중국 기업소유지배구조와 기업경영성과와의 연관성
Shareholding Structure and Corporate Performance of Listed Chinese Companies
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초록
본 연구의 목적은 중국 상장기업의 지배소유구조가 기업경영성과에 미치는 효과를 검증하기 위해 1994년부터 2003년까지 192개 상장기업 자료를 이용하여 패널분석을 실시하고 그 결과를 검토하고, 경영성과를 제고하기 위한 지배구조개선의 당위성을 확인하는 것이었다. 본 연구는 우선 기술적 분석으로 통계적 상황을 파악하였고, 각 변수간의 상관분석과 함께 기업지배구조와 경영성과간의 관계를 OLS회귀모형을 통해 추정․분석하였다. 또한 복수방정식을 이용하여 상기의 추정결과를 더한층 돈독히 하였다. 중국 상장기업의 소유지배구조는 크게 정부가 대주주인 기업과 법인이 대주주인 기업으로 양분된다. 이러한 소유지배구조와 기업성과를 분석한 결과 법인지배의 기업이 정부지배의 기업에 비해 수익성과 성장성이 좋은 것으로 확인되었다. 그러나 기업의 규모나, 업종, 본사 소재지 등은 기업성과와는 통계적으로 유의미한 점이 발견되지 않았다. 이 연구를 통해 중국 상장기업의 경영성과를 개선하기 위해서는 보다 본질적인 소유권의 개혁과 지배구조 개선이 이루어져야 한다는 점을 확인하였다.
Abstract
Equity ownership in a listed Chinese firm can have as many as five different classes: state-owned share, legal-person (LP) share, tradeable A shares, employee shares, and shares only available to foreign investors, a phenomenon that is unique to the Chinese equity market. In this paper, we investigate whether and how the corporate performance of listed Chinese firms is affected by their shareholding structure. The sample consists of 192 firms listed in the China's stock market from 1994~2003. It is found that firm performance is positively related to the proportion of LP shares but negatively related to the proportion of shares owned by the state. The empirical evidence presented here suggests the inefficiency of state ownership. It caused that the government many pursue political objectives such as excess employment rather than profit maximization. Many studies also point out that conflicts between the government's and shareholders' goals are a source of inefficiency. The inefficiency of state ownership many arise from a series of principal-agent problems. The manager from the government may not have sufficient incentives to preserve and increase the value of state properties. These finding suggest that the rules of organization under the “modern enterprise system” has created a regime conductive to implementing measures for state-owned firm's reform in China's economic transition.
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