본 연구는 대중국직접투자를 실행한 한국거래소의 상장기업들을 표본기업으로 선정하고, 사건연구의 방법으로 업종조정모형을 이용하여 장기성과를 검정하고자 하였다. 실증분석을 위하여 월별주가자료를 사용하였으며, 기업의 장기성과에 영향을 미치는 요인을 분석하기 위하여 다중회귀분석도 함께 실시하였다. 본 연구의 실증분석 결과는 다음과 같다. 첫째, 전체 중국직접투자 사례를 대상으로 한 분석결과 중국투자기업은 진출 초기에는 유의적인 부(-)의 성과를 나타냈지만 약 23개월 이후 유의적인 정(+)의 누적초과수익(약15%)을 나타냄으로서 우리나라 상장기업들의 중국직접투자 장기성과가 존재하는 것으로 결론내릴 수 있었다. 투자내용별 분석에서 비다각화 기업집단보다는 다각화한 기업집단, 대규모투자보다는 소규모투자기업집단 그리고 전통적인 제조업보다는 첨단산업투자 기업집단과 국제화경험이 많은 기업집단에서 보다 큰 성과를 보여 주었다. 한편 회귀모형 분석결과 중국직접투자 이후 장기성과에 가장 큰 영향을 미치는 요인은 다각화여부와 국제화경험여부, 첨단·비첨단구분 순으로 나타났다.

This study investigates the reaction of sampling companies listed on Korea Exchange that started Direct Investment by Korean Firms in China and understanding subsequent responses in the stock market. These responses were based on properties of the invested companies and detailed investment types. By using stock price data based on Event-Study Methodology and Industry Adjusted Model, we were able to analyze long-term results of the companies after foreign direct investment. I also used regression analysis in order to evaluate factors influencing long-term results of these companies. The results can be summarized as follows. First, after analysing all direct investment cases, it turned out that a significant positive abnormal return was seen after 23 months, since direct investment in china. Therefore, the long-term results of Direct Investment can yield highly positive results for stockholders and interested persons in Korea. In addition, as for detailed results of the analysis, a better return was seen in the investment of diversification industries and small investment high-tech industries than conventional industries, the non-experience of globalization. Also, regression analysis revealed that the factor which most influenced the effect of Direct Investment was the type of investment(diversification vs non-diversification)

This study investigates the reaction of sampling companies listed on Korea Exchange that started Direct Investment by Korean Firms in China and understanding subsequent responses in the stock market. These responses were based on properties of the invested companies and detailed investment types. By using stock price data based on Event-Study Methodology and Industry Adjusted Model, we were able to analyze long-term results of the companies after foreign direct investment. I also used regression analysis in order to evaluate factors influencing long-term results of these companies. The results can be summarized as follows. First, after analysing all direct investment cases, it turned out that a significant positive abnormal return was seen after 23 months, since direct investment in china. Therefore, the long-term results of Direct Investment can yield highly positive results for stockholders and interested persons in Korea. In addition, as for detailed results of the analysis, a better return was seen in the investment of diversification industries and small investment high-tech industries than conventional industries, the non-experience of globalization. Also, regression analysis revealed that the factor which most influenced the effect of Direct Investment was the type of investment(diversification vs non-diversification)

FDI(Foreign Direct Investment), Internalization Theory, Diversification vs non-diversification, Abnormal return