Product Market Competition, Ownership Structure And Sustainable Growth Of Enterprises

Influencing the sustainable growth of enterprises is a hot topic in the theory and practice.Therefore,it has certain theoretical and practical significance to further study the sustainable growth management of enterprises and its influencing factors,and to examine the sustainable growth management of enterprises.Firstly,based on the theory of product market competition as an external governance mechanism,the theory of ownership structure as an internal corporate governance mechanism,and the interaction between the two in the process of enterprise development,the external competitive environment faced by the company and the internal corporate governance structure are combined to establish a theoretical framework.In this way,we will study the impact of the two on the sustainable growth of enterprises,and explore the impact of the external competitive environment and internal governance structure on the company's sustainable growth.On this basis,taking the relevant data of listed companies in Shanghai and shenzhen stock markets from 2011 to 2015 as the research sample,this paper studies the impact of product market competition and ownership structure on the sustainable growth of enterprises.Empirical results show that: product market competition can promote sustainable growth of enterprises;thereis a positive correlation between ownership concentration and sustainable growth of companies,and executive shareholding has a positive effect on the sustainable growth of companies.Product market competition in a certain extent can replace the governance role of the absolute shareholding structure.Further research shows that there is a certain correlation between product market competition and executive shareholding ratio.Based on the above empirical results,policy Suggestions are put forward: in the management of sustainable growth of enterprises,we should pay attention to the governance role of product market competition and ownership structure;At the same time,we should establish a good environment for fair competition among different forms of ownership,so that the market can play its role in the allocation of factors of production and realize the sustainable growth of enterprises.