수직적/수평적 FDI 결정요인 분석 -한국 다국적기업의 대 중국 FDI 중심으로-

초록

This study analyzes the determinants of horizontal and vertical FDI by Korean affiliates located in China. We utilize the data from 1,671 Korean affiliates and provinces of China. Our study reports the results from Tobit, (binary) logit and multinomial logistic regressions. The robust results from those regressions indicate the differences between the determinants of horizontal and vertical FDI. As the market sizes and per capita GNI of Chinese provinces increase, it is more likely to be horizontal FDI. On the other hand, the results point to the premise that vertical FDI tries to avoid hold up problem. Moreover, low production costs (such as low wages) play an important role in determining the vertical FDI in China. In concluding remarks, this study provides some insights for business strategy of Korean affiliates in China.

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