eng Science and Education Publishing Journal of Finance and Economics 2328-7276 2017-03-27 5 2 61 64 10.12691/jfe-5-2-3 JFE2017523 article Zhang Xiaoyi zxyi14@hotmail.com 1 Feng Yazhu 1 Ecnomicas and Management Department, Shanxi University, Taiyuan, China In the long-term practice of corporate governance, corporate governance system has been improved, and formed a set of interrelated governance system. According to its function, it can be divided into: incentive mechanism, supervision mechanism, agency competition mechanism, and external governance mechanism. This paper selects the financial data of listed companies of Shanghai Stock Exchange in 2014-2015 as samples. Through regression analysis, it is concluded that the more competitive the environment is, the weaker the corporate performance is sensitive to corporate governance. http://pubs.sciepub.com/jfe/5/2/3/jfe-5-2-3.pdf external competitive intensity corporate governance corporate performance