오프쇼어링이 기업의 총요소생산성(TFP)에 미치는 영향

The Impact of Offshoring on Total Factor Productivity: Evidence from Korean Firm-level Panel Data

Offshoring is generally believed to be productivity-enhancing and this belief is underpinned by economic theory. This paper examines empirically the effect of offshoring on total factor productivity (TFP) in Korean manufacturing firms during the period from 2006 to 2015. The firm-level panel dataset used in this analysis is the “Survey of Business Activities” of Statistics Korea. In this paper, offshoring intensity is the ratio of imported intermediate inputs to total material cost used by each firm. The empirical analysis is conducted through a two-step estimation procedure. In the first step, a TFP measure is derived for each firm-year observation by estimating of production functions through the semi-parametric approach developed by Olley and Pakes (1996). In the second step, the effects of offshoring on TFP growth are estimated by using the fixed effect (FE) panel model and FE-IV methods. The empirical results show that offshoring has a positive impact on firm-level TFP. Also the results of a dynamic panel model show that offshoring has the positive dynamic effect on TFP growth through the channel of ‘learning’. The robustness of results remains for subsamples of firms and various estimation methods.