市场约束、内部公司治理与上市公司全要素生产率——基于面板随机前沿模型的分析

Market Discipline, Internal Corporate Governance and Listed Firm Total Factor Productivity in China:Based on Panel Data SFA Model

本文考察了公司治理及两种市场约束(产品市场竞争与并购接管威胁)对中国上市公司全要素生产率及其构成要素的影响。结果发现:(1)中国上市公司的全要素生产率增长主要来源于技术进步;(2)良好的公司治理机制能够促进全要素生产率尤其是技术进步的提高,并且产品市场竞争促进技术进步,并购接管威胁则阻碍公司技术进步;(3)从机构持股比的视角看,产品市场竞争与公司治理的交互影响对公司技术进步具有替代性,而从股权集中度及管理层薪金工资视角看,并购接管威胁与公司治理的交互影响对公司技术进步具有互补性。

This paper analyzes the effect of corporate governance and two market disciplines including product market competi- tion and industry takeover threat on the listed companies＇ TFP and the components of their TFP in china. The conclusions are as follows： （1） The TFP growth depends mainly on the technical progress （TP）; （2） Good corporate governance mechanism can improve the finn TFP, especially the firm TP. And the product market competition improves the firm TP and the industry take- over threat hampers the firm TP; （3） A highly competitive product market will weaken the positive effect of internal corporate governance on firm TP basing on the evidence of the proportion of institutional ownership. And industry takeover threat will strength the positive effect of the lower ownership concentration and the lower manager salary on the finn TP.