董事会治理、产品市场竞争与公司治理效率

以往在研究董事会治理与公司治理效率的关系时,并没有考虑产品市场竞争因素,得到了不尽一致的研究结论。文章将产品市场竞争纳入公司治理效率的研究框架中,构建了动态面板数据模型,采用GMM估计方法,选取中国A股上市公司2006-2010年相关数据,全面考察了董事会治理、产品市场竞争对公司治理效率的交互影响。研究发现:董事会治理与产品市场竞争单独发挥作用对公司治理效率的提升作用有限;董事会规模、董事会会议次数与产品市场竞争具有显著的替代效应;独立董事比例与产品市场竞争具有显著的互补效应。

Board Corporate Governance,Product Market Competition and Corporate Governance Efficiency

On the study of relationship between board corporate governance and corporate governance efficiency,the most previous literatures did not consider product market competition.In this paper,we consider the product market competition and take China’s listed companies of Shanghai and Shenzhen during 2006-2010 as the research object,after using dynamic panel GMM model,we found: whether board corporate governance or product market competition has little impact on corporate governance efficiency;board size and board meeting both have substitute effect with product market competition;board independence has complement effect with product market competition.