产品市场竞争性对上市公司盈利能力的影响

发布时间：2018-05-26 21:00

本文选题：产品市场竞争性 + 外部治理　；参考：《东北财经大学》2013年硕士论文

【摘要】：公司治理作为解决现代公司所有权与控制权相分离而产生问题的制度安排,在全球范围内,受到了学术界和实业部门的广泛关注。学术界有关公司治理的研究主要集中在内部治理结构对公司绩效的影响,认为完善公司治理结构可以解决委托代理问题,降低代理成本,提高公司的绩效。本文认为要提高公司的盈利能力,不仅要完善公司治理,治理结构的完善并不能直接提高公司效益,在竞争环境中获取市场相对竞争优势才更重要,所以更应该关注公司的产品市场竞争性。公司治理结构是否发挥效用,有多方面的原因,但是最重要的一个刚性约束条件是产品市场竞争机制的公平和充分竞争。而作为外部治理机制之一的产品市场竞争性对公司盈利能力的影响到底如何,学术界在这方面的研究结论存有异议。产品市场竞争性,是一个微观和宏观相结合的指标,要既能反映微观单个公司所面临的竞争压力,又要反映所在行业的竞争程度,在综合比较多种指标的优缺点后,本文选取赫芬达尔-赫希曼指数(Herfindahl-Hirschman Index,简称HHI)作为行业的产品市场竞争性指标,以销售费用率衡量微观的单个公司面临的产品市场竞争性。本文首先用因子分析法计算了单个公司的综合盈利能力指标,即实证部分回归模型的被解释变量,以2010—2012年沪深两市A股上市公司为样本,在研究了行业的产品市场竞争性、单个公司面临的产品市场竞争性对公司盈利能力的影响基础上,进一步研究了两者之间的交互作用。实证结果表明：(1)单个公司面临的产品市场竞争性与公司盈利能力显著正相关,即单个公司面临的产品市场竞争性越强,公司盈利能力越强；(2)行业的产品市场竞争性越低(行业垄断性越强),公司的盈利能力越强,并且行业的垄断性与单个公司面临的产品市场竞争性在提高公司盈利能力上存在替代效应；(3)同一行业内,管理效率更高的公司,盈利能力更强；不同行业之间产品市场竞争性越强的行业,管理效率越高；(4)行业的产品市场竞争性与公司的劳动生产率显著正相关。针对实证结论,文章最后提出了政府应该推进市场化建设,破除垄断,建立公正有效的产品竞争市场,促进行业的有效竞争等建议。
[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.
【学位授予单位】：东北财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51;F275

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