制度环境、公司治理对企业竞争优势的影响研究——基于中国上市公司的经验证据

如何通过外部制度和内部制度的安排延续企业的竞争优势,是制度变迁背景下中国企业面临的核心问题.本文以2002年-2005年的中国上市公司为样本,基于国内地区差距,实证分析了制度环境和公司治理时企业竞争优势的影响.回归结果发现,政府支持市场化程度、经济法律环境水平、股权集中度、股权竞争度、董事会独立性、专业委员会设置程度以及股东参与决策程度与企业竞争优势显著正相关.研究结果表明,好的制度环境与有效的公司治理能提高企业的竞争优势;企业持续竞争优势的源泉应包含以政府为主体的宏观层次的制度竞争和以企业为主体的微观层次的公司治理竞争.

Research for the Impact of Institutional Environments and Corporate Governance on Firm Competitive Advantage: Based on Empirical Evidence of Listed Companies in China

The issue of the firm advantage is an objective question followed by market economic institutions and the logical results from competitive institutional arrangements. The conditions of China entry to WTO change the competitive environments on firms. Chinese firms are confronted with the threats of original advantages disappearance. In the post WTO period, the institutional transition forwards new demands to competitive advantage theories of Chinese firms. The firm advantages could not escape from the effects of institutional transfer. The institutional theory is becoming the key perspective how to sustain competitive advantages of Chinese firms. Thus, how to sustain competitive advantage through external and internal institutional arrangements is the core issue that Chinese firms are facing under institutional transfer context. Based on the domestic regional distance, the research studies the impact of regional institutional environments and corporate governance on firm competitive advantage, using data of listed companies in China from 2002 to 2005. The empirical results indicate government promoting marketization, economic and legal environment level, ownership concentration, ownership balance, board independence, board's specialized committee condition, shareholders participating in decisions have significantly positive correlation with firm competitive advantage. We conclude that better institutional environments and effective corporate governance help Chinese firms gain sustainable competitive advantage. The source of sustainable competitive advantages should cover the macroscopic institutional competition by governments and microscopic corporate governance competition by firms. As the provider for common products, the key functions of governments focus on the supply for institutional systems of effective restrictions and incentives to ensure perfect external environments and lower transaction costs. Firms need set up effective corporate governance structure and mechanism to ensure scientific decisions and resist risks, furthermore reach to the effective marching between corporate governance and firm strategies. Finally the coordinated competitive advantages within macro-institutions and micro-governance will come into being in international competitions.