해외법인의 유형자산 및 무형자산 수준이 기업성과에 미치는 영향에 대한 연구 : 싱가포르의 한국 자회사를 중심으로

초록

Singapore has made economic development through foreign investment policies and free trade agreements (FTA). It is known as one of the most active countries in the world as a result of long-open foreign investment policies and liberalized trade systems. Singapore's OFDI(outward foreign direct investment) has ASEAN and China as major investment targets, and has grown rapidly from $97.5billionin2000to$934.7 billion in 2019. Given the growth of Singapore's overseas investment scale, it can be seen that the Singaporean government continues to make efforts to encourage overseas expansion. Therefore, the purpose of our study is to examine the investment status of Singapore subsidiaries and to analyze the relationship between the asset level and financial performance of Singapore's unlisted subsidiaries in Korea. We intend to provide empirical data in presenting specific measures for future investments. In addition, in order to review investment trends by industry, it was analyzed whether there is a difference in the influence of intangible assets and tangible assets in the manufacturing and service industries. The subject of our study is Singapore's unlisted subsidiaries in Korea, and secondary data were collected and utilized through financial statements published from 2015 to 2019. The empirical results through our study are as follows: The relationship between tangible assets and corporate performance took the form of a U-shaped function, but the relationship between intangible assets and corporate performance took the form of an inverse-U-shaped function and all showed nonlinear relationships. In both the manufacturing and service industries, the relationship between intangible assets and corporate performance showed an inverse-U-shaped function. In general, service companies with capital-intensive tendencies show a U-shaped functional relationship between tangible assets and performance, suggesting the possibility of securing competitiveness through economies of scale. Considering the nonlinear relationship between corporate assets and performance, the intangible assets of Singapore subsidiaries tended to invest excessively beyond the limits of optimal investment, but tangible assets tended to invest below the level where profits from economies of scale can be realized. In other words, considering the economic effect of scale, the cost of investment exceeds the benefit to a specific level of tangible assets, and the economy of scale occurs after a specific point, indicating a relationship in which the benefit gradually exceeds the cost. In future studies, it is necessary to analyze the influence of corporate assets on the performance of foreign companies and to utilize various ratios reflecting the potential benefits and costs of corporate assets. Also, due to the limited collection of corporate data used in our study, there was a lack of review of success factors according to corporate competency. Corporate competency is an important factor in managing innovative product and service development. Further analysis will be needed on the impact relationship between corporate assets and corporate performance of Singapore subsidiaries, according to the nature and capabilities of the company.

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