交互关系视角下的产品市场竞争与公司内部治理机制-会计学专业论文.docxVIP

Ab Ab stract Since the 1930s|scholars proposed the concept of corporate governance it has become important research subject all around the word，and has formed varieties of corporate governance theory．Corporate governance can be divided into internal governance mechanism and external governance mechanism，however，the majority study about corporate governance is limited within the internal governance mechanism，neglects the study of externaI governance，such as product market competition．ThiS article mainly research the interaction relationship(synerg Jc or alternative)between product market competition which is part of the external governance mechanism and internal governance mechanism．Based on the related theory of product market competition and corporate governance，we divide the internaI governance mechanism into four sectionsf a total of 14 variablesl and we select HHI as representative of product market competition，which are key factors of empirical research．With the help of theoreticaI analysis and empirical analysis methods，we find that product market competition has the alternative relationship with internal governance mechanism in strongly competitive industry，which means that the improvement of the internal governance mechanisms has limited impact to enhance enterprise value in the highly competitive industry,instead，the company in the weakly competitive industry should focus on improving internaI governance mechanism to improve the enterprise value．In addition，product market competition has the alternative relationship with executive(the directors board and the supervisors board)compensation，two sessions(the directors board and the supervisors board)scale and the structure and scale of managers(the setting rules about both general manager and chairman and the scale of managers) in the strongly competitive industry；and has the synergic relationship with executive(the directors board and the supervisors board)compensation，and two sessions(