중국 내 순차적 직접투자와 경영 전략적 특성에 관한 연구

초록

A noticeable aspect of Korean firms’ outward sequential FDIs to China is that they occursequentially, which means that they implement the outward FDIs to China with along-term perspective. To analyze the strategic advantages of sequential investment, weintroduce Cournot type quantity competition model. According to the model, threeimportant implications are derived. First, sequential FDIs enhances the Korean parents’production capabilities. Second, the parents are more likely to establish new Chinesesubsidiaries as they stay longer in China. Third, the production effect of sequentialinvestments incurs more sequential investments. Some regression models are tested forverifying the predictions. According to empirical results, three important results are found. First, initial entry mode affects the size expansion of the Korean parents. Second, thelonger the duration of intial subsidiary in China, the more the sequential investment willbe. Third, sequential investments are positively associated with the productivity of theKorean parents.

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