作为市场参与主体的顾客在公司治理中的作用与表达机制,一直未能得到应有的重视和深入的研究。将有议价能力的顾客引入公司治理体系中,探讨产品市场势力、公司治理机制与公司绩效的关系是值得深入研究的领域。以深圳证券市场2009-2014年创业板上市公司为研究样本,检验产品市场势力、公司治理和公司绩效之间的关系,实证检验结果表明:合理的公司治理机制安排能够提高公司的绩效,而产品市场势力对公司治理机制产生了互补作用,体现在股权结构、董事会监督及股权激励方面。这意味着,要提高公司绩效、实现股东利益最大化,有必要进一步完善上市公司的治理机制。同时,发挥产品市场势力的治理作用,通过与内部公司治理机制的配合,更有效地提高公司绩效。
The relationship of corporate governance and performance is a very important field of research.Based on the data about GEM listed companies from 2009 to 2014,we explored the relationship between product market power,corporate governance,and corporate performance in this article. The result of our study shows that the reasonable arrangements for the structure of corporate governance can promote the corporate performance,and the product market power plays the role of mutual complement in terms of the governance mechanism of certain companies,which is reflected in the ownership structure,the supervision of the board of directors and equity incentive. This conclusion implies that,in order to improve the performance and maximize shareholder value,it is necessary to continue the perfection of the governance of listed companies. At the same time,use the product market power and cooperate with internal corporate governance mechanism can also effectively boost the performance.