코로나19 위기와 기업경쟁구도 변화: 과거 경제위기와의 비교를 중심으로(Covid-19 Crisis and Shifts in the Corporate Competitive Landscape: Comparisons with Previous Economic Crises)

본 연구는 주요 경제 위기 혹은 경기변동에 따른 기업동학의 특징을 살펴본다. 먼저 글로벌 상위기업들의 주요 특징을 지역별, 산업별로 분석하고, 경기변동에 대한 민감도가 주요 특징에 따라 어떻게 다른지 알아본다. 다음으로 우리나라 상장 비금융기업들의 산업간 위기에의 반응 차이를 분석하고, 코로나19 시기에는 특히 대면 산업과 비대면 산업 간에 차이가 있었는지 확인한다. 또한 우리나라 중소규모 사업체들의 인허가율 및 폐업률 추이를 살펴본 후 사회적 거리두기가 폐업률에 어떠한 영향을 미쳤는지 제시한다. 마지막으로 주요국의 코로나19 대응 기업 지원책들을 알아본 후 우리나라 정부의 지원을 받은 산업과 그렇지 않은 산업의 꼬리분포 변화를 추적한다. 이후 연구된 결과들로부터 정책적 대응 방향을 제시한다. In terms of economic fluctuations, it is well recognized that the effects of an economic crisis have a detrimental impact on the entry, growth, decline, and exit of firms. In addition, the magnitude of the impact varies both within and between industries depending on the size and other characteristics of the firm. The economy is going through significant changes due to the emergence of new industries and the decline or disappearance of current ones. This study looks at how big economic events like the COVID-19 pandemic and the global financial crisis have affected businesses and industries. After completing a study at several levels of top international corporations, larger domestic enterprises, and domestic small and medium-sized businesses, it attempts to draw policy implications. In chapter 2, we analyzed changes in the activities and characteristics of large global firms using Global Compustat: Fundamental Annual data. Specifically, we presented basic statistics on changes in concentration and profit margins in three regions (Asia, North America, and Europe) and then examined how the economic share of large firms has changed over time and across crises. We also looked at the data by industry to identify heterogeneity. To understand the impact of changes in the economic weight of top firms, we examined how the characteristics of top firms have changed over the past 20 years. We looked at cost-to-sales, investment-to-sales, and R&D-to-sales as firm characteristics. Cost-to-sales is closely related to operating margins and markups, while investment and R&D expenditures as a percentage of sales have a significant impact on economic development, with differences between North American companies and those in other regions. After reviewing the changes in the ranking of larger companies, we found that North American firms were more likely to move up and down, while those in Europe and East Asia were less likely to do so. Finally, the regression analysis examined differences in business cycle sensitivity based on firm characteristics. (the rest omitted)