The Rapid Growth of Chinese Companies, and the Institutional Investor Role

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概要

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• China has achieved rapid development under unique conditions. The strengths and weaknesses of the Chinese economy profoundly reflect the character of Chinese companies. Shimpo (2009) examined corporate governance of Chinese companies, and the possibility of an East Asian Community. This paper examines the characteristics of Chinese companies, which are the most important driving force of the Chinese economy. The focus is institutional investors to explain the strength and the instability of Chinese companies. Section 1 examines the stockholders of Chinese companies. This section investigates, what kind of progress is expected in the development of the Chinese economy as state-owned enterprise influence weakens. Section 2 examines the actual condition of trade and foreign direct investment (FDI) of Chinese companies by company. Through this examination the character of the Chinese type multinational company becomes clear. Section 3 investigates the actual condition of institutional investors that is expected to play an important role as future stockholders of Chinese companies. Section 4 focuses on sovereign wealth funds, one of China's institutional investor categories. Sovereign wealth funds are the leaders in Chinese foreign investment. China now faces the possibility of either further advancement or stagnation. Many major companies are still largely ruled by the state-owned enterprises, In contrast, we see a trend toward weakened rule by stateowned enterprises and the increase of cross-shareholding by business groups or labor unions. Attention is focused on whether or not these attempts will succeed. To foster the development of Chinese companies, the establishment of a base in financial and securities markets is indispensable. Although the financial securities market is gradually growing, the institutional investor role of pension funds or life insurance companies in long-term investment is still minimal. I would like to stress the following items that are important if Chinese companies are to continue growing: 1) privatization of companies including financial institutions, increasing companies' independence from the government, establishing a base in financial and securities markets and 2) growth of domestic and foreign private institutional investors in supporting companies, including the indispensable expansion of long-term investment.

著者

• 新保 博彦

  大阪産業大学経済学部国際経済学科

• 新保 博彦

  大阪産業大学

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