European integration and foreign direct investment in the EC : the case of the Korean consumer electronics industry

국문 초록 (Abstract)

본 논문(論文)은 한국가전사(社)들이 유럽연합회원국들(EU)에 한 직접투자 에 대한 여러가지 특성에 대한 연구이다. 본 논문(論文)에서 생각하고 있는 주된 사항은 왜 한국가전사(社)들이 1986년 이후에 유럽연합 회원국들(EU)에 갑자기 많은 직접투자를 하게 되었는가? 하는 것이다. 본 논문(論文)에서 다루고 있는 또 한 가지의 문제는 정부와 기업체와의 관 계이다. 본 논문(論文)에 연구결과는 이제 까지의 정부와 기업체간의 관계, 즉 정부의 지시나 정책을 기업체들이 거의 무조건 따르는 관계와는 다르게 한 국가전사(社)들의 유럽연합회원국들(EU)에 대한 투자결정은 정부의 지시나 정 책과는 크게 상관없이 기업체들의 독자적인 결정으로 이루어 졌다는 것이다. 이런 새로운 관계가 가능할 수 있었던 것은 한국 정부가 한국의 국가경쟁력 (National Competitiveness)은 한국기업체들이 세계시장에서 외국 기업체들과 의 경쟁에서 어떻게 하느냐 하는 결과에 달려있다는 사실을 알았기 때문이다. 본 논문(論文)에서의 이런 결론은 1994년 7월말 현재 유럽연합회원국들(EU) 에 투자를 하고 있는 한국가전사(社)들을 대상으로 설문지 조사와, 그 중 9개 회사들의 현지 대표들과의 심층 인터뷰를 통해서 얻었다.

다국어 초록 (Multilingual Abstract)

This thesis examines the exceptional nature of the investment of Korean consumer
electronics Srms in the EC. The main question focuses on the reasons for and the conditions under which Korean consumer electronics lirms increased their investment so heavily in the EC after 1986 and why they and not the Korean government took an initiating role, in the investment decision-making process. This is a break thorn the long tradition of strong governmental initiatives previously undertaken in the strategic a&ins of Korean firms. This study contends that the main reason for this is that the Korean government acknowledges that national competitiveness, which largely affects the standard of living of the people, is determined by the success of locally-based firms in global competition. In addition, the government acknowledges that Korean firms are obliged to sell their products in foreign
countries because of the small size of their domestic market, and excessive involvement in markets tends to result in barriers being raised to exports, reducing the competitiveness of firms in the international market. Several leading academic authorities on the subject assert that the national competitiveness of a country is determined by the productivity of firms within the country. However, these explanations are insufilcient to explain the Korean case, where the
competitiveness of firms in the international market is more relevant and sigoiticant due to its heavy dependence on external markets. To maintain or attain the competitive advantages in the world market, the Korean Srms decided to increase their global economic activities. To get the answers to the question on the reasons for the increase of FDI of Korean consumer electronics firm in the EC, a survey of 23 Korean consumer electronics firms and interviews with senior managers with 9 of these 23 firms were conducted. The empirical material suggests that Korean consumer electronics firms were motivated by their need to seek market security through a globalization strategy. Interviews showed that one of the factors determining their choice of location for local production within the EC was the various investment incentives offered by host governments in the EC. The lack of knowledge on firms from LDCs - Such as Korean Srms - restricts adequate understanding of change in the world market economy. For understanding the web of world economy, it is significant to know as to what the strategies of company involved in global economic activities are and why they invest in foreign countries. Therefore, research on the FQIs by Korean consumer electronics firms in the EC is of importance as it can contribute to more profound understanding of world economic activities where economic interdependence takes place both within developed world and between developed and developing world.