해외직접투자 기업의 재무성과에 관한 연구- 중국직접투자기업을 중심으로 -

The purpose of this study is to examine the reaction of sampling companies listed on Korea Exchange that started Direct Investment by Korean Firms in China and understanding subsequent responses in the stock market. By using stock price data based on Event-Study Methodology and Market Adjusted Model, we were able to analyze long-term results of the companies after foreign direct investment. We also used to financial ratio analysis in order to evaluate to financial performance and executed a regression analysis in order to evaluate factors influencing on financial performance of these companies. The results of this study can be summarized as follows:First, after analysing all direct investment cases, it turned out that a significant positive abnormal return was seen after (+23)months, since direct investment in china. Therefore, the long-term results of Direct Investment can yield highly positive results for stockholders and interested persons in Korea. Second, financial analysis showed that profitability ratio and activity ratio revealed the differences of Direct Investment Firms in China and contolled ones. The other financial ratios is analyzed a little of differences. Third, regression analysis revealed that the factor's order which influenced the effect of finacial performance was quick ratios, current ratios, total assets turnover.