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기업의 전략적 일탈이 주가지연에 미치는 영향: 중국 시장을 중심으로

The impact of corporate strategy deviance on stock price delays: Evidence from China

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키워드

주제분류경영학

초록

본 연구는 기업의 전략적 일탈이 주가지연에 미치는 영향을 분석한다. 또한 ESG 성과에 따른 기업의 전략적 일탈이 주가지연에 어떠한 영향을 미치는가를 추가적으로 검증한다. 본 연구는 2009년도부터 2021년도까지 중 국 상하이와 선전 증권거래소에 상장된 기업을 대상으로 기업의 전략적 일탈이 주가지연에 미치는 영향을 실증 분석 하였다. 아울러 ESG 성과에 따라 기업의 전략적 일탈이 주가지연에 미치는 영향이 차별적인지를 검증하였 다. 분석 결과를 종합해보면, 첫째, 중국 상장기업에는 기업의 전략적 일탈이 중국 자본시장의 주가지연 현상에 긍정적인 영향을 미치는 것으로 나타났다. 이는 차별화된 기업전략이 주가지연을 심화시키고 자본시장의 효율성 을 낮춘다는 것임을 알 수 있다.둘째, ESG 성과가 높은 기업이 낮은 기업에 비해 기업의 전략적 일탈이 주가지 연에 미치는 영향이 상대적으로 낮게 나타났다. 셋째, 기업의 전략적 일탈이 경영위험을 증가시키고 이로 인해 주가지연 현상을 심화시키는 것으로 나타났다. 본 연구는 주가반응속도의 관점에서 기업의 전략적 일탈과 자본 시장의 효율성 간의 관련성을 살펴보았다는데 의의를 둘 수 있다.

Abstract

This study empirically examines the influence of strategy deviance on stock price delays and the moderating effect of ESG performance on this relationship, further analyzing its mechanism and heterogeneity. Using the annual financial data of Shanghai and Shenzhen A-share listed companies from 2009 to 2021, we adopted a two-way fixed-effects model to test the influence of strategy deviance on stock price delays and the moderating effect of ESG performance on the relationship between them. The analysis concluded that strategy deviance has a positive effect on stock price delays, which means that a differential competitive strategy can reduce the capital market pricing efficiency. However, good ESG performance can migrate the promotional effect of strategic variance on stock price delays. The mechanism test shows that strategic deviance increases stock price delays by increasing business risk. In the heterogeneity test, the promotional effect of strategy deviance on stock price delays is more significant for companies with lower industry competition and less analyst attention. This study confirms the negative relationship between strategy deviance and capital market price efficiency from the perspective of stock price speed, which can improve the function of China’s capital market and guide its economy toward high-quality transformation.

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