产品市场竞争、公司治理与投资效率

Product Market Competition,Corporate Governance and Investment Efficiency

投资效率是企业维持健康发展、提升价值的关键要素。文章以产品市场竞争为切入点,以2013-2015年主板上市公司为研究对象,在分析公司治理中的监督机制和激励机制对投资效率的影响的基础上,讨论产品市场竞争在公司治理对投资效率影响中的调节作用。研究发现,监督机制能有效改善投资效率,激励机制对投资效率的影响并不明显;而在激烈的产品市场竞争环境下,监督机制对投资效率的作用将会下降,激励机制对投资效率的作用将会提升。文章从产品市场竞争和公司治理角度对投资效率进行研究,深化了投资效率的研究内容。

Investment efficiency is the key factor to maintain the healthy development and enhance value.This paper takes the product market competition as the breakthrough point,with main board listed companies from 2013 to 2015 as the research object,based on the analysis of the supervision mechanism and incentive mechanism in the corporate governance impact on investment efficiency,and discusses the regulation efficiency of product market competition on the influence of corporate governance on investment efficiency.It is found that the supervision mechanism can effectively improve the efficiency of investment,and the impact of incentive mechanism on investment efficiency is not obvious.And with the fierce competition of product market,the effect of supervision mechanism on investment efficiency will decrease,and the effect of incentive mechanism on investment efficiency will be enhanced.This paper studies the investment efficiency from the perspective of product market competition and corporate governance,and deepens the research content of investment efficiency.