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管理者能力、市场竞争与“脱实向虚”
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Abstract:
利用2007~2021年中国上市公司全部A股的相关数据，实证检验市场竞争对企业“脱实向虚”行为的影响。研究发现，市场竞争与实体经济占比负相关，即激烈的市场竞争能够促进企业的“脱实向虚”行为。进一步研究发现，管理者能力对市场竞争与实体经济占比的负面影响具有显著的抑制作用。因此，企业要定期开展员工培训，加强管理者能力的提升，完善公司内外部治理体系，实现企业长远健康发展。政府部门应加强完善公平竞争体系，引导企业转向实体经济的建设。
Based on the relevant data of all A-shares of Chinese listed companies from 2007 to 2021, this paper empirically tests the influence of market competition on enterprises’ “de-real to virtual” behavior. It is found that market competition is negatively correlated with the proportion of real economy, that is, fierce market competition can promote the behavior of enterprises “from real to virtual”. Further research shows that managers’ ability has a significant inhibitory effect on the negative impact of market competition and the proportion of real economy. Therefore, the enterprise should carry out regular staff training, strengthen the improvement of managers’ ability, improve the internal and external governance system of the company, and realize the long-term healthy development of the enterprise. Government departments should improve the fair competition system and guide enterprises to the construction of the real economy.
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