Earticle

본 연구에서는 개발도상국 해외투자 입지 결정요인을 실증 분석하였다. 분석의 결과 입지요인인 피투자국 시장규모, 경제 발전 정도, 경제성장율, 인적자본의 질, 경제의 개방도, 현지시장 매력요인의 대위변수인 현재 외국인 투자 유치액등은 해외투자 유치에 정의 영향을 미치는 요인으로 나타났다. 수정된 중력 모형에서 중요변수인 피투자국의 모든 투자국들로 부터의 상대적인 시장가중치를 감안한 원격성은 낮을수록 해외투자 유치가 활발한 것으로 나타나고 있어 거래비용이나 현지시장 친숙도가 중요한 해외투자 고려 요인임을 알 수 있었다.

This study examined location determinants of FDI inflows in developing countries. I proposed and test modified gravitiy model empirically that include host country locational determinants, gravity link variable and home country control variable. The main findings are: countries with a larger market size, faster economic growth, higher per capita income, higher quality of human capital, higher level of foreign stock and more liberalized economic regime attracted relatively more FDI inflows.

본 연구에서는 제도 및 입지요인 기반 수정된 중력모형을 토대로 중국으로의 외국인직접투 자(inward FDIs) 및 중국의 대외직접투자(outward FDIs) 흐름에 영향을 미치는 주요 결정요인에 대한 실증적 분석이 이루어졌다. 패널 데이터 분석결과 중력모형의 기본 설명변수인 투자국 및 피투자국의 경제규모(GDP)와 지리적 거리 차이가 중국의 외국인직접투자와 대외직접 투자 모두에 정의 유의한 영향을 미치는 것으로 나타났다. 또한 대중국 외국인직접투자의 경우 투자국을 선진국과 개도국으로 분류하여 분석한 결과, 선진국의 경우 중력모형 기본 설명 변수 외에 노동비용, 문화적 거리, 정치적 안정성, 이중과세방지협정 여부 등 여타 입지 및 제도적 요인이 대중국 직접투자에 유의한 영향을 미치는 것으로 나타난 반면, 개도국의 경우 문화적 거리, 정치적 안정성, 이중과세방지 등의 요인은 유의한 영향을 미치지 않는 것으로 나타났다. 한편, 중국의 대외직접투자에 있어서는 피투자국이 선진국인 경우 노동비용과 정치적 안정성은 유의한 영향을 미치지 않는 반면, 개도국의 경우에는 유의한 영향을 미치는 것으로 나타났다. 또한 선진국과 개도국의 문화적 거리의 영향력은 정반대의 결과를 보였다. 이는 투자국과 피투자국이 선진국 또는 개도국이냐에 따라 대중국 외국인직접투자와 중국의 대외직접투자에 미치는 요인들의 영향력에 있어 차이가 날 수 있음을 시사하는 것이다. 이러한 연구 결과는 해외직접투자이론에 기초하여 결정요인을 분석하더라도 투자국과 피투자국을 선진국과 개도국으로 분류하여 분석하는 것이 정책적 함의를 더 높일 수 있음을 입증하는 것이다.

After joining WTO, the China inward and outward direct investments have been activated. This paper analyzed the determinants of China inward and outward direct investments with using a panel data. We adopted a modified “gravity model” incorporating the locational and institutional variables such as labor cost, cultural distance, political risk, and double taxation. In this process the standard gravity model variables such as national economic size(GDP) and geographical distance were also analyzed. In addition, we divided the home and host investment countries into two groups, namely developed and less developed countries. First of all, based upon the panel data analysis, it was proven that the standard gravity variables such as GDP and geographical distance between home and host investment countries have significant impacts on both the China inward and outward direct investment flows. It was also found that the locational and institutional variables such as labor costs, cultural distance, political stability, and double taxation agreement have significant impacts on the China inward FDI flows in developed countries, but interestingly not in less developed countries. On the other hand, the labor costs and cultural distance have significant impacts on the China outward FDI flows in less developed countries, but not in the developed countries. In the meantime, the reverse result was found in the impact of cultural distance on the China outward FDI flows. These results indicate that the determinants of FDIs can be different depend upon the developed and less developed countries as the home and host countries.

