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The determinants of intra-firm trade by overseas affiliates of Korean firms
하병기,이상학 한양대학교 경제연구소 2016 JOURNAL OF ECONOMIC RESEARCH Vol.21 No.1
Outward foreign direct investment by Korean firms has conspicuously increased since the beginning of this century, leading to the expansion of the network of international production and sales of Korean firms. The intra-firm trade between Korean parent firms and their affiliates abroad has substantially increased as well. Utilizing the survey data compiled by Korea Export and Import Bank, this paper examines the determinants of the extent of intra-firm trade by overseas affiliates of Korean firms, and obtains the following results. The higher the payment of royalties of affiliates, the lower is the extent of intra-firm trade. The longer the presence of the affiliates in host countries, reflecting the localization of the affiliates, the lower is the extent of intra-firm exports. The extent of intra-firm imports by manufacturing industries is negatively correlated with royalty payments and the exchange rate of Korean Won, and is positively correlated with the market size of the host country.
하병기,이상학 국회입법조사처 2011 입법과 정책 Vol.3 No.2
This paper analyzes the structure of Korea's outward foreign direct investment(FDI) by region, industry and firm size. This paper also examines empirically its spacial determinants across countries during 1990-2009. It is shown that the main aim of Korean multinational companies' FDI has recently shifted from export promotion to entering overseas markets. The empirical analysis suggests that GDP of and exports to host countries have positive influence on the amount of FDI and the number of established affiliates as well. However, per capita GDP of and imports from host countries turn out to have different effects on the FDI and the number of affiliates, depending upon model specification. 본 논문은 한국 해외직접투자의 지역별, 국가별, 기업규모별 및 유형별 구조를 파악하고 투자대상국별 투자결정요인을 실증적으로 분석한다. 해외직접투자의 구조분석을 통하여, 현지시장 진출을 목적으로 하는 해외직접투자의 비중이 증가하고 있으며 지주회사 설립 및 인수합병의 증가에 기인하여 효율적인 투자가 증가하고 있음이 파악되었다. 1990-2009년 기간을 대상으로 한 투자대상국가별 투자결정요인에 대한 실증분석의 결과, 투자대상국의 소득수준이 높을수록, 그리고 이들 국가에 대한 수출액이 클수록, 투자액과 신규법인 설립건수가 증가한다는 분석결과가 도출되었다. 또한 수입과 일인당 소득은 실증분석 모형에 따라 투자액과 투자건수에 상반된 영향을 미치는 것으로 분석되었다.
河炳基 법무부 2001 통상법률 Vol.- No.42
One of the most striking features of the so-called globalization is the active movement of capital in the form of both foreign direct investment and foreign portfolio investment. And countries, well aware of the positive effects that foreign investment can bring to their national economies, are competing with each other to induce more foreign investment into their jurisdictions. The most often-employed policy tool in this race to more foreign investment concerns tax, or more specifically tax rate. Countries lower tax rates or eliminate taxes altogether to increase the return rate of the foreign investment within their jurisdictions. But such practices distort the normal flow of international capital and give rise to new revenues for tax evasion. And subsequently, it undermines the integrity of the tax regimes and forces unnecessary administrative cost and burden on the tax authorities and tax payers alike, creating a race to bottom or prisoner's dilemma for all countries involved. The OECD came to this understanding and mandated the Committee on Fiscal Affairs to examine the effects of harmful tax competition and the ways to prevent them. In 1998, the OECD Ministerial Council upon receiving the Committees report, Harmful Tax Competition: An Emerging Global Issue, adopted 19 Recommendations and 15 Guidelines. It also established the Forum on Harmful Tax Practices to continue with spotting out tax havens and harmful tax practices. The Forum has since produced a report, which lists potentially harmful practices and tax havens. And the OECD is now in the stage of negotiations with individual member countries to eliminate or improve such conditions. It should be noted that the OECD's efforts are restricted in its scope and compromised further by differences in opinions among participating countries. But even so, they will no doubt yield meaningful outcomes in the long run, especially through enhancing transparency of tax regimes and accumulating information thereon with regard to foreign investment Korea, at the moment remains outside the realm of any imminent effects of the work by the OECD. But, it has to be recognized that as the OECD's work progresses and disseminates to other international fora, certain tax practices of Korea could also come under multilateral focus.