중국 기관투자자들의 특성에 따른 투자활동 모니터링 효과가 피투자기업의 투자효율성에 미치는 영향

초록

We analyzed the effects of institutional investors' characteristics on management's investment decision-making in China's financial environment and the product market. Institutional investors are characterized as either independent or non-independent. The product market of the investee company is included as an external environmental factor to determine the institutional investors’ investment efficiency. We analysed 14,172 firm-years of Chinese A-share listed companies on the Shanghai or Shenzhen Stock Exchange from 2014-2019. Findings are: first, it was found there was a negative effect of institutional investors’ ownership on investee’s investment inefficiency. Second, the stake ratio of independent institutional investors and investment inefficiency had a negative relationship. However, the ratio and investment inefficiency of non-independent institutional investors did not show any significance. Third, the interaction between the product competition level of the investee company and the ownership ratio of institutional investors was found to have a negative relationship with investment inefficiency.

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