Since the 1990s and especially after China's accession to the WTO in 2001, China has become one of the most favored destinations for FDI. There are increasing concerns that China's FDI success has been excessive, thereby crowding out FDI inflows into other developing countries. This study is designed to investigate and answer three key questions. What are the location determinants of FDI inflows into developing countries? How China's emergence as a destination for FDI is affecting the ability of other countries to attract FDI? To answer this question we proposed and tested empirically a modified gravitiy model that includes host country locational determinants, gravity link variable and home country control variable. This paper has offered answers to this question by testing the hypothesis based on the location advantages of the OLI framework explaining FDI. In introducing the problems that author address, I assert the usefulness of modified gravity model. The basic idea underlying the gravity model is that interaction between two area is a function of the concentration of relavant variables in the two areas, and of the distance between them. The biggest advantage of our modified gravity model is to use remoteness instead of the absolute distance as the distance factor. Remoteness takes account of a country's geographic position relative to the rest of the world. In this study, in presenting the specified determinants of the country distribution of FDI inflows from all source countries into developing host countries, we shall therefore classify the determinants as source country variables, host country variables and linkage variables. The empirical study of the distribution of FDI inflows into developing countries by focusing on the host country location factors has demonstrated that, given the ownership the ownership advantages and the internalization advantages of the source countries, the location advantages of host countries are very important in determining the distribution of the magnitude of FDI inflows among developing countries. The main findings are: countries with a larger market size, faster economic growth, higher per capita income, higher quality of human capital, higher level of foreign stock and more liberalized economic regime attracted relatively more FDI inflows. Finally based upon our empirical model, FDI inflows into China are positive and statistically sigmificant to FDI inflows into other developing countries.. Relatively investment creating effect of China FDI inflow on the other asian countries implies that host country should enhance environmental location advantages such as investment incentives and competitive market instead of looking for inward FDI enhancement factor outside host country.

Purpose: Purpose: The usability of a mathematical model modified for analysis of the static stability of an asymmetric tractor-harvester system was investigated. Method: The modified asynchronous mathematical model was validated through empirical experiments, and the effects of movements of the center of gravity (CG) coordinates on the stability against lateral overturning were analyzed through simulations. Results: Changes in the lateral overturning angle of the system were investigated when the coordinates of the CG of the system were moved within the variable range. The errors between simulation results and empirical experiments were compared, and the results were -4.7% at the left side overturning and -0.1% at the right side overturning. The asymmetric system was characterized in such a way that the right side overturning had an increase in overturning angle in the (+) variable range, while it had a decrease in overturning angle in the (-) variable range. In addition, the left side overturning showed an opposite result to that of the right side. At the declination angle (296<${\gamma}$<76), the right side overturning had an increase in the maximum overturning angle of 3.6%, in the minimum overturning angle of 20.3%, and in the mean overturning angle of 15.9%. Furthermore, at the declination angle (284<${\gamma}$<64), the left side overturning had a decrease in the maximum overturning angle of 29.2%, in the minimum overturning angle of 44%, and in a mean overturning angle of 39.7%. Conclusion: The modified mathematical model was useful for predicting the overturning angle of the asymmetric tractor-harvester system, and verified that a movement of the CG coordinates had a critical effect on its stability. In particular, the left side overturning was the most vulnerable to stability, regardless of the direction of declination angle.

Flat plate slab systems have been commonly used as a gravity force resisting systems, which should be constructed with lateral force resisting systems such as shear walls and moment resisting frame. ACI 318(2005) allows the Direct design method, the equivalent frame method (ACI-EFM) under gravity loads and the finite-element models, effective beam width models and equivalent frame models under lateral loads. ACI-EFM can be used for gravity loads as well as lateral loads analysis. But the method may not predict the behavior of flat plate slabs under lateral loads. Thus Previous study developed a Modified equivalent frame method(Modified-EFM) which could give more precise answer for flat plate slab under lateral loads. This study is to verified the accuracy of a Modified-EFM under combined lateral and gravity loads. The accuracy of this model is verified by comparing the results using the Modified-EFM with the results of finite element analysis. For this purpose, 7 story building is considered. The analysis results of other existing models are included. The analysis results show that Modified-EFM produces comparable drift and slab internal moments with those obtained from finite element analysis.