초록

본 논문은 다각화된 기업에서의 계열사 간 자원공유의 문제를 다루고 있다. 자원공유는 전통적인 다각화 연구에서 기업 간 성과차이를 설명하기 위한 핵심논리로 사용되고 있음에도 불구하고 자원공유 자체를 연구주제로 하여 명시적인 변수로 설정하는 실증연구는 매우 부족한 실정이다. 자원공유에 관한 기존 이론은 기업 수준의 연구와 사업부 수준의 연구로 구분할 수 있는데, 이들 연구들은 분석수준이나 관점의 차이로 인해 각각의 한계를 지니고 있다. 기업 수준의 연구는 계열사 차원에서 일어나는, 자원공유에 관련된 다양한 다이내믹스를 파악하지 못하며 사업부 수준의 연구는 자원공유의 필요성에 초점을 맞추기 때문에 실현가능성에 대한 논의가 부족하다. 또한 각 이론들은 그룹본부와 계열사라는 서로 다른 입장에서 자원공유의 논리를 제시하기 때문에 어느 한 쪽의 시각만이 반영된 편향된 관점에 의존하고 있다. 이러한 문제점을 인식하여, 본 논문에서는 기업 수준 및 사업부 수준의 논의를 포괄하는 통합적 틀을 제시하고 실증분석을 통해 이론의 타당성을 입증하고 있다. 분석결과에 따르면, 그룹 수준 및 계열사 수준의 결정요인들은 모두 자원공유에 유의적인 영향을 미치는 것으로 밝혀졌다. 이는 기업 수준의 논의와 사업부 수준의 논의가 모두 타당성을 가짐을 말해주는 것이다. 또한 계열사 수준의 자원공유 결정요인들은 주로 관련다각화 전략의 경우에 유의성을 가진다는 사실을 확인함으로써 계열사의 상황적 요인을 강조하는 사업부 중심의 논의들은 관련다각화 전략의 경우에 한해 제한적으로 적용될 수 있음을 알 수 있었다. 본 논문의 가장 중요한 의의는 기업 수준과 사업부 수준에서 개별적으로 논의되어 온 자원공유의 이슈를 하나의 통합된 틀 속에서 다룸으로써 각 이론에 내재되어 있는 논리상의 약점을 보완할 수 있었다는 데에 있다. 더불어, 다각화전략과 경쟁전략 외에 다양한 결정요인들을 제시함으로써 자원공유에 관한 새로운 논리들을 개발했다는 점에서 또 다른 의의를 찾을 수 있다.

키워드

자원공유, 시너지, 다각화, 다수준

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