업 생산성의 추격-피추격에 관한 연구: 총자산 매출 생산성을 기준으로

박승록 ( Seung Rok Park ),최두열 ( Doo Yull Choi ) 한국생산성학회 2013 生産性論集 Vol.27 No.3

This study looks into the long run behavior of the productivity of world firms, measured by sales to asset ratios. By comparing the initial and ergodic distribution of the productivity distribution of the traditional industries(manufacturing of iron, electronic parts, and ship building etc.), we find that the productivity of world firms converges toward the world medium level, which means productivity gap among the world enterprises shrinks. This result implies that Korea`s traditional industries, which are still enjoying the edge over other competitors, will face the possibility of falling behind by the catching up of competitors of the world. By looking at the change of individual firm`s productivity to the average level of the same industry of the world, we also find that among the three countries(China, Japan, Korea), Korea has the highest ratio of falling behind and also it has even higher rate of falling behind compared to OECD and G20 countries. This means that the relative competitiveness of Korean firms are falling behind to its competitors of the world during the sample period.

한국 제조업에서 미국, 일본 R&D투자의 파급효과 분석

박승록(Seung-Rok Park) 한국경제연구원 2001 한국경제연구원 연구보고서 Vol.2001 No.-

This paper studies the international R&D spillovers to Korean manufacturing by estimating elasticities to average cost of US and Japan R&D investment. Factor demand elasticities of Korean manufacturing for categories of food and beverage, textile, paper & printing, wood and wood products, petrochemicals, rubber, plastic products, non-ferrous metals, steel manufacturing, fabrication of steel, and others are also calculated. We find that in general a 1% increase of Korea's R&D investment decreases 0.9%, 1.2% and 0.2% of average costs of Korean total manufacturing, light and heavy industries, respectively. For the period under study, we find that US R&D investment has higher spillover effect on Korean manufacturing than Japan R&D investment through decreased average costs, and this is particularly pronounced in the manufacturing and heavy industries. Specifically, a 1% increase in Japan's R&D investment decreases average costs of Korean total manufacturing, light and heavy industries by 0.23%, 0.82% and 0.4%, respectively, while US R&D investment of 1% decreases for the same sectors respectively, 0.83%, 0.1% and 0.8% of average costs.