대규모기업집단 소속 상장회사에 대한 내부거래 규제의 실효성

김산월(Shan Yue Jin),연강흠(Kang Heum Yon) 한국증권학회 2015 한국증권학회지 Vol.44 No.1

본 연구는 대규모기업집단 지정기준이 자산총액 2조 원에서 5조 원으로 변경된 2009년을 전후하여 내부상품거래를 진행한 상장회사 및 거래상대 계열사의 특성이 상장회사의 성과에 미치는 영향을 비교했다. 또한 지정기준 완화로 인해 2008년에는 대규모기업집단 소속이었지만 2009년에는 일반기업집단 소속으로 변동된 상장회사 및 거래상대 계열사를 따로 추출하여 기업집단 소속변동 전후에 상장회사의 성과에 미치는 영향을 추가 분석했다. 그 결과, 대규모기업집단 지정기준 완화이후 계열사간 산업연관성이 높은 경우 거래기업의 기업성과에 더 긍정적인 영향을 미치고, 거래상대 계열사가 시스템통합, 건설, 물류, 광고 등 내부거래의심산업에 속하는 경우와 부채비율이 높은 경우 거래기업의 기업성과에 더 부정적인 영향을 미친다는 것을 확인했다. 이는 내부거래의 규제대상이 되는 대규모기업집단에 대한 지정기준이 완화된 이후에 계열사간 산업연관성이 높은 부문은 더 효율적으로 내부거래를 이용하고 있지만, 거래상대 계열사가 특정 산업에 속하는 경우와 거래상대 계열사의 부채비율이 높을수록 터널링과 프로핑행위가 강화된다는 것을 보여준다. 이는 정부는 모든 내부거래가 비효율적이라고 판단하여 일괄적으로 규제하는 것보다 기업특성에 따라 개별규제를 하는 것이 바람직함을 의미한다. 또한 규제대상의 범위를 대규모기업집단에서 일반기업 집단까지 확대할 필요가 있으며, 사전적인 규제보다는 사후적인 규제를 진행하는 것이 필요할 것으로 보인다. The designation criterion for large business group changed from a total asset of 2 trillion won to 5 trillion won in 2009. This study compared the effects of the characteristics of listed companies and business partners that had conducted intra-group product transaction before and after 2009 on the performance of listed companies. In addition, the study extracted listed companies and business partners that changed their status from large business group in 2008 to small and medium business group in 2009 due to the relaxed criterion, and analyzed its effect on the performance of listed companies before and after status change. The results suggest that performance was positively affected when the industry relation between affiliates after the relaxation of the criterion for large business group was high. On the other hand, performance was negatively affected when business partners belonged to the industry which is doubtful about intra-group transaction such as SI, construction, logistics and advertisement. Performance was also negatively affected by debt ratio. These indicate that the sectors with the high industry relation between affiliates have efficiently utilized intra-group transaction since the relaxation of the criterion for large business groups, which was the target of regulation on intra-group transaction. These also suggest that tunneling and propping activities became more common when business partners belonged to certain industries and their debt ratio was high. Consequently, the government needs to regulate companies individually according to their characteristics, rather than uniformly regulate them by deciding that all intra-group transactions are inefficient. In addition, the scope of regulation should be extended from large business groups to include small and medium business groups. It is also considered that prior regulation is more desirable than ex ante regulation.

중국 상장기업의 소유 및 지배구조가 스톡옵션 보상에 미치는 영향

김산월 ( Shan Yue Jin ) 한국외국어대학교 중국연구소 2015 中國硏究 Vol.65 No.-

This study investigated the effect of corporate governance structure on the rate of granting stock options in the firms listed on the A-share market of China, which had issued stock options from 2006 to 2014. The results of this study are as follows: First, the rate of granting stock options in state-owned firms was significantly lower than non-state-owned firms. Second, when the managerial ownership before granting stock options was lower, the rate of granting stock options was higher. Third, the ownership of large shareholders had a significantly negative effect on the rate of granting stock options. Fourth, when the ownership of firms was not separated from management, the rate of granting stock options was higher. Fifth, the rate of independent directors had a negative correlation with the rate of granting stock options, without significance. The policy implications of this study are as follows: First, firms need to consider the factors of corporate governance structure when designing their stock options compensation system. Second, the independence of the board of directors needs to be strengthened. Third, a legal environment that can be of help for the introduction and implementation of stock options need to be created.

