产品市场竞争下的上市公司治理效应研究

Effect of Product Market Competition on Corporate Governance of Listed Companies

以2009和2010年沪深300指数中的上市公司作为样本进行实证分析,研究产品市场竞争机制对公司治理水平的影响。建立了评价公司治理水平的内部治理变量体系,通过回归分析得到影响公司治理水平的关键内部治理变量,用关键内部治理变量作为衡量公司治理水平的标准;采用CR4衡量产品市场竞争,将处于CR4<30%的行业中的公司作为竞争性样本,其他公司作为垄断性样本;通过不同样本下公司绩效与关键内部治理变量的分析得出,竞争性样本公司内部治理水平低于垄断性样本公司,激烈的竞争环境会在一定程度上代替公司内部治理,降低企业代理成本。

Taking the data of the Chinese Listed Companies in CSI 300 from 2009 to 2010 as a sample , the impact of product market competition on corporate governance was investigated .An internal governance variable system was established to evaluate the level of corporate governance;the key internal governance variables got through regression analysis were used to assess the level of corporate governance .Based on CR4, which was used to measure product market competition , the sample was divided into two groups：competitive and monopoly companies .With the comparison of the results of regression analysis between corporate performance and key variables in two groups , the analysis results show that internal governance is less effective when a corporate faces with a highly competitive product market , which indicates that external product market competition could serve as a substitute of internal governance and reduce the agency cost .