我国上市公司竞争力决定因素及其变动研究——基于2003-2006年的面板数据  

On the Decisive Factors of Competitiveness and Their Fluctuations of China's Listed Companies by the Panel Data of 2003-2006

作　　者：王维祝[1] 

机构地区：[1]山东财政学院会计学院

出　　处：《南开学报（哲学社会科学版）》2008年第6期45-50,88,共7页Nankai Journal:Philosophy,Literature and Social Science Edition

基　　金：国家自然科学基金项目(70672098);教育部人文社科重点研究基地重大项目(07JJD630002)

摘　　要：采用2003-2006年面板数据对我国上市公司竞争力的实证研究发现:由于公司治理的竞争力相对较弱,使得我国上市公司总体竞争力水平不高。但上市公司竞争力的变动趋势表明,由于制度约束以及自身发展的需要,上市公司股权结构逐步合理、股东大会逐步规范、董事会以及监事会治理竞争力逐步提升,使得上市公司治理竞争力呈现上升趋势;而由于上市公司偿债能力以及增长能力的下降,使得其财务实力出现下降趋势。提升上市公司竞争力的根本是完善治理结构与治理机制,股权结构的优化必须伴随着投资者理性意识的培育方能奏效,否则可能导致更为严重的大股东行为。除此之外,上市公司还必须关注于财务状况的改善,以避免财务状况恶化和财务风险增加。This study provides empirical evidence on the competitiveness of Chinese listed companies by adopting a panel data set of Chinese listed companies between 2003 and 2006, which indicates that the competitiveness of listed companies is fairly lower because of the governance competitiveness being lower. However, the variable tendency of the listed companies enhances significandy their competitiveness at different years because of the bound system, intrinsic demand of its development, ownership structure being more reasonable, shareholder meeting being more conformable to standard, governance competitiveness of board and supervisor meeting promoted gradually. On the other hand, financial strength of listed companies appears a descend trend owing to the descending of debt paying ability and growing ability. Consequently, an important proposal for practice is that improving governance structure and mechanism are fandament of promoting their competitiveness, and to optimize ownership structure should accompany with cultivating rational conscious of investor, or else it will lead to severe majority shareholder behavior. Besides, listed companies must pay close attention to the improvement of financial state for the debt paying ability to avoid financial state deterioration and financial risk.

关 键 词：上市公司 竞争力指数 治理竞争力 财务实力 

分 类 号：F276.6[经济管理—企业管理] F426.22[经济管理—国民经济]