후강퉁(?港通)제도와 중국 상장기업의 재무제약

김산월 ( Jin Shan Yue ) 현대중국학회 2017 現代中國硏究 Vol.18 No.4

본 연구는 중국의 자본시장 개방의 일환인 후강퉁 제도의 시행이 기업의 재무제약에 미치는 영향을 실증적으로 분석하였다. 결과, 상하이 증권거래소에 상장된 후강퉁 기업은 보편적으로 재무제약이 존재하며 민영기업의 재무제약 정도가 국유기업에 비해 심했다. 동시에 후강퉁 제도의 시행은 민영기업의 재무제약을 완화시켰지만 국유기업에는 뚜렷한 효과를 보지 못한 것으로 나타났다. 이와 같은 결과는 중국 자본시장의 개방을 지속적으로 확대하고 국유기업 경영에 대한 정부의 간섭을 줄여야 하며 민영기업의 투자 및 성장에 유리한 자본조달 경로를 탐색하고 한국의 투자자들은 중국 민영기업에 대한 투자비율을 점진적으로 늘려야 한다는 정책적 시사점을 제시한다. This study was conducted to empirically analyze the effect of the Hugangtong system as a part of opening Chinese capital market on the financial constraints of Chinese companies. The findings showed that Hugangtong companies listed on the Shanghai Stock Exchange had generally financial constraints and the financial constraints of private companies were severer than those of state-owned enterprises. It was also found that the implementation of the Hugangtong system reduced the financial constraints of private companies, while it did not have a significant effect on state-owned enterprises. These results suggest as policy implications that the Chinese capital market needs to continually open its door, the intervention of the government in the management of state-owned enterprises should be reduced, the path of raising capital finance in favor of the investment and growth of private companies needs to be explored and investors in Korea should gradually increase the percentage of investment in private firms in China.

중국 민영기업의 정경유착이 재무제약에 미치는 영향

김산월 ( Shan Yue Jin ),이지숙 ( Ji Suk Lee ) 한국외국어대학교 중국연구소 2018 中國硏究 Vol.75 No.-

This study investigated the effect of political connection of government and Chinese private firms on financial constraints from 2007 to 2015. The result of the study shows that Chinese private firms have financial constraints in general and the close connection between chairman of the board and the government has eased the financial constraints of the firms. At the same time, having a relationship with the local government has helped to alleviate financial constraints compared to the central government. This study has the following policy implications. First, Chinese private firms should raise the capital favorable to their investment and growth because the financial constraints are one of the factors that hinder their development. Second, long-term point of view the Chinese governmen needs to fundamentally improve its system to resolve financial constraints with political connection.

公司治理???企?慈善捐?的影?

陈思宇 ( Chen Si Yu ),金山月 ( Jin Shan Yue ) 한국외국어대학교 중국연구소 2019 中國硏究 Vol.81 No.-

With the rapid development of enterprises as an organizational form, more and more social problems are brought about by purely pursuing economic interests. People begin to realize the necessity of social responsibility. Under various pressures, in order to balance the interests of various stakeholders, enterprises have begun to make some acts of repaying the society. Charitable donation is the initial manifestation of social responsibility. Since the Sichuan earthquake, corporate philanthropic donation in China has become a common way for enterprises to undertake social responsibility, and its level has also been valued by various stakeholders of enterprises. An important condition for balancing various stakeholders is a good corporate governance structure, which will affect corporate charitable donations in the distribution and arrangement of power. By systematically considering various factors of corporate governance structure, this paper chooses a sample of charitable donation enterprises to conduct a normal study, which can better understand the impact of corporate governance structure on corporate charitable donation.In this paper, firstly, stakeholder theory, strategic philanthropy theory and principal-agent theory are put forward as the basis of theoretical analysis, and relevant literature at home and abroad are systematically reviewed. Secondly, based on theoretical analysis, the impact of corporate governance structure on corporate philanthropy donations is explained and the paper is put forward. The research hypothesis, taking the data of Listed Companies in the past four years as the research object, carries on the data analysis, and draws the conclusion. Finally, it provides policy suggestions for the improvement of corporate governance structure and the scientific decision-making of corporate philanthropic donation.

내부통제, 기술혁신과 기업성과

진사우 ( Chen Si Yu ),김산월 ( Jin Shan Yue ) 국민대학교 중국지식네트워크 2021 중국지식네트워크 Vol.17 No.-

대중적인 혁신 시대에 기업의 R&D 혁신은 매우 중요한 관심사 중 하나이다. 기업의 혁신능력은 기업의 미래와 밀접한 관련이 있다. 본 연구는 2009년부터 2017년까지 중국 상장기업을 대상으로 기업의 R&D활동이 기업성과에 미치는 영향을 실증 분석했고 내부통제가 R&D성과에 미치는 영향을 추가적으로 분석하였다. 결과, 기업의 R&D투자와 특허출원은 기업성과를 높이고 기업의 내부통제는 R&D성과에 긍정적인 영향을 미친다는 것을 발견하였다. In the era of popular innovation, technological innovation is one of the more concerning issues. The innovation ability of an enterprise is closely related to its future. This study empirically analyzed the impact of technological innovation activities on coporate performance for listed companies in China from 2009 to 2017, and additionally analyzed the impact of internal controls on performance of technological innovation.