중국 내 외상투자기업의 지배구조가 CSR 성과에 미치는 영향에 관한 연구

국문 초록 (Abstract)

본 연구는 중국 내 외상투자기업이 가지는 기업지배구조 요인이 기업의 사회적 책임(CSR) 활동 및 성과에 어떤 영향을 미치는가를 살펴보기 위해, 2000년대 중반 이후부터 CSR에 관한 강화된 제도적·환경적 압력을 받고 있는 외상투자기업들을 대상으로 실증 분석을 시도한 논문이다. 상하이증권거래소에 상장되어 있는 외상투자기업들 중 2008년부터 2013년까지 6년간 관찰 가능한 158개의 기업을 표본 대상으로 하여 고정효과모형(fixed effect model)으로 분석하였다. 본 연구에서는 기업지배구조 요인을 소유와 경영 주체로 구분하였으며 소유 주체의 특성으 로써 최대 주주의 지분율과 외국인 투자자 지분율을, 경영 주체의 특성으로써 사외이사의 비 율과 정치적 연관성(political connection)을 가지는 사외이사의 비율을 각각의 독립변수로 상정하여 이것들이 외상투자기업들의 CSR 성과와 가지는 관계를 검증 하였다. 실증 분석 결과, 연구에서 상정된 변수 중 외국인 투자 지분율과 정치적 연관성을 가지는 사외이사의 비율이 CSR 성과와 유의미한 결과를 보임을 확인할 수 있었다. 이 같은 결과는 독자적 정치, 경제 체제를 가진 중국 내에서 활동하는 외국 기업들을 연구함에 있어 기업지배구조가 CSR 성과에 영향을 미치고 있음을 보여주는 동시에 외상투자기업들의 중국 진출에 있어 고려되어야 할 주요한 지배구조 요인을 제시하고 있다는 점에서 이론적, 실무적 시사점을 가진다.

다국어 초록 (Multilingual Abstract)

This paper attempts to answer how governance structure influence CSR performance of foreign enterprises in China, under increasing level of institutional, environmental pressure on CSR since mid-2000s. We examined the effect of four governance mechanisms on the CSR performance, largest shareholders holding and foreign ownership as two distinct ownership structure, and ratio of outside director and outside director with political connection as two types of board characteristics. We tested our hypotheses based on the sample of 158 foreign enterprises listed on the Shanghai Stock Exchange during 2008-2013, using fixed effect model. The results show that foreign ownership has a positive effect on the CSR performance, and the ratio of outside director with political connection positively influence the CSR performance. Our findings have important theoretical and practical implications to foreign enterprises, suggesting how such companies can improve their CSR performance using effective governance mechanisms in countries like China, exhibiting unique political and economic institutions.

목차 (Table of Contents)

• I. 서론
• Ⅱ. 이론적 배경 및 가설
• Ⅲ. 연구방법
• Ⅳ. 실증분석 결과
• Ⅴ. 논의 및 결론
• 참고문헌
• Abstract

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