중국 기업의 소유구조 형태가 투자효율성에 미치는 영향

[Purpose] In this study, we attempted to analyze the impact of the ownership structure of Chinese companies on investment efficiency. Specifically, the purpose of this study was to classify the ownership structure of Chinese companies into state－owned enterprises and non－state－owned enterprises, and to examine the relationship with investment efficiency by dividing state－owned enterprises into state－owned central enterprises and state－owned local enterprises. [Methodology] This study targeted listed companies issuing A shares on the Shanghai and Shenzhen Stock Exchanges from 2016 to 2019, and the final company－year sample was 5,032. Financial data and governance structure for analysis were extracted from Osiris and CSMAR. Investment efficiency was measured using the method of McNichols and Stubben (2008). [Findings] The results of the analysis on the relationship between state－owned enterprises and investment efficiency are as follows. First, it was found that there was a negative relationship between state－owned enterprises and investment inefficiency, and the more state－owned enterprises were, the more they suppressed excessive investment. Second, in a study that analyzed state－owned enterprises by dividing them into state－owned central enterprises and state－owned local enterprises, it was found that there was a positive relationship between state－ owned central enterprises and investment inefficiency, and the results showed that investment efficiency increased for state－owned local enterprises. It seemed. [Implications] This study presented results showing that the investment efficiency of state－owned enterprises was high, unlike the results of previous studies analyzing the period before 2010. These results suggest that China’s continuous reforms are improving the investment efficiency of state－owned enterprises