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论文编号：	1180
作者编号：	2120071946
上传时间：	2009/6/12 16:51:40
中文题目：	产品市场竞争、股权结构与非效率
英文题目：	Product Market Competition, Ow
指导老师：	梅丹
中文关键字：	产品市场竞争;股权结构;过度投资
英文关键字：	Product Market Competition;Own
中文摘要：	投资决策作为公司成长的主要动因和未来现金流量增长的重要基础，将直接影响公司的融资决策和股利决策，由此影响公司的经营风险、盈利水平以及资本市场对其经营业绩和发展前景的评价。因此，企业的投资行为成为经济领域和学术界研究与关注的热点。 但现实中，企业所有者与经营者、控股大股东与小股东之间可能存在的利益冲突等等往往使企业的投资决策却并不总是最优的。为了优化企业投资决策、减少代理问题和契约的不完备性，公司治理机制逐渐引起了人们的关注。 本文在已有理论研究和实证研究的基础上，将产品市场竞争、股权结构对企业投资决策的影响纳入一个统一的分析框架，研究产品市场竞争这一外部治理机制和以股权结构为代表的内部治理机制对企业投资的共同作用机理、影响方向及程度，并考察两者之间可能存在的互补或替代关系。 本文的研究结果显示，我国上市公司普遍存在着非效率投资，即过度投资或投资不足。产品市场竞争可以有效地抑制企业的过度投资。较高的股权集中度会导致企业的过度投资，而较好的股权制衡机制可以在一定程度上抑制企业的过度投资。同时，产品市场竞争与股权集中度对过度投资的影响存在着互补的效应，而产品市场竞争与股权制衡度对过度投资的影响不存在明显的替代效应。 本文的研究表明，要改善中国上市公司的非效率投资状况，继续强化市场竞争、进一步优化公司治理结构、加强相关的法律制度建设是我们面临的必然选择。
英文摘要：	As a main driving force for the growth of companies and an important basis for the growth of future cash flow, investment decision affect the company's financing decisions and dividend policy decisions directly. It also influences the company’s operating risks, profitability and the assessment of its operating performance and development prospects by the capital market. Therefore, the investment behavior of enterprises becomes a focus both in the economic field and the academic research. But investment decision in the real world is not always optimal for the conflict of interests that may exist between owners and operators or between controlling shareholders and minor shareholders. In order to optimize the decision-making, to reduce the agency problem and the incomplete nature of contracts, corporate governance mechanism gradually attracts attention. Based on the extant theoretical research and empirical studies, this study develops an integrated theoretical framework incorporating three factors. By using this framework, we study how the product market competition and the ownership structure, which represent the external and internal governance mechanism respectively, impact the investment of enterprises collaboratively, and investigate whether it's complementary or alternative between the two factors. This dissertation provides evidence that over-investment and under-investment exit prevalently in listed companies of our country. Product market competition can inhibit over-investment effectively. Higher degree of concentration of ownership will lead to over-investment while better equity restriction can inhibit over-investment to some extent. At the same time, there are complementary effects between product market competition and ownership concentration on the impact of over-investment. But there are few evidences that support the substitution effects between product market competition and equity counterbalance on the impact of over-investment. All in all, this dissertation suggests that in order to reduce inefficient investment，it is necessary to continue to strengthen the product market competition, to improve the corporate governance structure, and to intensify the related laws.
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