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Korean Academic Society of Business Administration
[ Article ]
korean management review - Vol. 46, No. 6, pp.1689-1712
ISSN: 1226-1874 (Print)
Print publication date 31 Dec 2017
Received 03 Oct 2017 Revised 20 Nov 2017 Accepted 29 Nov 2017
DOI: https://doi.org/10.17287/kmr.2017.46.6.1689

해외 자회사의 기업공개 결정요인: 해외 자회사의 투자행위적 특성과 최대주주 특성을 중심으로

박종필* ; 윤우진**
*(주저자) 한양대학교 대학원 전략경영학과 박사과정 parkjongpil@hanyang.ac.kr
**(교신저자) 한양대학교 ERICA 캠퍼스 경영학부 부교수 wyoon@hanyang.ac.kr
Determinants of Foreign Subsidiaries’ IPOs: Focusing on the Investment Behaviors and the Largest Shareholder Characteristics of Foreign Subsidiaries
Jongpil Park* ; Woojin Yoon**
*Hanyang University Graduate School, Department of Strategic Management, First Author
**Hanyang University ERICA campus, Division of Business Administration, Corresponding Author

초록

본 연구는 다국적 기업 해외 자회사에 내재되어 있는 어떠한 특성이 현지에서의 기업공개를 유도하는지 밝혀 보는데 그 목적이 있다. 구체적으로 해외 자회사의 투자행위적 특성과 최대주주 특성을 바탕으로 가설을 설정하고 이를 실증 분석하였다. 실증분석을 위해서는 2008년부터 2011년 동안 한국에 진출한 외국인직접투자기업 중 436개 제조업체를 표본으로 콕스 비례위험 모형(Cox Proportional Hazards Model)을 활용한 생존 분석(survival analysis)을 실시하였다. 분석 결과는 다음과 같다. 첫째, 자회사를 향한 모회사의 반복적 투자 행위는 해외 자회사의 기업공개 가능성을 높여주는 것으로 확인되었다. 둘째, 최대주주의 국적이 외국인 경우 기업공개 가능성이 낮다는 것을 발견할 수 있었다. 셋째, 최대주주가 자연인이 아닌 법인일 경우 기업공개에 부정적인 영향력을 주는 것으로 확인되었다.

Abstract

This study aims to investigate the relationships between the foreign subsidiaries’ characteristics and initial public offerings (IPOs) in their host country markets. Based on the investment behaviors and the largest shareholder characteristics of foreign subsidiaries, we hypothesized that foreign subsidiaries’ IPOs in their host country markets are related with (1) entry mode and sequential investment decisions and (2) the nationality and personality of the largest shareholders in the subsidiaries. Empirical analysis employing Cox proportional hazards model generally supports our arguments.

Statistical results show that: (1) parent companies’ sequential investment decisions affect foreign subsidiaries’ IPOs in a positive way. (2) the subsidiaries with foreign largest shareholders do not tend to perform IPOs. (3) when the largest shareholders of the subsidiaries are corporate body entities, the possibilities of IPOs decrease.

Keywords:

IPO, Foreign subsidiary, Entry mode, Sequential investment, Largest shareholder

키워드:

기업공개, 해외자회사, 진입방식, 반복투자, 최대주주

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• 저자 박종필은 현재 노루그룹 경영전략본부에 재직 중이며, 한양대학교 대학원 경영학(전략전공) 박사과정에 재학 중이다. 주요연구 분야는 국제경영으로 다국적 기업의 후속투자, 기업공개, 사업철수 등이 있다.

• 저자 윤우진은 연세대학교 경영학과에서 학사와 석사학위를 취득하였고 서울대학교 경영대학에서 경영전략과 국제경영 전공으로 박사학위를 취득하였다. 현재 한양대학교 ERICA 캠퍼스 경영학부 부교수로 재직 중이다. 주요 연구 분야는 조직학습, 조직정체성과 외부자원동원, 인수합병, 전략적 제휴, 기업집단 등이 있다.