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기업규모가 수익률에 미치는 영향

Title
기업규모가 수익률에 미치는 영향
Authors
김세은
Issue Date
2000
Department/Major
대학원 경제학과
Publisher
이화여자대학교 대학원
Degree
Master
Abstract
그 동안 우리 나라 경제에서 중소기업은 대기업에 비해 성장에 많은 애로를 지니고 있었다. 그러한 애로 사항 중의 하나가 인력난이다. 이는 대기업과 중소기업의 현격한 임금격차로 인해 대부분의 고질의 인력이 대기업에 집중되면서 나타난 것이라고 할 수 있다. 본 논문에서는 바로 이러한 기업규모의 차이로 나타나는 임금격차에 관해서 분석해 보고자 한다. 이론적으로 한 사업장의 임금 수준이 다른 사업장에 비해서 높은 경우 해당 사업장에 대한 노동공급의 증대로 임금수준이 다른 사업장과 같아지게 된다. 그러므로 이론상으로는 임금 격차는 노동공급의 증대나 감소로 존재하지 않게 되어야 하는 것이지만 현실적으로는 ‘임금 격차’가 존재하고 있는 실정이다. 본 논문에서 분석하고자 하는 기업규모별 임금 격차에 대해 종래까지의 연구는 기업규모가 임금 수준에 미치는 영향과 그러한 격차가 발생하게 되는 원인에 주안점을 두었다. 하지만 본 논문에서는 기업규모가 임금 ‘규모’에 미치는 영향의 정도보다는 임금을 결정하는 요소에 대한 '수익률'에 미치는 영향에 대해서 분석하고자 한다. 이를 위해 본 논문에서는 한국노동패널 1차 년도 자료(1998)의 제조업 남성 근로자를 대상으로 분석해 보았다. 첫번째로 기업규모가 임금 규모에 미치는 영향정도를 살펴보기 위하여 기업규모 더미를 사용하여 분석해 보았으나 이 경우에는 대기업 여부가 유의적이지 않은 결과를 나타냈다. 이는 기업규모와 인적 자본 결정요소와의 관계를 고려하지 않음으 로 인해 기업규모 더미의 유의성이 낮으며 그 영향정도도 낮게 나타난 것으로 보인다. 두 번째로는 기업규모에 따라서 다른 수익률을 갖는지 살펴보기 위해서 종사자수 300인 기준으로 기업규모별로 구분하여서 분석하였다. 그 결과, 학력, 경력, 근속기간에 대해 대기업이 더 높은 수익 을 보장하고 있다고 나타났으며 기업규모별로 구분하여 분석하는 것도 유의적으로 나타났다. 하지만 이와 같이 단순히 자료를 구분하여 분석할 경우 일종의 표본 선택이 존재하게 되는 문제가 있다. 그러므로 세 번째로는 스윗 칭 모형 (switching model)을 사용해서 이러한 표본 선택의 문제를 보정한 분석을 해보았다. 개인의 기업규모 결정에 있어서 일종의 경향이 존재하고 있으며 이로 인해 대기업을 선택하는 집단과 중소기업 을 선택하게 되는 집단은 각기 다른 성격을 지니게 된다고 보고 이러한 특성을 염두하여 분석할 경우에는 학력 근속기간에 대해 중소기업이 대기업보다 더 높은 수익률을 갖는 것으로 나타났다. 이는 기업규모별 집단간에 일정한 성격상의 차이를 지니고 있으며 대기업에는 높은 수준의 인적자본을 지난 근로자의 비중이 집중되어 있으므로 중소기업에 비해 상대적으로 이에 대한 수익률이 낮기 때문으로 보인다.;Korea, which eulogized the high growth of economy for last thirty years, faced unexpected change to receive relief finance from IMF in October 1997. Consequently, structural adjustment has been conducted everywhere and it was took as an opportunity for reflection on what Korean economy had failed to notice. It is not too much to say that Korean economy has been developed depending on major companies including several Chaebols(conglomerates) as is commonly said. Major companies enlarged their size for a long while. However, small and medium-sized companies were too small in their numbers and had many bottlenecks to their growth unlike major companies, which had received lots of supports. One of the bottlenecks they have is the manpower problem. This was because the most of high quality manpower had flowed into major companies due to the marked wage gaps between major companies and small and medium-sized companies. According to [Analysis of change factors for the degree of inequality in wage income] by K.J Yoo (1998), it was revealed that the degree of inequality in wage income has increased related to the firm size. On the contrary, it has decreased related to factors such as the educational level, tenure, and gender. At this moment, this study aimed to analyze the wage differential originated in the differences in the firm size. This study discussed the effect of relevant firm size on wage rate of human capital determining factor using the data on male laborers in manufacturing industry from KLIPS(1998). At first, the effect of firm size on wage size was analyzed to figure out its significance by OLS. In this case, the significance of the firm-size dummy variable and also the degree of effect was low because only the firm-size variable was used to analyze the firm size without considering the specific character of each firm size. (There was the probability that it was correlated with other variables.) Second, the data classified by the firm size was analyzed to investigate the wage rate related to the firm size. it was significant to analyze each variable related to the firm size and major companies showed higher wage rate in human capital determining factors such as education level, tenure, experiance. However, it is concerned there might exists a kind of sample selection problem when the data was classified simply like this case. So an analysis compensated this sample selection problem was conducted based on the study of Double Labor Market by J.S Lee (1992), the study by Idson and Feaster (1990), and the Internal Labor Market theory. A tendency existed underlying an individuals choice of firm size and therefore a group choosing major companies and a group choosing small and medium-sized companies have different characteristics each other. In case the wage rate to each determining factor of human capital was analyzed considering their characteristics, it was found that the wage rate was higher for small and medium-sized companies than major companies. This result seems to be originated in the fact that the ratio of laborers with the high level of human capital is higher and the wage rate is relatively lower in the case of major companies than small and medium-sized companies because each group of firm size has some differences in their characteristics. This study has some limitations. First, the reliability of explanation has a boundary resulted from the small number of samples because only male laborers in manufacturing companies were selected as objects for analysis to exclude the differences due to gender and industy. Second, this analysis has a limit to elucidate the definite difference in the wage structure of firm size because the firm sizes belong to extensive category were restrained to two groups and their characteristics were considered similarly. For example, the firm size was classified on the basis of 300 persons. The group of below 300 persons includes the petty companies with less than 10 persons and the group of over 300 persons includes major companies with more than 1,000 persons. And third, 1,022 persons of wage laborers who had not answered about the firm size in the original KLIPS data were excluded from the analysis. In this study, it was assumed that there was no correlation between these laborers and the firm size. However, if there exist any correlation, another sample selection problem will occur. With an analysis based on the appropriate classification of the firm size and microscopic data of higher quality, it will be possible to conduct more significant analysis in the future study.
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