| Summary: | 碩士 === 國立雲林科技大學 === 企業管理系 === 103 === Since the economic reform in 1970s, it brings about the stream of privatization.
At the same time, because of fierce competition in domestic market as well as the
impetus of strategy from government, international expanding become an important
strategic. This study applies panel data regression techniques to examine the
relationship between ownership, including state equity and qualified domestic
institutional investor, and firm performance on 5,170 firm-year observations of Chinese
listed firms during 2004–2011. We then discuss the relationship between their foreign
involvement and performance of firm.
The analysis shows a U-shaped relationship between SE and firm performance
and a U-shaped relationship between QDII and firm performance. The degree of foreign
involvement is used as a moderator to test the previous two relationships. With higher
degree of foreign involvement, there is a U-shaped relationship between state equity and
performance while it shows negative relationship in lower degree of foreign
involvement. Both higher and lower the degree of foreign involvement, there is a
systematic U-shaped relationship between QDII and performance.
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