• Korea Trade Review
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• v.41 no.4
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• pp.245-267
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• 2016

The purpose of this study is to investigate the current situation of foreign direct investment of Korea based on GVC (Global Value Chain) perspective and to presentthe policy direction. From GVC perspective which comprehensively describes the world's increasing FDI and imports/exports phenomenon since the 2000s, the level of internationalization of Korea is excessively concentrated in trade. Therefore, the expansion of foreign investment (OFDI, IFDI) is urgently needed. The results of regression analysis using data from 50 countries and the international comparison of major countries including Germany, Switzerland, Singapore, etc, showed that the level of foreign direct investment of Korea is 20 to 30 years behind compared to those major countries. Therefore, exploiting the benefits of trade and foreign direct investment at the same time is needed to increase the level of GDP per capita.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.8 no.3
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• pp.1-16
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• 2013

The purpose of study is to promote the development of medium size enterprises(MSE) by analyzing the causal relationship between technology acquisition strategy and firms' performance. In this study, we use the number of intellectual property, sales growth rates, and return on sales as proxy variables of technological and financial performances. This study includes internal R&D investment, cooperative R&D with academy, foreign technologies transferred, and their interaction effects as the independent variables. The results of study are as follows. Frist, R&D Investment, Foreign Technologies Transferred and their interaction effects are positively influence on technological performance. Second, Cooperative R&D with academy and the interaction effects of R&D Investment and Cooperative R&D with academy are negative influence on technological performance. On the other hand, all of the main independent variables and the interaction effects have non-significant relationships with financial performances. These results imply that technological innovation efforts of MSEs do not effectively increase their financial performances. Furthermore, technological supports of government and academy on MSEs' innovation do not effectively increase their innovation outputs. Finally, this study discussed its theoretical and practical implications and the limitations of the study.

• Journal of Labour Economics
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• v.29 no.1
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• pp.1-39
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• 2006

This paper documents the increase in earnings variability (or earnings risk) during the 1990s in Korea, and investigates whether it can be accounted for by capital market opening. The variances of transitory and permanent innovations in earnings are estimated from repeated cross-section data using a simple econometric framework. The increasing time-series pattern of earnings risk among men follows the increased foreign capital presence reasonably well, but the supporting cross-sectional evidence for a causal relationship between the two is weak. However, foreign direct investment (FDI) is found to have had some non-neutral effects on workers of varying skills in such a way that transitory earnings risk of less-skilled workers relatively increased with FDI. To the extent that transitory innovations are not fully insured, this widening effect of FDI on earnings risk gap may have contributed to widening welfare gap between skilled and unskilled workers in Korea, at least in terms of "risks."

• 한국벤처창업학회:학술대회논문집
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• 2017.04a
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• pp.62-62
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• 2017

