产品市场竞争、公司治理与企业绩效

On Industry Competition, Corporate Governance and Business Performance

构建公司内部有效的治理结构成为改进企业绩效的主要方法,但公司治理结构的改善能在多大程度上提高企业绩效还有待进一步研究,尤其是企业面临不同的产品市场竞争情况下。以2008~2012年沪深两市上市公司数据为样本,考察了产品市场竞争、公司治理与企业绩效之间的关系。研究结果表明,产品市场竞争以及合理的公司治理结构都能够有效地提高企业绩效;并且在不同的产品市场竞争环境下,公司治理机制对企业绩效的作用效果有所差异,竞争性越强的企业其绩效的改善对公司治理的敏感性程度越差。

Building effective internal governance structure becomes the main method of improving business performance, but to what extent the improvement of corporate governance structure can improve business performance remains to be further researched, espe-cially the enterprises facing different product market competition situation. Based on the Shanghai and Shenzhen two cities from 2008 to 2012 data of listed companies as samples, examines the product market competition, the relationship between corporate governance and corporate performance. The results show that the product market competition and reasonable corporate governance structure can effective-ly improve business performance; And in different products market competition environments, the stronger the competitive of the enter-prise performance is will be, the worse improvement of corporate governance of the sensitivity .