earticle

영어

This paper synthetically analyzed the determinants of Korean firm’s Outward Foreign Direct Investment (OFDI) by using of gravity model from 11 TPP (Trans-Pacific Partnership) countries as targets, which is from 1997 to 2013 except Brunei. And here, TPP is considered as an important variable representing the recent phenomenon of regional economic integration. Results of this empirical test showed that the GDP of host country had positive (+) impact on OFDI. Consequently, Korean firms entered into the large markets, countries with large GDP. And the free trade agreements (FTAs), related to market expansion, economic growth, and enhancement of corporate competitiveness, etc., also showed positive (+) effect, indicating that the conclusion of a FTA has a positive effect on foreign direct investment (FDI). However, GDP per capita of host country, average tariff tax rate, degree of economic freedom show negative (-) correlations in Korean firms' OFDI. These are for the following reasons. First, many Korean firms have been carried out OFDI in countries with low GDP per capita. For example, China and Vietnam have a low GDP per capita and therefore they can provided cheap labor to foreign firms such as Korea's firms. The results are the same as those of previous studies. Second, it is considered that Korean firms’ OFDIs are most countries with a low average tariff rate because Korean firms uses a strategy of transferring production facilities to countries with low tariffs by utilizing tariff benefits. As a result, many Korean firms have invested heavily in countries with relatively lower economic degrees of freedom than Korea. In addition, geographical distance, cultural distance, and level of technology trade were not statistically significant, and these were analyzed that they had little effect on Korean firms' OFDI. First of all, the fact that the size of the GDP of the investing country greatly affects the Korean firms’ OFDI suggests that the goal of Korean firms' OFDI is the market-seeking type, regardless of advanced and underdeveloped countries. In addition, since regional economic integration plays a role in expanding the market, a Mega FTA such as the TPP is positively related to FDI. Meanwhile, in an additional empirical test of OFDI determinants analyses from 2003 to 2013, the high level of technological trade of host countries shows low invested tendency. In addition, culture distance reveals the positive (+) effect although the impact is slight. Based on two period of empirical analyses which is related to TPP, this paper suggests the direction of OFDI determinants in Korea’s company and provides some valuable strategic implications for CEOs, scholars, and government officials.

한국어

본 연구는 1997년부터 2013년까지 17년간 TPP 참여국 중 브루나이를 제외한 11개국을 대상으로 중력모형을 이용하여 우리나라의 외향 해외직접투자(Outward FDI) 결정요인을 TPP 라는 지역경제통합의 현안에 맞추어 종합적으로 분석하였다. 실증분석의 결과, 해외직접투자 대상국의 GDP가 정(+)의 영향을 미치고 있는 것으로 나타나 우리나라 기업들은 무엇보다도 시장규모가 큰 국가에 해외직접투자를 많이 수행하고 있는 것으로 나타났으며, 시장확장, 경제성장 등 의미가 있는 자유무역협정(FTA) 역시 정(+)의 영 향으로 나타나, 자유무역협정의 체결이 해외직접투자에 긍정적 효과가 있는 것으로 나타났다. 반면, 투자대상국의 평균관세율, 1인당 GDP, 경제적자유도가 높을수록 한국기업들은 해외직접 투자를 적게 수행하는 부(-)의 상관관계가 나타났으며, 이는 한국 해외직접투자의 고유한 특성과도 관련된다. 한편, 2003～2013년 기간 동안의 해외직접투자 결정요인 분석에서는 해외직 접투자 대상국의 지리적 격지성이 클수록, 기술무역 수준이 높을수록 한국 기업들은 투자를 적게 하였으며, 우리나라와의 자유무역협정 체결의 영향이 감소하는 것으로 나타났다. 또한 문화적 거리는 정(+)의 영향이 있는 것으로 나타났으나, 그 영향은 미미한 것으로 확인되었다.