해외직접투자 규모의 결정에 영향을 미치는 요인

국문 초록 (Abstract)

본 연구는 해외직접투자를 수행하고 있는 한국기업의 해외직접투자규모에 영향을 미치는 요인을 조사하는데 그 목적이 있다. 상장법인 및 코스닥 등록법인 중 1998년 현재 70개의 국가에 해외직접투자를 진행하고 있는 221개 기업이 조사대상으로 선정되었다. 관심의 대상이 된 독립변수는 기업요인과 세무 및 환경요인으로, 모두 13개의 변수가 사용되었다. 분석결과 기업규모가 클수록 기업은 해외직접투자를 증가시키는 경향이 있는 것으로 나타났다. 대규모기업의 경우 좁은 국내시장만으로는 규모의 경제를 달성하기 어렵기 때문에 해외시장에 대한 직접투자를 고려하는 것으로 보인다. 또 진출대상국의 관세율이 높은 국가일수록 한국기업의 해외직접투자가 증가하는 것으로 나타났다. 이는 높은 관세율을 회피하는 것이 해외직접투자의 주요동기인 점을 보여준다. 환경변수 중에서는 투자대상국의 임금수준이 낮거나 GDP 규모가 클수록 한국기업은 해외직접투자를 증가시키는 것으로 나타났다. 이는 한국기업이 현지의 시장규모나 원가적인 측면을 고려하여 투자를 결정한다는 사실을 말해준다.

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