초록 열기/닫기 버튼
본 연구는 해외 사업에 진출하는 기업의 전략적 성과와 해당 국가의 발전에 영향을 미치는 해외직접투자의효과성을 살펴보고자 한다. 구체적으로, Dunning (1980)의 절충이론 (Eclectic theory)를 바탕으로 기업특성요인과 외국인비용, 입지요인 및 투자방식에 따른 효과를 살펴보았다. 실증을 위해 투자 성과를 종합적으로분석하였으며, 현재 미얀마에 진출한 76여 개의 한국 제조 기업을 대상으로 분석한 결과는 다음과 같다. 첫째, 기업특성 요인은 투자 성과에 긍정적인 영향을 미쳤으나, 외국인 비용은 투자 성과에 부정적인 영향을미치는 것을 확인할 수 있었다. 즉, 기업은 자신만의 우수한 요인으로 경쟁우위를 가져야 투자 성과를 얻을수 있을 것이다. 둘째, 생산 관련 입지 우위 요인은 투자 성과에 긍정적인 영향을 미쳤으나, 시장 관련 입지 우위 요인은투자 성과에 긍정적인 영향을 미치지 않았다. 이는 현재 미얀마가 생산 관련 입지우위를 보유하고 있지만시장 관련 입지우위는 현저히 낮다는 것을 의미한다. 내부화 이론 관점에서는 독점적 우위가 높거나 생산 관련 입지 우위가 높을 경우, 내부적 통제가 가능한단독투자 방식이 더 유리한 것으로 나타났다. 또한 시장 관련 입지 우위가 낮기 때문에 내수지향형 전략보다수출지향형 전략이 더 적합하다고 판단할 수 있다. 이상의 결과를 바탕으로 우리는 미얀마 진출을 고려하는 기업들에게 지나친 낙관을 지양하고, 해외직접투자란 전략적 관점에서 사전 시장조사, 현지 방문, 경험이 많고 신뢰할 수 있는 사업자 의견 청취 및미얀마의 정치, 사회, 문화에 대한 이해를 제언한다. 아울러, 미얀마 정부가 향후 경쟁력 있는 외국인직접투자를유치 촉진하기 위해서는 무엇보다도 먼저 산업 인프라(전력, 항만, 도로 등) 구축의 확대와 함께, 외국인 부동산취득 허용, 불필요한 규제 등의 완화와 같은 제도적 인프라를 갖추어야 함을 알 수 있다.
The purpose of this study is to explore the determinants of foreign direct investment(FDI) performance of Korean Firms in Myanmar. The former Government of Myanmar introduced the foreign investment law(FIL) in 1988 and allowed the inflows of foreign direct investments including Korean Firms from the following year. In March 2011, the new Government launched a new Foreign Investment Law(FIL) to attract more inflows of foreign direct investments and promote economy in Myanmar, which resulted in allowing some of the industries which were restricted or prohibited for foreign investors in the past. The old FDI had only allowed the form of partnership such as Joint Venture(JV) with local firms or it required the firms to obtain a special approval from the Union Government. However, the new FIL has successfully drawn special attentions from foreign investors and contributed the steady increase in international capital inflows. In this study, Eclectic Theory(Dunning, 1980), the comprehensive combination of Ownership Advantage Theory, Internalization Theory and Location Advantage Theory, are employed to examine the effects of the determinants on FDI performance of Korean firms in Myanmar. I76 Korean manufacturing companies operating in Myanmar are analyzed to test the hypothesis. The result are as follows: First, the firm specific characteristics have a positive effect on investment performance. However, the liability of foreignness(LOF) has a negative impact on investment performance. The firms with the specific competences, including firm size, production capacity, quality control, a prior knowledge on the market, are more likely to enjoy competitive advantages, thus achieving better performance. Perceived liability of foreignness include government regulation, political turmoil, cultural distance, corruption etc. These incur an additional transaction cost for Korean companies, which need to be compensated by the value created by firm specific capability. Second, whereas the location advantage of production factors have a positive effect on investment performance, location advantage of market factors failed to reveal a positive effect on investment performance. This indicates that production factors, only, turned out to be the important determinants and high indicator for better FDI performance. Market factors, on the other hand, are not significant and less important for FDI performance since most firms investing in Myanmar are based on the manufacturing background for CMP(cutting, making and packing) contracts. Selection of the country that is advantageous in production is, therefore, important for a better investment performance since we could lower the production cost in terms of employing low wage but productive labor. According to the internalization theory, wholly-owned subsidiary(WOS) is favorable under the situation that either Ownership advantage factors or production-related factors of location advantage are high. In addition, export-oriented strategy is preferred to domestic-oriented strategy because the market-related factors of location advantage are less concerned. The result of this study is expected to contribute in making better decision of Korean firms for optimal investment strategy in Myanmar. The result of this study is expected to contribute to making better decision of Korean companies for investment strategy in Myanmar. From a management and strategic perspectives, we suggest that Myanmar government should build and expand the infrastructures(e.g., electricity power, port, road, telecommunication networks etc) to attracted more competitive foreign direct investment. Also, unnecessary regulations should be relaxed and the acquisition of real estate by foreigners should be allowed. The enterprises trying to expand into Myanmar should understand the country’s political, social and cultural issues as well as listen closely to the professions having experience in doing business in Myanmar and should be cautious about the excessive prospective future. If prior market survey is conducted thoroughly then the probability of success of the enterprise is much more higher than that in Korea.
키워드열기/닫기 버튼
FDIs Performance, Monopolistic Advantages, Location Advantage, Internalization Advantages, Export-oriented strategy
