국내외 시장환경 변화가 해외건설사업 수주에 미치는 영향 분석

A Study on How the Changing Environment of Construction Industry at Home and Abroad Affects Construction Companies' Overseas Project

As the domestic construction market grows smaller and the overseas market expands, domestic construction companies are actively seeking business opportunities abroad. This involves a much more diversified project risks, and therefore, a more thorough project strategy is required. In taking overseas construction project, the indicators that reflect changing market environment should be examined primarily. The objective of this study is to conduct an empirical analysis on how the changing market environment-both at home and abroad-affects domestic companies' overseas projects. The market environment includes oil price, exchange rate, volume of the domestic market and so forth. The analysis period is between January 1991 and December 2010, based on monthly time-series data, using VECM (Vector Error Correction Model). The analysis results suggested that exchange rate had short-term impact, while oil price had long-term effect on overseas construction project. Also, it was deemed that domestic and overseas markets are independent from each other on construction companies' business portfolio.