최근 인공지능 시대 및 제 4차 산업 혁명 시대의 도래로 제품 간, 제품과 서비스 간, 서비스 간 산업이 다양한 형태로 진화 중이며, 이종기술 산업 간의 융 복합화로 새로운 제3의 신산업이 등장하고 있다. 또한 소위 말하는 O2O(Online to Offline)는 이미 운송, 금융(핀테크), 자동차(카테크), 숙박, 음식, 의료(헬스케어테크) 등 많은 산업 분야에 진출, 기존 전통 산업과 충돌, 인허가에 어려움을 겪고 있으며 이러한 O2O는 IOT(사물인터넷)로 급속도로 가속화 되고 있다. 이렇듯 4차 산업 혁명에 따른 신산업의 탄생은 산업의 경계를 붕괴하고 있음에도 산업별로 구분된 제도, 규제, 지원정책 등은 여전히 신산업 창업의 장애가 되고 있다. 이에, 본 연구에서는 국내 벤처특별법, 창업지원법, 1인 창조기업법 내 투자 지원 업종과 미국을 비롯한 해외 창업 관련법 내 창업 지원 제한 업종과의 비교 분석, 몇 가지 중요한 시사점을 도출했다. 먼저, 우리나라가 선진국에 비해 지나치게 투자 제한 업종이 많음을 확인했다. 또한 선진국은 미풍양속을 해치는 업종, 투기적 사업 등 사회통념상 문제가 되는 사행성 업종을 제외하고는 대다수의 업종이 정책 지원 대상이다. 업종과 더불어 투자 행위로 투자 심사를 해 신산업 투자에 매우 탄력적으로 운영할 수 있게 설계되어 있다. 심지어 미국의 경우, 적극적 창업 투자를 위해 업종 및 투자 행위에 대한 심의를 중소기업청이 직접 수행한다. 특히, 우리나라의 중소기업창업투자회사제도는 미국의 중소기업투자회사(SBIC) 제도와 유사한 반면 투자 제한 업종 뿐 아니라 제도 운영 특히, 창업투자회사에 대한 관리 측면에서 매우 큰 차이가 있음을 보여주고 있다. 우리나라 중기청은 간접관리를 하는 반면, 미국은 중기청 내에서 직접 관리를 하고 있다. 따라서 본 연구에서는 우리나라 창업 벤처 투자 제한을 미국을 비롯한 기타 외국의 사례에서와 같이 사회통념상 불가피한 업종과 더불어 투자 행위로 정의하길 제안한다.

• Journal of Labour Economics
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• v.29 no.3
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• pp.1-23
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• 2006

This study investigates the effects of inward foreign direct investment on local workers' wages by focusing on U.S. manufacturing industries for the period from 1987 to 1992. Contrary to public perception that foreign ownership is positively associated with higher wages, previous studies show mixed results. Since most of the previous studies used industry or firm level average wages, they can not control for the impact of individual characteristics on wages. I use two different approaches to control individual characteristics and to implement estimation in this study: (1) One-step estimation with industry-state level of inward foreign direct investments by using individual level data, and (2) Two-step industry characteristic regression approach. The higher presence of foreign firms is associated with higher local wages after workers' observable characteristics are controlled for in the first approach. This effect, however, disappears once workers' industry affiliations and regions are controlled for in cross-section analysis. In a panel data analysis, I did not find any statistically significant positive association between inward FDI activities and industry wage premiums within industry. Further, inward FDI activities appeared to be negatively associated with worker's industry wage premium for workers with more than high school education.

• Journal of Energy Engineering
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• v.28 no.2
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• pp.1-17
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• 2019

This article analyzes causal relationships among gross domestic product(GDP), electricity consumption, carbon dioxide($CO_2$) emission and foreign direct investments(FDI) inflow of Korea over the period from 1976 to 2014, using unit root test, cointegration test, and vector error correction model(VECM). As the results, this article found (1) a long-run bi-directional causality between GDP and electricity consumption, which may imply a negative impact of electricity consumption-saving policy on economic growth, (2) uni-directional short- and long-run causalities running from $CO_2$ emission to GDP, and a uni-directional long-run causality running from $CO_2$ emission to electricity consumption, which can result in a negative impact of $CO_2$ emission reduction policy on economic growth and electricity consumption, (3) a uni-directional long-run causality running from FDI to GDP, and uni-directional short- and long-run causalities running from FDI to electricity consumption, which may result from relatively lower electricity prices than investing countries, (4) no causality between FDI and $CO_2$ emission, which is based on the characteristics of FDI composed of service industries. Considering the above causal relationships among the four variables, the policy implication needs to focus on the electricity demand management based on the relevant R&Ds, and on the gradual transition from fossil fuel- to renewable-energy. Adaptive policy to increase the FDI inflow is also needed.

