Korea's Overseas Direct Investment: Its Performance and Problems Yunjong Wang Top-notch multinational corporations are actively undertaking overseas direct investment as a globalization strategy. With this global trend, Korean companies have also earnestly started to pursue overseas operations since mid 1990s. However, their financial performance has not been satisfactory until now.

In general, domestic companies outperformed Korea's overseas subsidiaries in 1994-95. By region, financial performance of overseas companies was so bad in China, Europe, and the United States, while moderately successful in South East Asia and Latin America. By investment size, larger investment recorded worse performance. By manufacturing sector, performance was comparatively good in foods, textile and apparrel, woods and furniture, and non-metallic mineral, while red inked in footwear, leather, basic metals, and fabricated metals. By equity ratio, companies with majority shares performed worse than ones with minority shares. Early birds recorded even unsatisfactory, but relatively stable performance. Late entrants on the average did not make profits.

Korean companies abroad also showed similar, or even worse propensity to overborrow in their financial structures. In all regions except China, overseas companies recorded higher debt to equity ratios than domestic companies on the average. In particular, larger companies preferred to borrow from international or local financial markets because financial costs were cheaper there than in domestic financial markets.
Korean companies have been currently facing the difficulties to borrow as a result of downgrading of credit ratings, since Korea was hit by financial crisis. Korea's overseas companies now have to change their globalization strategy from expansion-oriented to efficiency-oriented in order to overcome many obstacles ahead. In order to enhance efficiency of overseas operations, following issues should be properly addressed: profit-based management; global networking; concerted overseas operations between Chaebols and small-and-medium sized companies; regional differentiation; localization of overseas subsidiaries; human resource management; reduction of credit guarantees by parent companies; requirement of consolidated balance sheets including overseas subsidiaries; database system and analysis of overseas direct investment statistics; and private coordinating agency for overseas companies.

머리말
Ⅰ. 序論 王允鍾
1. 硏究의 目的
2. 硏究의 方法論
3. 硏究의 構成

Ⅱ. 汎世界的 海外直接投資의 現況과 特徵 王允鍾/康仁洙
1. 汎世界的 海外直接投資 動向과 特徵
2. 地域別 海外直接投資 動向

Ⅲ. 韓國企業의 海外直接投資 現況 및 特徵 王允鍾/權 栗
1. 韓國 海外直接投資의 年度別 推移
2. 韓國 海外直接投資制度의 改善
3. 海外直接投資 增大의 背景
4. 最近 韓國 海外直接投資의 主要 特徵
5. 韓國 海外直接投資의 成果 및 評價

Ⅳ. 韓國 海外投資企業의 經營成果 王允鍾
1. 企業經營成果 分析을 위한 評價基準
2. 對象企業의 選定 및 標本의 特性
3. 韓國 海外投資企業의 經營成果

Ⅴ. 地域別 海外投資事例
1. 美國 康仁洙/王允鍾
2. EU 李晟鳳
3. 中/東歐 鄭余泉
4. 日本 程 勳/李鴻培
5. 中國 崔義炫/金琮根
6. 東南亞 權 栗
7. 西南亞 全昌浩
8. 中南美 金眞梧/李景姬
9. 오세아니아 全準模

Ⅵ. 結論 및 示唆点 王允鍾
1. 海外投資事業의 收益性 提高
2. 글로벌 네트워크의 樹立
3. 大企業과 中小企業의 同伴進出 勵
4. 地域別 差別化 戰略 樹立
5. 海外子會社의 現地化 促進
6. 現地人力의 敎育 및 訓練 强化
7. 海外現地法人에 대한 支給保證 縮小
8. 海外子會社를 포함한 結合財務諸表 作成 義務化
9. 海外直接投資 統計의 體系化
10. 海外投資企業間 民間協議體 構成

參考文獻