저숙련 외국인 근로자 고용의 기업 재무효과-중소기업을 중심으로-

This study empirically investigates how the use of low-skilled migrant workers affects corporate financial performances. More specifically, how it affects profitability and some other intermediate variables such as labor productivity, wage level of low-skilled domestic workers, wage level of high-skilled domestic workers, labor equipment ratio, and labor shortage rate. This study also explores whether each of the intermediate variables acts as a role of mediator. Dynamic Panel Data Models are utilized as the statistical models of this study, and the SME sample with less than 300 employees in Workplace Panel Survey data (2005-2013) is utilized. The results of this study indicate that the proportion of low-skilled foreign workers has statistically significant positive effects on operating income per capita. Out of the intermediate variables, the fixed asset per capita is negatively affected significantly at α=0.05 by the proportion of low-skilled foreign workers, and sales per capita is positively affected by the proportion of low-skilled foreign workers, but only significant at α=0.10 by one-tailed test. On the other hand, the pay levels of male high school and college graduates, and labor shortage ratio are not affected significantly by the proportion of low-skilled foreign workers. Sobel tests indicate that any of the intermediate variables does not play a role of mediation between the proportion of low-skilled foreign workers and the operating income per capita. At most the sales per capita acts a weakly positive mediating role, significant at α=0.10 by one-tailed test. Finally the results are summarized, and the limitations of this study are discussed.