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如何通过外部制度和内部制度的安排延续企业的竞争优势,是制度变迁背景下中国企业面临的核心问题。本文以2002年-2005年的中国上市公司为样本,基于国内地区差距,实证分析了制度环境和公司治理对企业竞争优势的影响。回归结果发现,政府支持市场化程度、经济法律环境水平、股权集中度、股权竞争度、董事会独立性、专业委员会设置程度以及股东参与决策程度与企业竞争优势显著正相关。研究结果表明,好的制度环境与有效的公司治理能提高企业的竞争优势;企业持续竞争优势的源泉应包含以政府为主体的宏观层次的制度竞争和以企业为主体的微观层次的公司治理竞争。
How to extend the company’s competitive advantage through the arrangement of external systems and internal systems is the core issue that Chinese companies face in the context of institutional changes. This paper uses the Chinese listed companies from 2002 to 2005 as a sample. Based on the gap between the regions in China and China, this paper empirically analyzes the impact of institutional environment and corporate governance on corporate competitive advantage. The regression results show that the degree of government support for marketization, economic and legal environment, equity concentration, equity competition, independence of the board of directors, degree of professional committee setup, and shareholder participation in decision-making are significantly positively related to the company’s competitive advantage. The research results show that a good institutional environment and effective corporate governance can enhance the competitive advantage of the enterprise; the source of sustainable competitive advantage of the enterprise should include macro-level institutional competition with government as the main body and micro-level corporate governance competition with corporate as the main body. .