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本文考察了公司治理及两种市场约束(产品市场竞争与并购接管威胁)对中国上市公司全要素生产率及其构成要素的影响。结果发现:(1)中国上市公司的全要素生产率增长主要来源于技术进步;(2)良好的公司治理机制能够促进全要素生产率尤其是技术进步的提高,并且产品市场竞争促进技术进步,并购接管威胁则阻碍公司技术进步;(3)从机构持股比的视角看,产品市场竞争与公司治理的交互影响对公司技术进步具有替代性,而从股权集中度及管理层薪金工资视角看,并购接管威胁与公司治理的交互影响对公司技术进步具有互补性。
This article examines the impact of corporate governance and two market constraints (product market competition and takeover threats) on the TFP and its components of Chinese listed companies. The results show that: (1) The total factor productivity growth of listed companies in China is mainly due to technological progress; (2) Good corporate governance mechanism can promote the improvement of total factor productivity, especially technological progress; and product market competition can promote technological progress and mergers and acquisitions take over (3) From the perspective of institutional ownership ratio, the interaction between product market competition and corporate governance has an alternative to the technological progress of the company. From the perspective of ownership concentration and management salary wage, the merger and acquisition The interaction between takeover threats and corporate governance is complementary to the company’s technological advances.