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中国机构投资者绩效研究
Performance of Institutional Investors’ Investment in China
중국궤구투자자적효연구
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- 발행기관
- 부산대학교 중국전략연구소(구 부산대학교 중국연구소) 바로가기
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- 간행물
- Journal of China Studies KCI 등재 바로가기
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- 통권
- 제28권 1호 (2025.03)바로가기
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- 페이지
- pp.129-147
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- 저자
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- 언어
- 중국어(CHI)
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- URL
- https://www.earticle.net/Article/A465391
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5,400원
원문정보
초록
- 영어
- This study examines the impact of institutional investors on the performance of Chinese enterprises, utilizing data from 1,110 firms and 2,375 investment cases spanning 2011 to 2020. Institutional investors are classified into venture capital (VC), private equity (PE), and government-led venture capital (GVC) to analyze their distinct roles. The findings demonstrate that VC significantly enhances long-term profitability, with an average increase in Return on Assets (ROA) of 0.495% one year post-IPO, while its impact on short-term profitability is limited. PE prioritizes short-term financial gains, showing a notable ROA increase of 1.141% within a year of investment. GVC, driven by policy mandates, negatively affects profitability, with ROA decreasing by 2.156% in the same period. In terms of stock performance, VC-backed firms achieve significantly higher post-IPO stock returns, with a positive coefficient of 0.221 (p < 0.01). Conversely, neither PE nor GVC has a notable effect on stock returns. These results highlight the diverse roles of institutional investors. VC focuses on fostering innovation and long-term growth, especially in early-stage firms. PE emphasizes rapid profitability improvements and operational efficiency, targeting mature enterprises. GVC, as a policy-driven entity, prioritizes national strategic objectives over financial outcomes, often supporting sectors critical to economic development. This research provides valuable insights for policymakers and investors. Policymakers are encouraged to foster a balanced institutional investment ecosystem that promotes both innovation and financial stability. Investors can leverage these findings to align their strategies with the unique characteristics and performance impacts of various investor types. By analyzing the differentiated roles of institutional investors, this study contributes to the understanding of their influence in emerging markets and offers strategic guidance for optimizing investment practices in China’s capital market. It underscores the need for tailored strategies to maximize the effectiveness of each investor type and addresses the broader implications of institutional investment for economic transformation. Additionally, the findings emphasize the critical role of institutional investors in supporting market growth and innovation, while addressing challenges such as policy misalignment and resource inefficiencies. These insights are essential for designing investment frameworks that align with both market and national development goals.
목차
Abstract
1. 引言
2. 文献综述
2.1 中国机构投资的背景与重要性
2.2 机构投资对企业 IPO 后表现的影响
2.3 政府主导型风险投资的特殊作用
3. 研究假设和模型设定
3.1 研究假设
3.2 研究模型设定
4. 实证分析模型及分析结果
4.1 变量指标选取
4.2 数据说明
4.3 企业绩效与收益趋势图
4.4 回归性分析结果
5. 结论
参考文献
키워드
Venture Capital (VC) Private Equity (PE) Government-led Funds (GVC) Institutional Investment Corporate Performance PO (Initial Public Offering) Profitability Stock Returns저자
간행물 정보
발행기관
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- 발행기관명
- 부산대학교 중국전략연구소(구 부산대학교 중국연구소) [Institute of China Strategy]
- 설립연도
- 2006
- 분야
- 사회과학>사회복지학
- 소개
- 본 연구소의 설립을 통해 우선 한중 양국 국민의 상호이해와 교류증진을 위한 인문, 사회과학적인 연구는 물론이고, 이를 통해 기업(인)이 중국에 안정적인 정착과 교류를 할 수 있는 각종 환경을 조성하고자 한다. 게다가 본 연구소는 기존의 연구소의 기능과는 달리 단순한 학술 교류에 머물지 않고 인적 교류를 통해 양국관계의 이해를 증진하고 나아가 한국과 중국의 각종 프로젝트를 적극 유치, 개발함으로써 지속적으로 재원의 창출을 도모하고자 한다.
간행물
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- 간행물명
- Journal of China Studies
- 간기
- 계간
- pISSN
- 1975-5902
- eISSN
- 3022-5590
- 수록기간
- 2006~2026
- 등재여부
- KCI 등재
- 십진분류
- KDC 912 DDC 951
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