• Korea Real Estate Review
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• v.27 no.1
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• pp.45-57
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• 2017

In this study, the factors influencing logistics warehouse price were analyzed using Hedonic price model. All the actual transaction cases of the logistics centers in Gyeonggi province for 10 years from 2006 to 2015 were investigated. In this hedonic model, statistically significant variables includes building, economic, investment and time characteristics. The analysis permits a better insight of price determinants of warehouse price. First, the purchase price of large size logistics centers is relatively high. Second, the indirect investment shows higher price due to active investment tendency. Third, Foreign investors with various know-how on investment are leading the selling price.

• International Area Studies Review
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• v.15 no.3
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• pp.29-53
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• 2011

This paper studies the contribution of imports and inward foreign direct investment (FDI) as a vehicle of technology transfer onto the EU new member states at both macroeconomic and industry level. The paper takes the effectiveness of the recipient's utilization into account by constructing a new index, the so-called Effective Absorption (EA) Index, to measure ability to absorb and utilize the foreign technology in the recipient country. Using data from 12 donors and 10 recipients from 1998 to 2009, the study at macroeconomic level indicates that technical spillovers of foreign research and development (R&D) play more crucial role relatively to domestic R&D on total factor productivity (TFP) growth of the new member states. Imports are found as the major vehicle of technical spillovers rather than inward FDI. The study at industry level is conducted by using data from 17 manufacturing industries of 10 donors and 6 recipients during 1998 to 2009. The empirical results also support the findings at country level. The patterns of technology transfer are different across industries. Nonetheless, technical spillovers exhibit significantly high contribution on TFP growth in high-tech manufacturing industries.

• Journal of Technology Innovation
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• v.24 no.4
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• pp.127-158
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• 2016

Multinational corporations' overseas R&D activities bring host countries positive effects such as knowledge spillover, technology transfer, job creation and etc. For this reason, many countries have made efforts to attract foreign firms' R&D investment in their national territories. Korean government have also implemented some policy measures to expedite foreign firms operating in Korea to increase R&D activities. However, the firms' R&D investment in Korea has still been unsatisfactory, and only few studies have examined this issue. Therefore, this study attempts to explain the R&D investment of foreign firms operating in Kore, from the perspective Dunning's eclectic paradigm. Utilizing linear regression and Tobit model, this study analyzes the influence of OLI advantages on R&D intensity of foreign firms in Korea. The result shows that locational advantages of Korea (such as revealed technological advantage) had positive influences on foreign firms' R&D intensity. However, the influence of other OLI advantages were different by foreign firms' nationalities. For instance, internalization advantages had influences on R&D intensity, but the directions were different between Japanese and other nationalities. Based on the results, we provided some discussion and attempted to draw implications for Korean government's FDI and R&D policy.

• The Journal of the Korea Contents Association
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• v.13 no.12
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• pp.702-714
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• 2013

South Korea, China and Japan is struggling for a new economic growth and facing new challenges and difficulties in foreign investment. In this paper, I Studied on the Legal System and Limits or Rules on the Investment Between Korea, China and Japan. First, FTA between Korea, Chin. The trade and economic relations and the investment flows between the three countries were examined. Based on the background of the three countries, it has been studied on the Legal System and Rules in the foreign investment Between Korea, China and Japan. Based on this, and the following were examined. What are the major limits in the foreign investment Between Korea, China and Japan? In the future, what should be included on the FTA investment chapter in FTA between Korea, China and Japan in order to facilitate more investment? FTA between Korea, China and Japan would be an effective means to strengthen the protection of investors and investment facilitation, and investment flows between the three countries will be activated. In the future, FTA between Korea, China and Japan is expected to further promote investment among the three countries. In this regard, in the future, the FTA investment chapter in FTA between Korea, China and Japan should include NT(National Treatment), MFN(Most-Favoured-Nation (Treatment)), Prohibition of the implementation of specific measures, the nationality requirements of management or the board of directors, movement of funds, safeguard measures, expropriation and compensation, compensation for loss, fair and equitable treatment, the settlement of disputes between foreign investors and investment promotion country(Investor-State Dispute Settlement), and other agreement between the three countries.