미래 전망에 따른 중국 국유기업의 투자행위변화와 그 효과에 관한 연구 = A Study on the Changes in Investment Behavior and its Effects According to the Future Prospects of Chinese State-owned Enterprises

다국어 초록 (Multilingual Abstract)

This study divides Chinese enterprise types into state-owned enterprises and private enterprises, and analyzes how they change the investment rate when faced with information about the future economy. As a result, it was confirmed that, in the case of Chinese state-owned enterprises, they increase the investment rate for future economic uncertainty, increase the investment rate for future economic prospects when the recession is prolonged, and also increase the investment rate against the risk of a decline in future economic creditworthiness. However, as in Western theories, private enterprises have been shown to act in the opposite way by reducing the investment rate when an unfavorable economic environment is expected. This can be attributed to the fact that, due to the characteristics of China's socialist market economy, state-owned enterprises have an important purpose in addition to the goal of maximizing profits of general enterprises, as well as contributing to stable national macroeconomic growth. This study does not stop there and empirically analyzes whether the increase in the investment rate of state-owned enterprises that the Chinese government is taking to cope with economic uncertainty effectively reduces it.
As a result of the analysis, it was found that an increase in the investment rate of state-owned enterprises in China does not effectively reduce future economic uncertainty, but rather increases it statistically. These results seem to be due to the fact that, since this study has been using the sample since January 2005, problems such as oversupply and overinvestment of state-owned companies' products have already begun to appear in the process of realizing rapid quantitative growth in the Chinese economy.