产品市场竞争、管理者激励与公司绩效的理论与实证

Product Market Competition,Managerial Incentives and Firm Performance:Theory and Evidence

通过Hotelling模型分析和中国上市公司实证检验发现,产品市场竞争和管理者激励能有效提高管理者努力水平,促进公司营运效率的提升,并且产品市场竞争与管理者激励互为补充地作用于公司绩效,竞争越激烈,管理者激励的改善对于提高公司绩效的边际效率越高.

This paper analyzed the relationship among product market competition, managerial incentives and firm performance by both the Hotelling model and evidence from China＇s listed companies. The results show that product market competition and managerial incentives can improve the firm＇s operating performance, and the existence of complementarities between product market competition and managerial ineentlves.