우리나라 기업의 轉換社債 發行動機 및 制度上의 問題點과 改善方案에 관한 硏究

Abstract

The economic corporation between Korea and China has been sharply increasing since late 1980's, China becomes the third largest trading partner of Korea, next to U.S.A and Japan, and the largest host-country of Korean foreign direct investment. The direct investments to China by Korean enterprises are growing so fast that more studies are required on why and how the direct investment to China should be implemented. This study is one of those efforts to suggest some launching strategics of direct investments to China. The main incentive of Korean companies to invest in China is to increase its exports to other countries. This can be possible by reducing its production cost through inexpensive wage, but excellent guality, of Chinese laborers. There also exist some problems in the direct investments to China. There are uncertainty due to rapid political and economic reforms, unclearness of related regulations, inefficiency and corruptions of some local governments, and shortage in infra-structures. There are other problems in operating joint investment companies, such as excessive protecting mechanism for domestic market, management interfere by local government, differences in culture, etc. The basic strategies of Korean enterprises to invest in China are diversification in its investment fields, discrimination in product gualities between goods produced in China and those in Korea, emphasis on penetrating Chinese market, and expansion in its investment area to inland provinces. A step-wise plan is reguired to implement these strategies. In the sort-run, we need more information about investmental environment in provincial level, training local specialists, and institutional supports in financing and insurance. In the long-run, there should be more corporations with Koreans living in China and Korea Business Centers should be built in major provices and cities.