중국 상장기업 최고경영자의 직위 특성이 기업의 전략변화도에 미치는 영향에 관한 연구 = A Study on the Influence of the CEO Job position Characteristics of China's Listed Companies on the Strategic Change

다국어 초록 (Multilingual Abstract)

In order to look at how the position characteristics of the chief executive of a listed company in China affect the strategic change of the company, this study is an analysis of 270 companies that can be observed over 10 years from 2006 to 2015 using a fixed effect model.
In the study, the characteristics of the CEO's position were divided into three categories: management's tenure, experience of decision-making positions, and the duality directors' position of other companies to verify the causal relationship between each of them with the strategic changes selected by the company. Furthermore, the focus was to re-assign the dual position of directors in other entities, one of the independent variables, as the adjustment variable to verify the effect of this on the main effects relationship.
As a result of empirical analysis, independent variables such as tenure, experience in decision-making positions, and concurrent positions in boards of directors of other companies, which are determined by the characteristics of the CEO's position, all have significant causative relationship and direction with the change in corporate strategy, as set in the research hypothesis. In addition, it has been shown that the dual position of the board of directors of other companies weakens the negative relationship between the term of office and the strategic changes, and strengthens the positive relationship between the number of years of experience in decision-making positions and the strategic changes.
This is a result of the support of all hypotheses assumed by the researchers, meaning that they have expanded their research to Chinese companies that have been relatively understaffed to the CEO, while showing that variables that show the characteristics of the CEO's position can be actively used to explain the relationship with the corporate performance variables in the study of Chinese companies with independent political and economic systems.

국문 초록 (Abstract)

본 연구는 중국 내 상장기업의 최고경영자가 가지는 직위 특성이 기업의 전략변화도에 어떤 영향을 미치는가를 살펴보기 위해, 2006년부터 2015년까지 10년간 관찰 가능한 270개의 기업을 고정효과모형(fixed effect model)으로 분석한 연구이다.
이를 위해 최고경영자의 직위 특성을 경영자의 재임기간, 의사결정직의 경험 연수, 타기업 이사회 겸직 등 세 가지 변수로 구분하여 이들 각각이 기업의 전략변화도와 가지는 인과관계를 검증하였다. 더하여 독립변수 중 하나인 타기업 이사회 겸직 여부를 조절 변수로 재상정하여 이것이 주효과 관계와 가지는 조절효과를 검증하는데 초점을 맞추었다.
실증 분석 결과, 최고경영자의 직위 특성으로 상정한 재임기간, 의사결정직 경험 연수, 타기업 이사회 겸직 등의 독립변수가 연구 가설에서 가정한 바와 같이 모두 기업 전략변화도와 유의미한 인과관계 및 방향성을 가짐을 확인할 수 있었다. 또한, 타기업 이사회 겸직 여부는 재임기간과 전략변화도 간 부(-)의 관계를 약화시키고 의사결정직 경험 연수와 전략변화도 간 정(+)의 관계를 강화시키는 것으로 나타났다.
이는 연구자가 상정한 가설이 모두 지지된 결과로써 그간 상대적으로 최고경영자를 대상으로 한 연구가 부족하였던 중국 기업 연구를 확장시켰다는 의미를 가지는 동시에 독자적 정치·경제 시스템을 가진 중국 기업들을 연구함에 있어 최고경영자의 직위 특성을 보여주는 변수들이 기업 성과 변수와의 관계를 설명하는데 적극적으로 활용될 수 있음을 보여준다.

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