会计学院知识库

  当前全球经济复苏乏力，国内外经济环境复杂严峻，经济下行压力较大，在如此复杂多变的外部环境的影响下，企业在市场中面临的机遇与挑战都不断增加，因此为企业在市场中的发展提出了更高的要求。产品市场竞争与企业的行为决策和经营表现有着密切关系。现有研究表明产品市场竞争程度的提高一方面能促进企业积极进行创新活动，以满足客户需求并保持市场竞争优势。同时，竞争激烈的环境下，企业面临更大的压力，这也能够抑制企业管理层真实盈余管理行为，从而增强企业的透明度和可信度。另一方面，产品市场竞争的提高还能够减少和解决企业存在的代理问题，降低代理成本。在竞争激烈的环境下，企业更加注重内部管理和组织效率，确保资源的合理配置和投资回报的最大化。产品市场竞争对企业的影响是多方面的，尤其是在竞争激烈的市场中，企业必须不断提高其竞争力以保持其地位并获得更多的市场份额。那么产品市场竞争程度的不断提高是否能够发挥治理作用，进而提高企业可持续增长的可能性呢？

  基于此，文章以2011-2021年间沪深A股上市公司为研究样本，采用多元回归分析法进行实证分析，研究产品市场竞争对企业可持续增长的影响。在此基础上，文章运用中介效应分析法验证社会责任和创新投入在产品市场竞争与企业可持续增长之间的链条传导机制。此外，文章进一步运用调节效应实证分析方法探讨数字化转型与融资约束的调节作用。研究发现，产品市场竞争与企业可持续增长之间呈正相关关系，且该结论经过替换解释变量以及通过将解释变量滞后一期的内生性检验、缩小回归样本等稳健性检验后依然成立。中介效应检验发现，创新投入和社会责任在产品市场竞争与企业可持续增长的关系之间发挥了部分中介效应。进一步研究发现，数字化转型与融资约束在二者的关系中起到调节作用。

  文章揭示了产品市场竞争对企业可持续增长的影响机理。从理论层面来说，不仅丰富了企业在产品市场所面临的竞争环境对企业发展的相关研究，也为企业如何提高企业可持续增长能力提供了理论依据。从实践层面来说，为企业通过利用产品市场所面临的竞争环境积极承担企业社会责任和增加创新投入进而提高企业可持续增长能力提供了经验证据和有益参考。

  At present, the global economic recovery is weak, the domestic and foreign economic environment is complex and severe, and the downward pressure on the economy is greater. Product market competition is closely related to the behavior and decision-making and business performance of enterprises. Existing studies have shown that the improvement of the degree of competition in the product market can promote enterprises to actively carry out innovative activities to meet customer needs and maintain market competitive advantages. At the same time, in a highly competitive environment, companies are under greater pressure, which can also inhibit the real earnings management behavior of corporate management, thereby enhancing the transparency and credibility of enterprises. On the other hand, the improvement of product market competition can also reduce and solve the agency problems existing in enterprises and reduce agency costs. In a highly competitive environment, enterprises pay more attention to internal management and organizational efficiency to ensure the rational allocation of resources and the maximization of return on investment. The impact of product market competition on enterprises is multifaceted, especially in a highly competitive market, enterprises must constantly improve their competitiveness to maintain their position and gain more market share. So can the continuous improvement of the degree of competition in the product market play a role in governance, and then improve the possibility of sustainable growth of enterprises?

  Based on this, this paper takes the A-share listed companies in Shanghai and Shenzhen from 2011 to 2021 as the research sample, and uses multiple regression analysis to conduct an empirical analysis to study the impact of product market competition on the sustainable growth of enterprises. On this basis, this paper uses the mediation effect analysis method to verify the chain transmission mechanism between social responsibility and innovation investment in product market competition and sustainable growth of enterprises. In addition, this paper further uses the empirical analysis method of moderating effect to explore the moderating effect of digital transformation and financing constraints. The results show that there is a positive correlation between product market competition and firm sustainable growth, and this conclusion is still valid after the robustness test of replacing the explanatory variables, the endogeneity test of lagging the explanatory variables for one period, and the narrowing of the regression sample. The mediating effect test shows that innovation investment and social responsibility play a partial mediating effect on the relationship between product market competition and sustainable growth of enterprises. Further research finds that digital transformation and financing constraints play a moderating role in the relationship between the two.

  This paper reveals the impact mechanism of product market competition on the sustainable growth of enterprises. From a theoretical perspective, it not only enriches the research on the development of enterprises in the competitive environment faced by enterprises in the product market, but also provides a theoretical basis for how to improve the sustainable growth ability of enterprises. From a practical point of view, it provides empirical evidence and useful reference for enterprises to actively undertake corporate social responsibility and increase innovation investment by taking advantage of the competitive environment faced by the product market, so as to improve the sustainable growth ability of enterprises.