관계회사간 내부거래가 상장기업 수출에 미치는 영향

The Effects of Various Types of Internal Transactions with Affiliates on Listed Firms’ Exportation in Korea

This empirical study applied panel data analyses techniques like fixed effects panel models for Korean firms listed during 1991 till 2011, with data provided by KIS-Value database of Korea Information Service to investigate the effects of various types of internal transactions between affiliate firms within groups regarding firm exportation. The major findings are summarized as follows. First, the more a firm transacts, by both purchasing and selling, internally with its affiliates, the more the firm exports. Second, the more a firm lends funds internally to its affiliates, the more the firm exports while the more a firm borrows funds internally from its affiliates, the less the firm exports, though there is no statistical significance in the latter relationship. Third, the higher a firm s ownership is in its affiliates, the more the firm exports. Fourth, the larger a firm s ROA, debt ratio, and size, the higher won/dollar exchange rate, and with an affiliation with group firms, the more the firm exports. From the study, we can infer that affiliated firms with larger group firms could have exported so far more goods abroad, contributing to the rapid development of the Korean economy, which has followed an export-driven development policy.