중국기업의 소유구조가 국제화에 미치는 영향에 관한 연구 / The Impact of Ownership Structure of Chinese Enterprises on Internationalization
- Resource Type
- Dissertation/ Thesis
- Authors
- 이소 / Li, Xiao
- Source
- Subject
- 소유구조
국제화
ownership structure
internationalization
state-owned stake
corporate shareholder stake
managerial ownership
foreign investor stake
- Language
- Korean
This paper empirically analyzed the effect of ownership structure of Chinese companies on the degree of internationalization by using panel data to verify conceptual models. This paper studied and analyze the data from 252 companies listed on the Shanghai Stock Exchange and Shenzhen Stock Exchange in China, during the period of 2005 to 2013, using the Fixed-effects Model. According to the analysis we found that the share of state-owned stake, corporate shareholder stake and managerial ownership have a positive effect on the degree of internationalization of firms. On the contrary ownership concentration negatively affects the degree of internationalization. However the foreign investor stake was not statistically significant in the degree of corporate internationalization.