| The previous exploration of the enterprise competitive strategy and competitive behavior are started from the perspective of macro environment and industry structure, these studies are all static analysis of enterprise competition. However, with the rapid development of globalization and information technology, the product life cycle is speeding up, the customer demands is becoming diversified, all of the above factors greatly promote the evolution of enterprise competition mode, especially the competitors enterprise faces become more and more complicated, the means of competition adopted becomes even more diversitied, all the signs show that the competition modes between enterprises has evolved from static competition into dynamic competition. Discussion of the survival and development of enterprises under dynamic competition has become an important topic of common concern in both academic and industrial circles. Enterprise group is usually considered to be a hybrid organization form which is between market and enterprise, since the implementation of reform and opening up policy of China, with the promotion of the policy and the stimulus of market competition, the enterprise group of our country has obtained rapid development in the past years and has made great achievements in terms of both quantity and quality. At present, in China, enterprise group has become the main driving force of our economic growth. However, with the economic development and social progress, concentration of each industry gradually improves, many new industry entry barriers have gradually increased, competitive advantages that obtained from diversified development of enterprise groups through expansion of the industrial layout now is not the first growth choice of enterprise group, especially with the speeding up of economic integration process, international competition that enterprise faced is increasingly fierce, the complexity and the volatility of the business environment increase the business risk of enterprise group to expand the industrial structure and layout, more and more enterprise groups start to slow down the pace of diversification or even contract group business, at the same time, fostering dynamic competitiveness of member enterprises has become a new growth path of the enterprise groups. So, theoretical research of analysis of dimensions of enterprise dynamic competitiveness and exploration of subsidiary company dynamic competitiveness cultivation system in the framework of group becomes increasingly urgent, this kind of research also has important guiding significance to Chinese enterprise management practice.Based on the above background, in this paper, the author takes subsidiary company dynamic competitiveness cultivation mechanism and evaluation of effectiveness as the theme, based on the analysis of literature review and theoretical model and then focuses on the following research:First, dimension division of subsidiary company dynamic competitiveness. In this paper, based on connotation of dynamic competition theory and the characteristics of dynamic competition behavior, the author proposes that enterprise dynamic competitiveness should have four dimensions:technical first-mover ability, market first-mover ability, fast reaction ability and knowledge conversion ability constitution, and based on the experience data of China’s listed subsidiaries, the author tests the rationality of four dimensions division.Second, cultivation system of dynamic competitiveness of subsidiary company, on the basis of defining and analysis of the concept and the connotation of group corporate governance, the author divides the group corporate governance mechanism in which the subsidiary company is considered as the main body into three dimensions:parent company level, subsidiary level and the parent and subsidiary portfolio level, based on theoretical analysis and deduction,14 assumptions associated group corporate governance factors and the subsidiary company dynamic competitiveness are proposed, in which 10 hypotheses pass through the empirical tests, they are:(1) parent companies engaged in the production and operation are more conducive to promote dynamic competitiveness of subsidiary companies; (2) The dynamic competitiveness of subsidiary appears inverted U type change increased first and then decreased with the parent company equity participation increase; (3) two rights separation degree of the parent company is not conducive to the cultivation of subsidiary dynamic competitiveness; (4) external group shareholders benefits is conducive to cultivation of dynamic competitiveness of subsidiary; (5) more setting of professional committee in the board of directors of the company in the subsidiary has positive influence on subsidiary company dynamic competitiveness; (6) subsidiary company dynamic competitiveness expressed firstly increased and then decreased with independent director proportion increased; (7) the subsidiary board incentive benefits dynamic competitiveness cultivation; (8) executive incentive level have significant positive correlation with dynamic competitiveness of subsidiaries; (9) the degree of the parent-subsidiary company personnel has first positive then negtive correlation with the subsidiary company dynamic competitiveness; (10) internal group capital support is conducive to the promotion of subsidiary dynamic competitiveness cultivation.4 assumptions do not pass through empirical testing, they are:(1) significant inverted U type correlation exists between subsidiary board size and dynamic competitiveness, empirical test finds that both the monomial and quadratic term of the board size and dynamic competitiveness do not exist significant correlation; (2) there is positive correlation between leadership structure of subsidiary board and