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基于企业微观层面的全要素生产率,本文从公司内部治理和外部市场环境的视角,考察治理成本与市场竞争对企业生产率的影响,并进一步从调节效应和中介效应的角度深入研究人力资本对上述关系的影响机制。利用中国工业企业统计数据,研究发现,无论在国企还是民企中,治理成本都显著阻碍了企业生产率的提升,然而,市场竞争在提升民企生产率的同时,降低了国企生产率。进一步的扩展性检验表明,对于民企,人力资本在边际上显著促进了生产率的提升,同时,人力资本还是公司治理提高生产率的重要途径;而对于国企,人力资本不存在边际影响,只在市场竞争层面有微弱的中介效应。
Based on total factor productivity at the micro level of the enterprise, this paper examines the impact of governance costs and market competition on firm productivity from the perspectives of internal corporate governance and external market environment, and further studies the influence of human capital on the above relations from the perspectives of regulation effects and intermediary effects The impact mechanism. Using the statistics of China’s industrial enterprises, the study finds that, both in state-owned enterprises and private enterprises, the cost of governance significantly hinders the improvement of enterprise productivity. However, market competition reduces the productivity of state-owned enterprises while enhancing the productivity of private enterprises. Further scalability tests show that for private enterprises, human capital significantly improves productivity marginalistically, and human capital is also an important way for corporate governance to improve productivity. For state-owned enterprises, there is no marginal effect on human capital and only competition in the market The level of weak intermediary effect.