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기업지배구조가 전략변화도에 미치는 영향에 관한 연구: 중국 기업들을 중심으로

The Impact of Corporate Governance on Strategic Change of State-Owned Enterprises in China

박철순|유단
한국전략경영학회 (Korean Strategic Management Society)|2018.04|전략경영연구 (Journal of Strategic Management)|제21권 제1호|pp. 49-79|DOI 10.17786/jsm.2018.21.1.003

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참고문헌

키워드

OwnershipConcentration소유 유형Strategic Change중국 공기업 지배구조이사회 내 사외이사 비율CEO 재임기간소유권집중도전략변화도Governance of State-Owned Enterprises in ChinaRatio of Outside Directors in the BODCEO’s TenureOwnership Type
주제분류경영학

초록

경영전략 분야에선 환경, 상황 변화에 대응한 기업의 전략적 변화를 의미하는 전략변화도에 대한 관심이 커져가고 있으나 다양한 경영 주체나 소유 주체들과의 관계를 종합적으로 살핀 연구가 여전히 미흡한 실정이다. 이에 본 연구는 이 같은 상황을 고려하여 중국 공기업을 역사적, 제도적 기준에 의해 국가기업과 국유법인기업으로 나누고 이들의 기업지배구조(Corporate Governance)와 전략변화도 간 관계를 종합적으로 규명하는데 초점을 맞춰 진행되었다. 상하이증권거래소에 상장되어 있는 공기업들 중 2007년부터 2015년까지 총 9년간 관찰 가능한 270개의 기업이 최종 연구대상으로 확정되었으며 이를 고정효과모형(fixed effect model)을 통해 분석하였다. ‘경영’ 주체의 특성으로써 이사회 전체 중 사외이사가 차지하는 비율과 최고경영자의 재임기간을, ‘소유’ 주체의 특성으로써 소유권 집중도와 소유 유형을 각각의 독립변수로 상정하여 이것들과 전략변화도 간 인과관계를 규명하였으며 공기업의 소유 유형을 조절변수로 재상정하여 각 독립․종속 변수 간 인과관계에 미치는 상호작용 효과 역시 검증하는 과정을 거쳤다. 실증 분석 결과, 연구에서 상정된 네 가지 독립 변수 모두가 종속변수와 유의미한 관계를 가짐을 확인할 수 있었으며 공기업의 소유 유형에 따른 상호작용 효과 역시 모든 가설에서 지지되는 결과를 얻을 수 있었다. 이는 최근 중국 기업들을 대상으로 한 경영전략 분야의 연구가 급증하고 있는 상황 속에서 환경적 특수성을 고려한 중국 기업들에 대한 이론적 접근이 필요하다는 문제 인식을 제고시키는 동시에 그간 중국 기업들을 대상으로 전략변화도에 영향을 미치는 선행 변수로서 기업지배구조 요인이 가지는 효과를 다방면으로 검증하였다는 시사점을 가진다.

Abstract

Although the Chinese government is making efforts to improve corporate governance by attempting to separate ownership and management through the reform of Difference of the Stockholder's Rights at the end of 2006, There are still many state-owned enterprises among listed enterprises. Since state-owned enterprises have differentiated governance and organizational characteristics, there is a need for a more systematic approach to the study of management strategies. In this study, based on the legal and theoretical grounds, we have divided state-owned enterprises into State-Owned Shares and State-Owned Legal Person Shares in terms of ownership type, and we have also focused on identifying the effects of these on the relationship between corporate governance and strategic change. In particular, there has been a great deal of research on the relationship of the characteristics related to principal ‘management' agents among the corporate governance factors and strategic change. Therefore, we have included not only the characteristics of principal ‘management' agents but also the characteristics of 'ownership' holders in corporate governance factors to examine the causal relationship with the dependent variable. Among the state-owned enterprises listed on the Shanghai Stock Exchange (SSE), we have finalized 270 enterprises observable for nine years from 2007 to 2015, and we have analyzed them as a fixed effect model. First, we have considered the ratio of outside directors in the BOD and the CEO’s tenure as the characteristics of principal ‘management' agents, and we have considered the ownership concentration and the ownership type as the characteristics of 'ownership' holders. We have postulated such characteristics as independent variables and have revealed the causal relationship of them with strategic change. In addition, we have redefined the ownership type of a state-owned enterprise as a moderating variable and have examined its interaction effect on the causal relationship between each independent and dependent variable. According to the results of the empirical analysis, all four independent variables proposed in the study have a significant relationship with dependent variables, and all the hypotheses also support the interaction effect depending on the ownership type of each state-owned enterprise. Recently, there have been rapidly increasing studies on management strategy targeting Chinese enterprises. For this reason, this study is aimed not only at raising awareness of the need for a theoretical approach to Chinese enterprises considering environment uniqueness but also at verifying the effect of corporate governance factors as leading variables affecting strategic change in Chinese enterprises in various aspects.

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