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We investigate the quantum dynamics of target excitation and positronium formation in the positron-hydrogen atom scattering without and with an external assisting laser field within a reduced-dimensional quantum model. Strong interference fringes between the incident and reflected positron wave packets are observed in the reaction region. We further investigate the critical behavior of transition probabilities near the channel-opening thresholds for hydrogen excitation and positronium formation and find a strong competition between channels with similar threshold energies, but different parities. The transmission ratios of the incident positron in different reaction channels are calculated, and it is shown that only positronium formation in the ground state prefers forward scattering. Our simulation of the positron-hydrogen scattering with an assisting laser field indicates that the three-particle bound states can be formed during the collisions due to the photon emission induced by the external laser field.