中国机构投资者绩效研究

서지정보

· 발행기관 : 부산대학교 중국전략연구소
· 수록지 정보 : Journal of China Studies / 28권 / 1호 / 129 ~ 147페이지
· 저자명 : 金成哲, 金范, 关庆辉

초록

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.

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