治理成本、市场竞争与企业生产率

Governance Cost,Market Competition and Productivity

基于企业微观层面的全要素生产率,本文从公司内部治理和外部市场环境的视角,考察治理成本与市场竞争对企业生产率的影响,并进一步从调节效应和中介效应的角度深入研究人力资本对上述关系的影响机制。利用中国工业企业统计数据,研究发现,无论在国企还是民企中,治理成本都显著阻碍了企业生产率的提升,然而,市场竞争在提升民企生产率的同时,降低了国企生产率。进一步的扩展性检验表明,对于民企,人力资本在边际上显著促进了生产率的提升,同时,人力资本还是公司治理提高生产率的重要途径;而对于国企,人力资本不存在边际影响,只在市场竞争层面有微弱的中介效应。

From the perspectives of firm's internal management and external environment,this paper investigates the impacts of governance cost and market competition on firm productivity,and further studies the marginal role of human capital playing in the impacts from the perspective of moderator effects and mediator effects.Using the dataset of Chinese industrial firms,we draw several conclusions through the fixed effects regression model.First,governance cost has a significant negative effect on productivity in both SOEs and NSOEs;however,market competition promotes NSOEs' productivity while reducing SOEs' productivity.Second,in NSOEs,human capital marginally promotes firm productivity,and also mediates the relationship between corporate governance and productivity;while in SOEs,it only moderates the effect of market competition slightly.Overall,this study offers clear policy implications,which could help the government release appropriate policies to improve corporate governance and industry competition,and distribute human capital more effectively in firms with different ownerships.