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중국 제조기업의 지리적 다변화, 제품다각화가 기업가치에 미치는 영향: 파생상품사용의 조절효과를 중심으로

The Effect of Geographic Diversification and Product Diversification on Firm Value of Chinese Manufacturing Companies: A Study on the Control Effect of Derivatives Use

김태중|유정|서시국
경영경제연구소 (management & economic research institute)|2023.02|경영경제연구 (Journal of Management & Economics)|제45권 제1호|pp. 59-85|DOI 10.22828/meri.2023.45.1.003

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참고문헌

키워드

파생상품기업가치Firm Value제품다각화Product Diversification지리적 다변화Geographic DiversificationDerivatives Use
주제분류경영학

초록

본 논문은 지리적 다변화, 제품다각화와 기업가치에 관한 선행연구를 바탕으로 지리적 다변화 및 제품다각화가 기업가치에 미치는 영향 및 파생상품 사용의 조절효과에 대하여 실증분석하였다. 구체적으로 다중회귀분석을 통하여 지리적 다변화와 제품다각화가 기업가치에미치는 영향을 분석하고, 잠재변수들 사이의 파생상품사용의 조절효과를 탐색하였다. 본 연구는 2016년부터 2020년까지 중국 심천증권거래소에 상장된 529개 제조기업을 대상으로 분석하였다. 연구결과, 해당 제조기업들은 지리적 다변화와 제품다각화를 통하여 기업가치를 향상시키지만, 파생상품사용은 외국인비용을 헤지하기 못하고 오히려 지리적 다변화, 제품다각화와 기업가치 간에 부정적인 조절효과를 보이는 것을 확인하였다. 기업은 지리적 다변화와 제품다각화를 통해 단일 시장에 비해 경영위험과 시장위험을 분산시키고 경쟁우위를 창출하려고 노력하며, 경영자들은 파생상품에 대한 전문지식이 부족하거나 이종통화의 복잡성과 유연성으로 인해 예상치 못한 환율변동을 잘못 예측하여 기업가치에 부정적인 영향을 초래할 수 있음을 확인하였다.

Abstract

Based on previous studies on geographic diversification, product diversification, and corporate value, we conducted an empirical analysis on the effects of geographic diversification, product diversification on corporate value, and the moderating effect of derivatives use. This study targets 529 manufacturing companies on the Shenzhen Stock Exchange in China from 2016 to 2020. As a result of the analysis, it was confirmed that the value of manufacturing companies was improved through geographic diversification and product diversification. In addition, the use of derivatives does not hedge foreign costs, but rather sees negative (-) moderating effects between geographic diversification, product diversification, and corporate value. Considering these points, companies distribute management risks and create a competitive advantage rather than entering a single market through geographic diversification and product diversification. In addition, corporate managers lacked expertise in derivatives or the complexity and flexibility of heterogeneous currencies incorrectly predicted unexpected exchange rate fluctuations, resulting in negative moderating effects on corporate value.

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