경제 불확실성이 한국 수출제조기업의 투자에 미치는 영향에 관한 연구

This study investigates the impact of economic policy uncertainty on the investment of Korean export manufacturing firms by using the Business Activity Survey from 2006 to 2017 and the Economic Policy Uncertainty Index. The economic policy uncertainty index was separately used for the two countries, Korea and the United States. The main findings from the regression analysis are as follows. First of all, economic policy uncertainty was found to have a negative effect on the investment of Korean export manufacturing firms. This was the same for both empirical results using the Korean and US economic policy uncertainty index. Next, the negative effect of these economic policy uncertainty indices varied according to the heterogeneous individual characteristics of firms. The higher the ratio of tangible assets, the less the negative impact of economic policy uncertainty on corporate investment. Likewise, the negative effect of economic policy uncertainty was attenuated in firms that exhibited higher R&D intensity and more actively engaged in internal innovation activities. Conversely, firms with a higher share of export sales compared to total sales reduce corporate investment more significantly when economic policy uncertainty is high.