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

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.