發(fā)布時間：2018-03-24 06:23

  本文選題：產(chǎn)品市場競爭　切入點：政府作用　出處：《現(xiàn)代財經(jīng)(天津財經(jīng)大學學報)》2017年03期

【摘要】：從市場競爭發(fā)揮外部治理效應的視角,考察產(chǎn)品市場競爭及政府作用對企業(yè)財務風險的影響。基于2011-2015年滬深兩市A股公司的檢驗發(fā)現(xiàn),產(chǎn)品市場競爭具有外部治理機制,傳遞到企業(yè)財務層面,則會顯著降低企業(yè)財務風險。加入對政府作用的考慮后,無論是作為企業(yè)外部管理者還是作為企業(yè)資本所有者,政府的介入作用都會影響競爭治理效應的發(fā)揮,使產(chǎn)品市場競爭降低企業(yè)財務風險的作用不明顯。進一步加大政府作用力度,發(fā)現(xiàn)較大的政府作用力度會削弱產(chǎn)品市場競爭通過治理路徑抑制企業(yè)財務風險的效應;特別是在政府實際控制和參股的企業(yè)中,政府作用力度對企業(yè)財務風險的影響遠大于產(chǎn)品市場競爭的作用。
[Abstract]:From the perspective of market competition exerting external governance effect, this paper investigates the influence of product market competition and government role on enterprise financial risk. Based on the test of A share companies in Shanghai and Shenzhen stock markets from 2011 to 2015, it is found that product market competition has external governance mechanism. After considering the role of the government, whether as the external manager of the enterprise or as the owner of the capital of the enterprise, the financial risk of the enterprise will be significantly reduced when it is transferred to the financial level of the enterprise. The role of government intervention will affect the effectiveness of competition governance, and the role of product market competition in reducing the financial risk of enterprises is not obvious. It is found that the greater government role will weaken the effect of product market competition to restrain the financial risk of enterprises through the governance path, especially in the enterprises which are actually controlled and invested by the government. The influence of government action on enterprise financial risk is far greater than that of product market competition.
【作者單位】： 東南大學經(jīng)濟管理學院;
【基金】：江蘇省軟科學重點項目(BR2016039) 江蘇省普通高校學術學位研究生科研創(chuàng)新計劃項目(KYLX16_0305)
【分類號】：D630;F275;F271

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