earticle

영어

This study analyses the determinants for profitability and productivity of foreign direct investment (FDI) firms, foreign invested companies in Korea. As the previous studies on the issues of economic effects of FDI in Korea have dealt with only limited variables of performance indicators and also limited variables of foreign invested companies, this study encompasses various indicators regarding profitability and productivity performance and determinant variables, such as ‘experience of operations in Korea,’ ’the country of FDI origin,’ ‘industry sectors based on technology,’ ‘foreign investor’s share ratio,’ and ‘tax incentive for FDI.’ By analyzing foreign invested firms with FDI amounts over US$ 500,000 in Korea from 1998 to 2006 with random-effects GLS regression models, this study reveals following results on the determinants for performances of FDI firms in Korea: Firstly, regarding experience of operations in Korea, long experienced foreign invested companies showed lower performance in value-added to total assets. Secondly, regarding the country of FDI origin, the Japanese invested firms in Korea show better performances in profitability, while they showed worse performances in value-added per employee and value-added to total assets. Thirdly, regarding industry sectors, mid-low technology manufacturing industries indicate better performances in profitability, while high technology manufacturing industries show better performances in value-added to total assets, but worse performances in value-added to sales. Fourthly, FDI firms with more than 50% of foreign investors' share show better performances in value-added to total assets and value-added to sales as well. Fifthly, FDI firms receiving tax incentives from the Korean government showed better performances in profitability, but worse performances in productivities than foreign invested companies, which are not receiving tax incentives. After providing appropriate explanations for most of all empirical research results, this study suggests to the Korean government the FDI policy reform recommendations in preparing FDI targeting strategy and in improving the FDI incentive system. Firstly, the research results will be used for making the Korea's FDI targeting strategy. The priority to attract could be given to the potential foreign investments with more than 50% of foreign shares, because this type of foreign invested companies showed better performances in terms of productivity. However, regarding the investing countries to be the major FDI target, we need more elaborated research in the future, as this research result showed mixed performances in profitability and productivity among foreign invested companies from different investing countries. Secondly, this research results could be also utilized by the Korean government to improve the tax incentive system for FDI. As this research showed that the foreign invested companies which are getting the tax incentive from the Korean government, showed better performances in profitability, but worse performances in productivity, we could assume that the tax benefits provided to the foreign invested companies can only increase the profit of those incentive beneficiary firms, probably not contribute to the increase of productivity spillover effects in Korea. Therefore, it is necessary for the Korean government to review the effectiveness of tax incentive for FDI and do the reform of the tax incentive.

한국어

본 연구는 외국인직접투자의 우수한 경영성과를 결정짓는 외국인투자의 특징은 무엇인지를 실증분석하고 있다. 제조업 외국인투자기업을 대상으로 수익성과 생산성 지표를 성과변수로 하여, 외국인투자기업 특징을 국내 사업경험, 투자국, 업종, 지분율 형태, 조세감면여부 등 다섯 가지를 결정요인을 선정하여 그 영향력을 분석하였다. 각 요인별 실증분석 결과를 정리하면 다음과 같다. 첫째, 국내 사업경험의 경우 수익성 지표에서는 유의미한 관계를 확인할 수 없었던 반면, 생산성 지표 중 총자본투자효율의 경우 음의 관계를 유의미하게 보였다. 둘째, 투자국에 따른 영향에서는 수익성 지표에서는 일본계 투자기업이 우수한 성과를 보인 반면, 노동생산성 지표인 1인당 부가가치에서는 낮은 성과를 보이고 있으며, 총자본투자효율의 경우에는 북미계 및 일본계 투자기업이 낮은 수준을 보이는 것으로 나타났다. 셋째, 제조업의 업종에 따른 영향과 관련, 수익성 지표에서는 중저위기술업종이 높은 수익률을 보이는 것으로 확인된 반면, 부가가치율의 경우 고위기술업종이 가장 낮은 수준을 보이고 있었으며, 총자본투자효율에서는 가장 높은 수준을 보이고 있다. 넷째, 외국인투자 지분율 형태의 영향과 관련, 수익성 지표에서는 유의미한 관계를 확인할 수 없었던 반면, 생산성 지표에서는 50%를 초과하는 투자지분율 외국인투자기업이 부가가치율과 총자본투자효율에서 우수한 성과를 보이는 것으로 나타났다. 다섯째, 조세감면혜택의 영향과 관련, 수익성 지표에서는 조세감면혜택을 받은 외국인투자기업이 우수한 성과를 보인 반면, 생산성 지표에서는 조세감면혜택을 받은 외국인투자기업이 부가가치율과 총자본투자효율에서 낮은 성과를 보이고 있는 것으로 나타났다. 본 연구에서는 이러한 실증분석결과를 토대로 외국인투자 유치전략 수립방안 및 외국인투자 조세감면제도 개선방향을 제시하고 있다.