转轨经济中的所有权与竞争:来自中国上市公司的经验证据  

Ownership and Competition in Transition Economy: Empirical Evidence From China's Listed Companies

作　　者：施东晖[1] 

机构地区：[1]上海证券交易所研究中心,200120

出　　处：《经济研究》2003年第8期46-54,共9页Economic Research Journal

摘　　要：本文以国内制造业上市公司为研究对象 ,分析市场竞争和所有权结构对其产出增长率的影响。研究结果表明 ,所有权集中度与公司产出增长率之间存在U形关系 ;激烈的产品市场竞争对公司产出增长率具有正向影响 ,而且这种正向影响只有在股权分散和股权高度集中的企业中才较为显著。因此 。This study examines the impact of product market competition and ownership structure on productivity growth in China's manufacturing listed companies. Using a panel data of almost firms over the years 1998—2001, We find that firms experience higher productivity growth when operating in markets with intense competition. Similarly, productivity growth is higher for firms with dispersed or high concentrated ownership. Our results also indicate that the positive effect of competition is enhanced by the presence of dispersed or high concentrated ownership. This results suggest the existence of complementarities between competitive pressure and ownership structure.

关 键 词：转轨经济 所有权 竞争 中国 上市公司 企业绩效 所有权结构 实证研究 

分 类 号：F276.6[经济管理—企业管理]