dynamic competitiveness, empirical test finds that there is non-significant negative relationship between the two variables; (3) inverted U type correlation exists between number of subsidiary board meetings and dynamic competitiveness, empirical test finds that there is no significant correlation both the monomial and quadratic term of the number of board meetings and dynamic competitiveness; (4) inverted U shape relationship exists between subsidiary executives scale and dynamic competitiveness, empirical results show that there is a significant positive relationship between the two variables.Third, study on evaluation of subsidiary dynamic competitiveness utility. This part includes three sub studies:(1) the construction of evaluation system of dynamic competitiveness effect. In this paper, based on the principles and elements of evaluation of the company growth, through theoretical deduction the author presents that subsidiary growth should be evaluated from the following three dimensions: profitability, risk and expansion, then the author proves reasonability of the division by factor analysis; (2) the promoting effect of subsidiary dynamic competitiveness. Based on division of the growth dimensions, then author analyzes the relationship between subsidiary company dynamic competitiveness and subsidiary company growth and its dimensions, through the study the author finds that a significant positive correlation exists between subsidiary company dynamic competitiveness and subsidiary company growth, subsidiary dynamic competitiveness will help raise the subsidiaries profitability and expansion, and reduce the risk of subsidiary company; (3)the contingency thinking of dynamic competitiveness utility. Taking environment subsidiary as a moderating variable, the author examines the different influence of subsidiary dynamic competitiveness on subsidiary company growth in different operating environment, the results show that:the poorer the subsidiary operating environment is, the stronger the relevance between dynamic competitiveness and the profitability and risk is, with the improvement of business environment, the function of dynamic competitiveness of subsidiary company on profitability and risk gradually weakened; subsidiaries,when subsidiary operating environment is better, the dynamic competitiveness will produce stronger positive effects on expansion of the subsidiaries, when the operation environment is bad, the positive impact that dynamic competitiveness on subsidiary expansion gradually weakened.Fourth, based on the empirical results, the author constructs subsidiary dynamic competitiveness cultivation model based on group corporate governance optimization from the three aspects of promotion system, security system and restraint system. Then from two aspects of optimization of internal governance structure and improve the internal management system,the author puts forward the following optimization measures:to improve the ownership structure of the subsidiary company, to strengthen the external shareholders decision balance; to optimize the structure of board of directors configuration, to enhance subsidiary board governance efficiency; to make rational allocation of the subsidiary company executive power, to reduce the agency cost; to establish and improve the independent director governance mechanism; to build group internal capital configuration mechanism; to construct personnel related mechanism of parent subsidiary corporation; to improve the internal supervision system; to perfect the quality evaluation mechanism of subsidiary,etc.In this paper, the author adopts the research method of the large sample empirical analysis to construct subsidiary company dynamic competitiveness dimension, the study fills the gap in the theory of dynamic competitiveness dimension division; then the author analyzes and defines the connotation and characteristic of the group corporate governance, and explores the utility evaluation and cultivation system of subsidiary company dynamic competitiveness. Overall, this study can solve the problem of insufficiency dynamic competition theory and group corporation governance theory, the conclusion of the study has a strong theoretical value. At the same time, this study also has the following practical value:first, start from dynamic factors, resource factors and structure factors of dynamic competition theory, through the analysis and construction of dynamic competitiveness and the dimension division, this study has certain reference value for group company evaluation and cultivating subsidiary dynamic competitiveness aimingly; Secondly, based on the special organizational form of enterprise groups, the author makes investigation of subsidiary dynamic competitiveness shaping and its cultivation system, and then explores and discusses the related mechanism of group company governance and subsidiary company dynamic competitiveness, so this study has important guiding significance for enrich of enterprise group governance means,perfect of governance mechanism and improvement of subisidiary dynamic competitiveness. Third, the author constructs the subsidiary company growth evaluation standard base on the effect evaluation system of subsidiary company dynamic competitiveness, this construction has certain reference for objective evaluation of parent company on the subsidiary company, subsidiary company appraisal and their executives performance appraisal; finally, in the study of evaluation of subsidiary dynamic competitiveness effect, the author further investigates and analyzes regulation effect of operating environment, this can provide reference for the parent company to make contingency choice of subsidiary management mode and means in different environments.
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