本文選題：產(chǎn)品市場競爭性 + 外部治理��； 參考：《東北財經(jīng)大學》2013年碩士論文

【摘要】：公司治理作為解決現(xiàn)代公司所有權(quán)與控制權(quán)相分離而產(chǎn)生問題的制度安排,在全球范圍內(nèi),受到了學術(shù)界和實業(yè)部門的廣泛關(guān)注。學術(shù)界有關(guān)公司治理的研究主要集中在內(nèi)部治理結(jié)構(gòu)對公司績效的影響,認為完善公司治理結(jié)構(gòu)可以解決委托代理問題,降低代理成本,提高公司的績效。本文認為要提高公司的盈利能力,不僅要完善公司治理,治理結(jié)構(gòu)的完善并不能直接提高公司效益,在競爭環(huán)境中獲取市場相對競爭優(yōu)勢才更重要,所以更應該關(guān)注公司的產(chǎn)品市場競爭性。公司治理結(jié)構(gòu)是否發(fā)揮效用,有多方面的原因,但是最重要的一個剛性約束條件是產(chǎn)品市場競爭機制的公平和充分競爭。而作為外部治理機制之一的產(chǎn)品市場競爭性對公司盈利能力的影響到底如何,學術(shù)界在這方面的研究結(jié)論存有異議。 產(chǎn)品市場競爭性,是一個微觀和宏觀相結(jié)合的指標,要既能反映微觀單個公司所面臨的競爭壓力,又要反映所在行業(yè)的競爭程度,在綜合比較多種指標的優(yōu)缺點后,本文選取赫芬達爾-赫希曼指數(shù)(Herfindahl-Hirschman Index,簡稱HHI)作為行業(yè)的產(chǎn)品市場競爭性指標,以銷售費用率衡量微觀的單個公司面臨的產(chǎn)品市場競爭性。本文首先用因子分析法計算了單個公司的綜合盈利能力指標,即實證部分回歸模型的被解釋變量,以2010—2012年滬深兩市A股上市公司為樣本,在研究了行業(yè)的產(chǎn)品市場競爭性、單個公司面臨的產(chǎn)品市場競爭性對公司盈利能力的影響基礎(chǔ)上,進一步研究了兩者之間的交互作用。實證結(jié)果表明：(1)單個公司面臨的產(chǎn)品市場競爭性與公司盈利能力顯著正相關(guān),即單個公司面臨的產(chǎn)品市場競爭性越強,公司盈利能力越強；(2)行業(yè)的產(chǎn)品市場競爭性越低(行業(yè)壟斷性越強),公司的盈利能力越強,并且行業(yè)的壟斷性與單個公司面臨的產(chǎn)品市場競爭性在提高公司盈利能力上存在替代效應；(3)同一行業(yè)內(nèi),管理效率更高的公司,盈利能力更強；不同行業(yè)之間產(chǎn)品市場競爭性越強的行業(yè),管理效率越高；(4)行業(yè)的產(chǎn)品市場競爭性與公司的勞動生產(chǎn)率顯著正相關(guān)。針對實證結(jié)論,文章最后提出了政府應該推進市場化建設,破除壟斷,建立公正有效的產(chǎn)品競爭市場,促進行業(yè)的有效競爭等建議。
[Abstract]:Corporate governance, as a system arrangement to solve the problems caused by the separation of modern corporate ownership and control rights, has received extensive attention from academic circles and industrial departments in the world. The research on corporate governance in academic circles mainly focuses on the influence of internal governance structure on corporate performance. It is considered that perfecting corporate governance structure can solve the problem of principal-agent, reduce agency costs and improve corporate performance. This paper holds that in order to improve the profitability of a company, it is necessary not only to perfect corporate governance, but also to improve the efficiency of the company directly. It is more important to obtain the market relative competitive advantage in the competitive environment. Therefore should pay more attention to the company's product market competition. There are many reasons for whether the corporate governance structure is effective, but the most important rigid constraint is the fair and full competition of the product market competition mechanism. However, as one of the external governance mechanisms, the impact of product market competitiveness on the profitability of the company, academic research conclusions in this respect are different. Product market competitiveness is a combination of micro and macro indicators, which can reflect both the competitive pressure faced by individual micro companies and the competitive degree of their industries. After comparing the advantages and disadvantages of many indicators, In this paper, Herfindahl-Hirschman Index (HHIH) is chosen as the market competitive index of the industry. This paper first uses factor analysis method to calculate the comprehensive profitability index of a single company, that is, the explained variable of empirical partial regression model. Taking the A-share listed companies of Shanghai and Shenzhen stock markets in 2010-2012 as a sample, this paper studies the product market competitiveness of the industry. On the basis of the influence of the product market competitiveness on the profitability of a single company, the interaction between them is further studied. The empirical results show that the product market competitiveness faced by a single company is significantly positively correlated with the profitability of the company, that is, the more competitive a single company faces in the product market, The stronger the profitability of the company, the less competitive the product market in the industry (the stronger the monopoly of the industry, the stronger the profitability of the company. And the monopoly of the industry and the product market competitiveness faced by a single company in improving the profitability of the company there is a substitution effect in the same industry, more efficient management of the company, the profitability of the stronger; The more competitive the product market between different industries, the higher the management efficiency. (4) there is a significant positive correlation between the product market competitiveness and the labor productivity of the company. Finally, the paper puts forward some suggestions that the government should promote the construction of marketization, break down monopoly, establish fair and effective product competition market, and promote the effective competition of the industry.
【學位授予單位】：東北財經(jīng)大學
【學位級別】：碩士
【學位授予年份】：2013
【分類號】：F832.51;F275

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