CAJ | 학술논문

本文基于公司治理的视角，选取2005—2012年我国上市公司的非平衡面板数据，并首次引入境外法人投资者、合格境外机构投资者等变量，研究我国上市公司的股东结构对于企业OFDI的影响，并探讨公司高管权力对于上述股东对企业OFDI影响的修正作用。结果表明，合格境外机构投资者对于国有上市公司与非国有上市公司的OFDI均存在明显的积极影响；境外法人投资者对于非国有上市公司OFDI具有较为明显的促进作用，但对于国有上市公司OFDI却存在阻碍作用；高管权力的修正作用尚未得到确定结论，有待进一步研究。
본문기우공사치리적시각，선취2005—2012년아국상시공사적비평형면판수거，병수차인입경외법인투자자、합격경외궤구투자자등변량，연구아국상시공사적고동결구대우기업OFDI적영향，병탐토공사고관권력대우상술고동대기업OFDI영향적수정작용。결과표명，합격경외궤구투자자대우국유상시공사여비국유상시공사적OFDI균존재명현적적겁영향；경외법인투자자대우비국유상시공사OFDI구유교위명현적촉진작용，단대우국유상시공사OFDI각존재조애작용；고관권력적수정작용상미득도학정결론，유대진일보연구。
From the corporate governance perspective, this paper attempts to find out the effect of shareholder ownership as well as its interactions with managerial power on China’s listed enterprises’ OFDI. To study the effect, the paper applies the imbalanced panel data of China’s listed enterprises from 2005 to 2012 and adopts foreign legal in-vestors and QFII as variables for the first time. The results show that QFII exerts a positive influence on all publicly list-ed enterprises’OFDI. Foreign legal investors have a positive impact on promoting the OFDI of the private publicly list-ed enterprises, while they show a negative influence on the state-owned publicly listed enterprises’OFDI. The correc-tion function of the senior managerial power hasn’t been proved, yet to be further studied.