중국 상장 민영기업의 정치관련성이 기업투자에 미친 영향: ‘국민진퇴’의 국가전략을 중심으로
Political connections and Privatized enterprises investment: Evidence from China
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초록
중국의 민영기업은 과연 공정한 경영활동이 가능한가? 중국의 시장경제는 정보공개나 금융개방 측면에서 세계에서 가장 불공정하다는 비난을 받고 있으며, 국유기업의 지나친 투자로 민영기업의 기회가 부족한 실정이다. 실제로 중국 정부는 2011년부터 국유기업 확장 정책인 ‘국진민퇴(國進民退)’ 국가전략을 본격화하면서 ‘재국유화’ 논쟁이 제기되기 시작하였다. 이러한 맥락에서 본 연구는 민영기업의 정치관련성이 기업투자에 미친 영향과, ‘국진민퇴’ 국가전략이 정경유착에 의한 민영기업 투자 혜택에 미친 영향을 2008년~2017년까지 상장 민영기업 패널 데이터를 중심으로 실증분석하였다. 분석결과 민영기업의 정치관련성이 유의미한 수준에서 기업투자를 높여 주었는데 민영기업이 정부와의 밀접한 관계를 맺을수록 투자 혜택을 받고 있었다. 한편 ‘국진민퇴’ 국가전략과 정치관련성 교차항 변수는 유의미한 수준에서 기업투자에 부정적인 영향을 미쳤는데 정치관련성에 의한 민영기업의 투자 혜택이 줄어들었다.
Abstract
This study empirically analyzes the effects of political connectedness on corporate activities investment of privatized enterprises. In addition, also looks into how the policy of 'guojinmintui' ("the state enterprises advance, the privatized sectors retreat”) moderate preferential treatment given to enterprises based on their political connectedness. The empirical analysis applied random-effects and pooled OLS models to panel data of listed privatized enterprises from 2008 to 2017 and the following conclusions were drawn. Analyses find that the political connectedness substantially increased corporate investment, indicating that privatized enterprises also benefit from political relationships. Further, political appointment of city secretary was found to lead to contraction of investment in privatized enterprises. This indicates that privatized companies, lacking the same level vertical integration in the provincial and central government’s policy considerations, are more vulnerable to political uncertainties arising from city secretary’s replacement. Moreover, the policy of advancing state-owned enterprises was found to reduce privatized enterprises’ investment benefits due to their political connectedness.
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