产品市场竞争对董事会治理效果影响的研究

本文对我国转轨经济条件下产品市场竞争环境对董事会治理效果的影响进行了研究,并结合我国上市公司终极控制人的特征,对国有控股和民营控股公司中这种影响关系的差异进行了系统比较。研究发现,当产品市场竞争超过一定程度后,董事会治理对企业价值存在着显著的促进作用,并且这种促进作用在民营控股企业中比在国有控股中更强烈。换言之,只有产品市场竞争超过一定程度后,提高董事会治理的水平才有利于企业价值的提高,否则,董事会对企业价值的影响不大。因此,产品市场竞争与董事会治理之间存在着重要的互补性关系。本文的研究将有助于推动对内外部治理机制之间的相互作用机理的深入探索,并为提高我国企业公司治理水平提供针对性的建议和措施。

Research on the Impact of Product Market Competition on Effect of Governance of Director Board

This paper explores the interaction between product market competition and governance of director board in transitional economy in China and investigates the influence of ultimate controller of listed companies on this relationship.Finally,this research finds that there is a complementary influence between product market competition and governance of director board when the strength of competition is higher than certain level.What's more,this relation is stronger in companies ultimately controlled by private that than by state.These conclusions deepen our comprehension about influence of product market competition and board governance on performance on firm value.This paper suggests further infestation on the interaction between internal governance and external governance mechanisms.