CAJ | 학술논문

采用2003—2006年面板数据对我国上市公司竞争力的实证研究发现：由于公司治理的竞争力相对较弱，使得我国上市公司总体竞争力水平不高。但上市公司竞争力的变动趋势表明，由于制度约束以及自身发展的需要，上市公司股权结构逐步合理、股东大会逐步规范、董事会以及监事会治理竞争力逐步提升，使得上市公司治理竞争力呈现上升趋势；而由于上市公司偿债能力以及增长能力的下降，使得其财务实力出现下降趋势。提升上市公司竞争力的根本是完善治理结构与治理机制，股权结构的优化必须伴随着投资者理性意识的培育方能奏效，否则可能导致更为严重的大股东行为。除此之外，上市公司还必须关注于财务状况的改善，以避免财务状况恶化和财务风险增加。
채용2003—2006년면판수거대아국상시공사경쟁력적실증연구발현：유우공사치리적경쟁력상대교약，사득아국상시공사총체경쟁력수평불고。단상시공사경쟁력적변동추세표명，유우제도약속이급자신발전적수요，상시공사고권결구축보합리、고동대회축보규범、동사회이급감사회치리경쟁력축보제승，사득상시공사치리경쟁력정현상승추세；이유우상시공사상채능력이급증장능력적하강，사득기재무실력출현하강추세。제승상시공사경쟁력적근본시완선치리결구여치리궤제，고권결구적우화필수반수착투자자이성의식적배육방능주효，부칙가능도치경위엄중적대고동행위。제차지외，상시공사환필수관주우재무상황적개선，이피면재무상황악화화재무풍험증가。
This study provides empirical evidence on the competitiveness of Chinese listed companies by adopting a panel data set of Chinese listed companies between 2003 and 2006, which indicates that the competitiveness of listed companies is fairly lower because of the governance competitiveness being lower. However, the variable tendency of the listed companies enhances significandy their competitiveness at different years because of the bound system, intrinsic demand of its development, ownership structure being more reasonable, shareholder meeting being more conformable to standard, governance competitiveness of board and supervisor meeting promoted gradually. On the other hand, financial strength of listed companies appears a descend trend owing to the descending of debt paying ability and growing ability. Consequently, an important proposal for practice is that improving governance structure and mechanism are fandament of promoting their competitiveness, and to optimize ownership structure should accompany with cultivating rational conscious of investor, or else it will lead to severe majority shareholder behavior. Besides, listed companies must pay close attention to the improvement of financial state for the debt paying ability to avoid financial state deterioration and financial risk.