중국 대형기업의 특성변화 요인 분석: 상위 200대 상장기업을 중심으로 = An Analysis of Characteristics of the Largest Firms in China: the Case of the Top 200 Public Firms

다국어 초록 (Multilingual Abstract)

This study aims to improve our knowledge on the largest firms in China and their development by analysing characteristics of them using panel data of the top 200 firms listed in China. Several variables are built up using information collected from the annual reports. Types of control shareholders, the finance company, the joint venture with foreign companies, and the R&D center are used as proxies for ownership structure, the internal capital market, technology transfer, and R&D activities, respectively. Major findings of the study are as follows: there was a steady increase in the number of firms controlled by legal person shares. And we find evidence that firms controlled by legal person shares financially outperform firms controlled by state shares. There was an increase in the number of firms which had access to internal capital markets and the firms used more debts than the ones in the contrast group did. However, there is no evidence that they are different from contrast group firms in terms of financial and market performance. There was a steady increase of firms which had joint ventures with foreign companies because the number of firms which had both joint ventures and R&D centers increased while the number of firms only with joint ventures did not change. There is no evidence that having joint ventures with foreign companies is correlated with financial or market performance. In contrast, we find some evidence that firms with R&D centers experience better financial and market performance than firms without them do. The increase of firms with R&D centers came from the increase of firms only with R&D centers as well as from the increase of firms with both joint ventures and R&D centers.