An Empirical Study On The Relationship Among Listed Chinese Subsidiary Company Equity Restriction,Dynamic Competitiveness And Performance

With the development of economic globalization,the competition between countries gradually extends from the single enterprise to the large enterprises and large groups in various countries.Under the influence of policies such as reform and opening up and the Belt and Road,Chinese enterprise groups that have grown up with rent-seeking models have begun to cultivate their own dynamic competitiveness as well.Based on the complex external market environment context in China,this paper studies the relationship among the subsidiary companies' equity restriction,the performance and the dynamic competitiveness.Meanwhile,the research examines the cultivation mechanism of subsidiaries' dynamic competition ability,including the group corporate governance(the separation between the chairman and the general manager of the subsidiary company,the number of the listed companies within the group)and the external environment for the development,which will enrich the management mechanism of the enterprise groups in China.In the study,the empirical test of second-hand data of listed subsidiaries in China shows that there are significant differences in equity balance between listed subsidiaries in China,but it shows a significant regularity,that is,the equity balance effect of listed subsidiaries in our country has a positive incentive effect on their performance.Second,the dynamic competitiveness of the subsidiary mediates this path.The balance of the subsidiary shares is conducive to the formation of its dynamic competitive ability.The cumulative effect of the dynamic competitive ability leads to the final performance of the enterprise in the market.Third,the external operating environment plays vital role in the mechanism.On the one hand,the external operating environment can affect the formation of the dynamic competitiveness of the subsidiaries,thus affecting performance.On the other hand,environment plays a positive role in regulating the relationship between balance of the shares of the subsidiary and the formation of the dynamic competitiveness.In other words,the better the external operating environment,the more positive effect of the balance degree of the subsidiary shares on the dynamic competitiveness.Fourth,the internal governance of the parent and subsidiary company has a profound influence on the formation of dynamic competitiveness,in which the number of the internal market of the group has a significant effect on the cultivation of the dynamic competitiveness of the subsidiary company.In addition,whether the Chairman and CEO are same cannot infringe the cultivation of the dynamic competitiveness of the subsidiary,but shows an irrelevance.