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Korean Academic Society of Business Administration
[ Article ]
korean management review - Vol. 46, No. 4, pp.875-902
ISSN: 1226-1874 (Print)
Print publication date 31 Aug 2017
Received 02 Mar 2017 Accepted 22 May 2017
DOI: https://doi.org/10.17287/kmr.2017.46.4.875

국내 주식시장 개방의 효과와 외국인 투자자의 영향에 관한 고찰

고봉찬*
*(주저자) 서울대학교 경영대학 bkho@snu.ac.kr
Review on the Impact of Stock Market Opening and Foreign Investors in Korea
Bong-Chan Kho*
*Professor of Finance, Seoul National University Business School

초록

한국 주식시장이 점진적인 개방을 시작한 1992년 이후 외국인 투자자의 보유지분은 꾸준히 확대되어왔다. 그 결과 현재는 시가총액의 30%를 넘는 수준에 이르러 국내 주식시장이 세계 10위권 시장으로 성장하는데 일조하였으며, 국내 기업의 지배구조 개선과 경영합리화 등 질적인 측면에도 기여한 것으로 평가된다. 그러나 일부 외국자본에 의한 적대적 인수과정에서 국부유출 등의 논란이 일기도 하였다.

본 연구는 국내 주식시장이 개방된지 25년이 지난 시점에서 시장개방의 효과와 외국인 투자자의 영향에 관한 기존 문헌들을 종합적으로 고찰하고 시사점을 모색함으로써 국내 주식시장의 건전한 발전에 도움이 되고자 한다. 이를 위해 본 연구는 크게 4가지 방향으로 국내외 문헌을 검토하고 고찰하였다.

첫째, 국내 주식시장 개방 이후 외국인 보유지분의 증가 추이를 살펴보고, 이 과정에서 일부 외국자본에 의한 적대적 인수사례를 정리한다. 둘째, 국내 주식시장 개방의 득과 실에 관한 논의를 정리하고 향후 금융세계화의 전개 방향에 대하여 조망한다. 셋째, 외국인 투자자가 국내 기업의 지배구조, 배당, 투자 의사결정에 미친 영향에 대한 연구들을 정리하고 외국인 투자자의 영향에 대한 평가를 재조명한다. 넷째, 외국인 투자자의 투자행태 특징을 알아보고 내국인 대비 투자성과에 대한 고찰을 통해 외국인의 정보우위 논쟁을 정리한다. 마지막으로 이상과 같은 종합적 고찰에서 도출된 결론을 요약하고 그 시사점과 향후 연구방향에 대한 제언을 한다.

Abstract

In 1992, the Korean stock market opened to foreign investments, and since then, shareholdings of foreign investors in Korea steadily increased to a level of over 30% of the total market capitalization. Consequently, they contributed to the growth of the Korean stock market to be ranked recently within the top 10 largest stock markets in the world. Such a steady increase in foreign ownership in Korea helped improve corporate governance systems and streamline the management processes; however, controversies surrounding the outflow of national wealth were provoked in the process of international speculative funds taking over domestic firms in a hostile manner.

Now that it has been 25 years since the stock market opening to foreign investments, it is crucial to review the literature on the impact of market opening and foreign investors and seek its implications for a further growth of Korean stock markets. Accordingly, this study discusses an integrative review of recent research in the following four areas.

First, an examination of how foreign ownership evolved over time is carried out, and a summary of several representative cases for the hostile takeovers of domestic firms by international speculative funds is provided. Second, this study reviews previous research on the benefits and costs of Korean stock market opening and provides insights on the future directions of financial globalization. Third, a summary of the discussion on the impacts of foreign investors on the governance, dividend, and investment decisions of Korean firms is provided, along with insights on the impacts of foreign investors in Korea. Fourth, this study examines the investment behaviors of foreign investors and reviews their investment performance and evaluates whether foreigners have superior information advantages over domestic investors. Finally, future research directions are discussed by integrating the reviews on the research findings discussed above.

Keywords:

Foreign investors, Capital market liberalization, Governance, Dividend, Investment, Superior information

키워드:

외국인 투자자, 자본자유화, 지배구조, 배당, 투자, 정보우위

Acknowledgments

본 연구는 서울대학교 경영연구소와 증권금융연구소의 연구지원을 받아 작성되었습니다. 유익한 코멘트를 주신 두 분의 심사위원께 감사 드립니다.This study was supported by the Institute of Management Research and the Institute of Finance and Banking at Seoul National University, Business School. Comments from two anonymous referees are greatly appreciated.

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• 저자 고봉찬은 현재 서울대학교 경영대학 재무금융 전공 교수로 재직 중이다. 서울대학교 경영대학 및 대학원 경영학과를 졸업하였으며, 미국 오하이오주립대학교에서 Finance 분야로 경영학 박사학위를 취득하였다. 박사학위 취득 이후에는 서울시립대학교 조교수를 거쳐 서울대학교 경영대학 교수로 재직 중이며, 한국증권학회 회장을 역임하고 있다. 주요 연구분야는 투자론, 자산가격결정, 국제재무, 기업재무, 파생상품론 등이다.