中文摘要：

针对当前学界对管理效率实证研究不足的现状，以2005年～2014年制造业上币公司为对象，将样本企业分为高产品市场竞争组和低产品市场竞争组，构建企业管理效率对产品市场竞争、管理层持股等因素交互效应的动态反映机制面板模型，以测度产品市场竞争程度差异化情形下管理效率的变化。研究结果表明：企业管理效率会随着产品市场竞争程度的提高而上升；低产品市场竞争组的企业管理成本是高产品市场竞争组企业管理成本的1．4倍，管理效率相比高产品市场竞争组企业则下降了约3／10，管理层持股可改善低产品市场竞争下企业管理效率的损失；产品市场竞争、管理层持股及其他变量共同决定了标准管理效率，企业实际管理效率偏离标准管理效率对企业绩效有负向影响。这一结论对微观企业质量管理和宏观政策制定均具有一定的启示意义。

英文摘要：

This paper takes the Chinese listed manufacturing corporations from 2005 to 2014 as samples, divides the sample firms into high market competition group and low product market competition group, and establishes a dynamic reflection mechanism panel model of management efficiency to the interaction effect between product market competition and managerial ownership in order to measure the change of enterprises＇ management efficiency resulted from differentiation degrees of product market competition. The empirical re- sults show that enterprise management efficiency will be improved as the degree of product market competi- tion increases; the management cost of enterprises belonging to the low product market competition group is 1.4 times of that of enterprises belonging to the high product market competition group, and in comparison with enterprises in high competitive market, their management efficiency decreases by about 3/10, but man- agerial ownership can improve the loss of enterprises＇ management efficiency in low competitive market; product market competition, managerial ownership and other variables together determine the standard man- agement efficiency, and the deviation between the actual management efficiency and the standard manage- merit efficiency will quality management damage enterprise performance. The conclusion has implications for the micro enterprise and macro policy making.