[1]李辉,韩少真,赵嘉仁.产品市场竞争与公司治理:替代还是互补[J].西安建筑科技大学学报(社会科学版),2018,37(05):49-56.[doi:10.15986/j.1008-7192.2018.05.008 ]
　LI Hui,HAN Shao-zhen,ZHAO Jia-ren.A Study on the Product Market Competition and the Corporate Governance: Substitute or Complementarity[J].Journal of Xi'an University of Architecture & Technology(Social Science Edition),2018,37(05):49-56.[doi:10.15986/j.1008-7192.2018.05.008 ]
点击复制

产品市场竞争与公司治理:替代还是互补()
分享到：

西安建筑科技大学学报（社会科学版）[ISSN:1008-7192/CN:61-1330/C]

卷:
37
期数:
2018年05期
页码:
49-56
栏目:
经济与管理
出版日期:
2018-11-21

文章信息/Info

Title:
A Study on the Product Market Competition and the Corporate Governance: Substitute or Complementarity
作者:
李辉; 韩少真; 赵嘉仁
西北大学 经济管理学院,陕西 西安 710127
Author(s):
LI Hui; HAN Shao-zhen; ZHAO Jia-ren
School of Economics & Management, Northwest University, Xi'an 710127, China
关键词:
产品市场竞争;  公司治理;  交互效应
Keywords:
product market competition;  corporate governance;  interaction effects
分类号:
F 276.6
DOI:
10.15986/j.1008-7192.2018.05.008
文献标志码:
A
摘要:
选取2012—2016年我国A股上市公司数据为研究样本,考察产品市场竞争与公司治理的交互效应。研究发现,产品市场竞争与公司治理之间既非“绝对替代”,也非“完全互补”,而是“动态依存”,具体表现为产品市场竞争与股权集中度、股权制衡度、董事会人数、董事会会议次数、董事长和总经理两职合一等之间存在替代效应,与独立董事比例、经理层持股比例、经理层年度报酬、经理层股票期权计划之间存在互补效应。上述结论启示我们,要提升公司治理效率,一方面要继续完善独立董事制度和经理层激励制度,另一方面应从降低行业准入壁垒方面大力推动产品市场竞争。
Abstract:
Based on the data of Chinese A-share listed companies from 2012 to 2016, the paper studies the interaction effects between the product market competition and the corporate governance and finds out that rather than “absolute substitute” or “complete complementary” there is a dynamic dependency between the product market competition and the corporate governance. The product market competition has the substitute effect on the ownership concentration, the equity balance degree, the number of directors in the board, the meeting frequency of the board, the dual role of the board chairman and so on, and also has the complement effect on the proportion of independent directors, the management shareholding ratio, the annual remuneration pay of management, the stock option plan of executives, etc.. Therefore, we can increase the corporate governance efficiency by either improving the independent directors system and manager's incentive system or promoting vigorously the product market competition with the reduction of industry entry barriers.

参考文献/References:

[1] BERLE A, J R, MEANS G. The Modern Corporation and Private Property[M]. Chicago: Commerce Clearing House, 1932: 56-79.
[2] LA PORTA R, LOPEZ-DE-SILANES F, SHLEIFER. A corporate ownership around the world[J]. Journal of Finance, 1999, 54(2): 471-517.
[3] HE W. Agency problems, product market competition and dividend policies in Japan[J]. Accounting and Finance, 2014, 52(3):873-901.
[4] 姚宏, 贾娓, 郝小玉, 等. 产品市场竞争、董事会结构变化与盈余管理[J]. 管理评论, 2018, 30(4):194-205.
[5] STIGLER G. The economics of scale[J]. Journal of Law and Economics, 1958, 1(1): 54-71.
[6] NALEBUFF B J, STIGLITZ J E. Prizes and incentives: towards a general theory compensation and competition[J]. Bell Economics, 1983, 31(1): 21-43.
[7] ALLEN, FRANKLIN, DOUGLAS GALE. Corporate governance and competition[Z]. Working Paper, Université Bruxelles Libre, 1998.
[8] 徐茗丽, 庞立让, 王砾, 等. 治理成本、市场竞争与企业生产率[J]. 中南财经政法大学学报, 2016(2):130-139.
[9] 花冯涛, 王进波, 尚俊松. 股权结构、产品市场竞争与公司特质风险[J]. 山西财经大学学报, 2017, 39(10):100-112.
[10] HOLMSTROM B,MILGROM P. The firm as an incentive system[J]. American Economic Review, 1994, 84(4): 972-991.
[11] GROSFELD I, TRESSEL T. Competition and ownership structure: substitutes or complements? evidence from the warsaw stock exchange[J]. Economics of Transition, 2002, 10(3): 525-551.
[12] JANUSZEWSKI S I, KOKE F J,WINTER J K. Product market competition, corporate governance and firm performance: an empirical analysis for Germany[J]. Research in Economics, 2002, 56(2): 299-332.
[13] SCHMIDT K M. Managerial incentives and product market competition[J]. Review of Economic Studies, 1997, 64(2): 191-213.
[14] 李辉, 张晓明. 董事会治理、产品市场竞争与公司治理效率[J]. 西安财经学院学报, 2012, 25(1):66-70.
[15] 陈晓珊. 高管薪酬激励与产品市场竞争的公司治理效应: 替代还是互补[J]. 人文杂志, 2017(9):46-57.
[16] 徐鑫, 朱雯君. 产品市场竞争、公司治理与分析师盈利预测质量[J]. 山西财经大学学报, 2016, 38(3): 56-67.
[17] 滕飞, 辛宇, 顾小龙. 产品市场竞争与上市公司违规[J]. 会计研究, 2016(9): 32-40.
[18] 曾伟强, 李延喜, 张婷婷, 等. 行业竞争是外部治理机制还是外部诱导因素[J]. 南开管理评论, 2016, 19(4): 75-86.
[19] ARRELANO M, BOND S. Some tests of specification for panel data: monte-carlo evidence and an application to employment equations[J]. Review of Economic Studies, 1991, 58(2): 277-297.

备注/Memo

备注/Memo:
收稿日期:2018- 04- 03
基金项目:陕西省社会科学基金项目(2017D037); 陕西省软科学研究计划项目(2016KRM138); 陕西省教育厅项目(17JK0751); 教育部人文社会科学研究青年项目(17YJC790046); 西北大学研究生自主创新项目(YZZ17015)
作者简介:李 辉(1982-),男,西北大学经济管理学院副教授,博士,硕士生导师,研究方向为会计理论与会计准则、公司治理; 韩少真(1987-),男,西北大学经济管理学院讲师,博士,研究方向为会计信息披露。E-mail:lh0424@126.com

更新日期/Last Update: 1900-01-01