중국기업의 소유지배구조와 기업가치

Corporate governance has been one of the key issues in understanding corporate performances in the Chinese firms. Despite their vital roles, Corporate governance has not been well defined and studied yet, which seems to be largely attributed to ambiguities in the state ownership structures. This paper has challenged to verify that the portions of state-owned shares and legal entity shares could not be a proper indices for corporate ownership in China, but also the types of controlling shareholders could be more appropriate. Based on classification of ownership forms by their ultimate shareholders, this paper argues that firms with inferior ownership structures such as local government directly and indirectly controlled state-owned companies appears to have lower corporate valuations than the cental SOEs. The state-owned companies generally have lower market valuations than non-SOEs, which represents SOEs inferior ownership structures.