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외국인 기관투자자들이 중국 상장사들의 기업가치에 미친 영향 연구: ESG 활동의 매개효과를 중심으로

The Impact of Foreign Institutional Investors on the Firm Value of Chinese Listed Companies: Focusing on the Mediating Effects of ESG

유재욱|진효맹
한국지식정보기술학회 (Korea Knowledge Information Technology Society)|2024.06|한국지식정보기술학회 논문지 (Journal of Knowledge Information Technology and Systems)|제19권 제3호|pp. 497-510|DOI 10.34163/jkits.2024.19.3.010

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키워드

StakeholdersESGFirm valueChinese listed companiesForeign institutional investors
주제분류학제간연구

초록

본 연구는 외국인 기관투자자들이 중국 상장기업의 ESG에 미친 영향과 이를 통해 기업가치에 미친 영향을 분석하는데 목적을 두고 있다. 급격한 환경 변화가 연구결과에 미칠 수 있는 영향을 최소화하기 위해 코로나19가 본격화되기 이전인 2017년부터 2019년까지를 연구기간으로 설정하고, ESG보고서를 발간한 중국 A주식 상장 기업들을 연구대상으로 설정하였다. 자료수집 과정에서 최종 분석 대상으로 선정된 210개 기업들에 대한 주요 분석 결과는 다음과 같다. 첫째, 외국인 기관투자자들의 지분율은 기업가치에 긍정적인 영향을 미치는 것으로 나타났다. 둘째, 외국인 기관투자자의 지분율은 기업의 ESG 활동을 강화하였으며, ESG 활동은 기업가치에 긍정적인 영향을 미치는 것으로 나타났다. 세부적으로는 사회(S) 영역에 긍정적인 영향을 미쳤지만, 환경(E)과 지배구조(G) 영역에는 유의한 영향을 미치지 않았다. 셋째, ESG는 외국인 기관투자자의 지분율과 기업가치 간의 관계를 부분적으로 매개하였다. 세부적으로 ESG의 각 영역을 살펴보면, 사회(S) 영역이 외국인 기관투자자의 지분율과 기업가치 간의 긍정적인 관계를 부분적으로 매개하였다. 연구 결과는 기업가치의 향상을 위한 기관투자자의 기능과 역할을 강화하는 과정에서 ESG 전략이 세밀하게 함께 고려되어야 할 필요가 있음을 시사한다.

Abstract

This study aims to analyze the impact of foreign institutional investors on the ESG of Chinese listed companies and the resulting impact on firm value. To minimize the impact of rapid environmental changes, the study period was set from 2017 to 2019, before the COVID-19 pandemic. The research subjects were Chinese A-share listed companies that published ESG reports. The key findings for the 210 companies that are finally selected as the analysis subjects are as follows. First, the shareholding ratio of foreign institutional investors had a positive impact on firm value. Second, the shareholding ratio of foreign institutional investors strengthened the company's ESG activities, and ESG activities had a positive impact on firm value. Specifically, it had a positive impact on the social (S) domain, but did not have a significant impact on the environmental (E) and governance (G) domains. Third, ESG partially mediated the relationship between the shareholding ratio of foreign institutional investors and firm value. Specifically, the social (S) domain partially mediated the positive relationship between the shareholding ratio of foreign institutional investors and firm value. The research results suggest that in the process of strengthening the function and role of institutional investors to improve firm value, ESG strategies should be considered together.

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