Abstract：Based on the environment of deregulation in power industry in China, this paper investigates the influences of external regulatory background and internal governance characteristics on list power firm’s efficiency. The research results show that firm organization’s equity concentration, equity counterbalance, board diligence, board and management’s compensation affect its efficiency. Moreover, firm organizations in different regulatory background receive different regulatory force brought by government regulator, i.e. the organizations which have more political resource receive less regulatory impact thus face less market competition and exhibit low efficiency.
2013, Vol. 10 
