제도의 발전 과정에서 제도적 압력의 생성이중국 기업들의 기업 가치에 미치는 영향 :중국의 환경 제도를 중심으로
The Effect of the Emerging of Institutional Pressure on the Corporate Value of Chinese Firms in the Process of Institutional Development: Focusing on Environmental Institutions in China
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초록
본 논문의 목적은 제도적 발전과 제도적 압력이 기업 가치에 어떤 영향을 미치는지 알아보는 것이다. 특히, 지역별 제도적 발전 수준에 따라 제도적 압력이 기업 가치에 미치는 영향을 실증 분석하고, 특히 제도적 압력을 규제적 압력, 규범적 압력, 문화․인지적 압력 등 3가지로 세분하여 분석하였다. 본 논문의 주요 변수는 제도적 발전, 제도적 압력 및 기업 가치 등 세 가지이다. 분석 대상 국가는 중국이며, 분석 대상 지역은 중국의 지역별 제도 발전 수준을 반영하기 위해 31개 성․시로 세분하였다. 관찰 기간은 2008년부터 2017년까지 총 10년이며, 분석 대상은 중국 A시장에 상장된 3,079개 기업의 10년간 관측 샘플 19,869개이다. 분석에 따르면 제도가 발전할수록 제도적 압력의 크기가 커지고, 제도적 압력이 클수록 기업 가치가 증가하는 것으로 나타났다. 또한 제도 발전 수준이 높을 때는 모든 압력이 기업 가치에 긍정적인 영향을 미치는 것으로 나타났다. 그러나 제도적 발전수준이 낮을 때 문화․인지적 압력은 기업 가치에 부정적인 영향을 미쳤다. 본 연구는 지역별 제도발전 수준에 따라 제도적 압력이 기업 가치에 미치는 영향을 규명하였다는 점에서 학술적 의의가 있다. 또한 중국의 제도 발전 과정에서 규제적 압력, 규범적 압력, 문화적 인지적 압력이 각각 기업 가치에 미치는 영향을 실증함으로써, 기업이 각각의 압력을 전략적으로 활용할 수 있게 했다는 점에서 실무적 시사점이 있다.
Abstract
This study aims to investigate how institutional development and institutional pressures affect corporate values. In particular, according to the institutional development level in each region, the effect of the institutional pressure level on corporate values is investigated through empirical evidence, and institutional pressure is divided into three categories: regulatory pressure, normative pressure, and cultural-cognitive pressure. The research has three main variables: institutional development, institutional pressure, and corporate value. The analysis target country is China, and the analysis target region was divided into 31 provinces and cities to reflect the regional institutional development level in China. The observation period is a total of 10 years, from 2008 to 2017, and the analysis subject was 19,869 samples from 3,079 companies listed on China’s A market for ten years. The research found that the magnitude of institutional pressure increases as the institutional develops, and as the institutional pressure increases, the corporate value increases. In addition, all pressures positively affected corporate value when the institutional development level was high. However, cultural-cognitive pressure had a negative effect on corporate value when the institutional development level was low. This study has academic significance in that it investigates how institutional pressures affect corporate values according to the regional institutional development level. In addition, there is a practical implication in that firms can use pressures strategically by demonstrating the effects of regulatory, normative, and cultural-cognitive pressures on corporate values in the process of institutional development.
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