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최고경영자가 보유한 인적 자본이 경영성과에 미치는 영향: 중국 지방정부와의 정치적 연계를 중심으로

The Effect of CEO’s Human Capital on Firm Performance:Focusing on Political Connections with Local Governments in China

이승혜|박영수
한국국제경영학회 (Korean Academy of International Business)|2021.08|국제경영연구 (International Business Journal)|제32권 제3호|pp. 25-58

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참고문헌

키워드

인적 자본Human Capital정치적 연계중국 민영기업Political ConnectionsChinese Private Firms
주제분류경영학

초록

본 연구는 중국 민영기업 최고경영자의 정치적 연계가 경영성과에 미치는 영향을 상층부 이론과 인적 자본 이론을 통해 살펴보았다. 최고경영자의 개인적인 특성은 기업의 전략적인 의사결정에 직간접적인 영향을 미치며, 또한 기업 특유의 장점으로서 지속가능한 성장을 위한 기업의 인적 자본으로도 작용한다. 이에 본 연구는 중국 민영기업 최고경영자가 보유한 정치적 연계가 기업의 인적 자본으로서 경영성과에 긍정적인 영향을 미치는지 실증적으로 확인하고자 하였다. 또한, 정치적 연계의 직접적인대상인 중국 지방정부를 계층적으로 나누어 정치적 연계라는 인적 자본의 가치와 영향력의 차이 역시 살펴보았으며, 기업의 규모와 연령과 같은 구조적인 특성이 이러한 관계를 조절할 것으로 기대하였다. 이를 검증하기 위해 2008년부터 2016년까지 중국 상하이와 선전 증권거래소에 상장된 1,452개 민영기업 총 9,903개의 관측치를 대상으로 분석하였으며, 그 결과 최고경영자의 정치적 연계는 기업 경영성과에 정(+)의 영향을 미치는 것을 확인할 수 있었다. 또한, 정치적 연계를 계층적인 지방정부로 나누어 살펴보았을 때, 최상위 지방정부인 성급 지방정부와의 정치적 연계만이 경영성과에 긍정적인 영향을 주는 것으로 나타났는데, 이는 최고경영자가 보유한 인적 자본의 가치와 영향력은 성급 지방정부와 연관이 있을 때만 발휘되는 것으로 볼 수 있다. 또한, 기업 규모가 크고, 기업 연령이 높으면, 성급 지방정부와의 정치적 연계가 경영성과에 미치는 긍정적인 영향이 각각 완화되는 것을 확인할 수 있었다

Abstract

Following the upper echelon theory and human capital theory, this study examines the effect of CEO’s political connections in Chinese private firms on firm performance. The personal characteristics of the CEO affect the strategic decision-making of the firm both directly and indirectly, and it is also firm-specific advantages that work as the human capital for the sustainable growth of the firm. In response, this study aims to empirically confirm whether political connections held by the CEOs of Chinese private firms have positive effects on firm performance as the firm’s human capital by dividing the Chinese local governments, which are a direct subject of political connection hierarchically. In addition, this article also examines the moderating effects of the firm’s structural characteristics such as size and age. Using a sample of 9,903 observations of 1,452 private firms listed on the Shanghai and Shenzhen stock exchanges from 2008 to 2016, the results show that the CEO’s political connections are positively related to firm performance. In addition, we find that only political connections with the provincial local government had a positive effect on firm performance. This result indicates that the value and influence of human capital held by CEOs only affect when they are related to the highest local government. Lastly, we find that the positive relationship between CEO’s political connections with the provincial local government and firm performance becomes weaker when the firm size bigger and older firm respectively.

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