媒体关注、信息环境与公司费用粘性

Media Coverage, Information Environment and Firm's Stickiness of Cost

费用粘性是企业成本性态相关领域的重要研究问题。以2009—2013年中国A股制造业上市公司为样本,本文考察了媒体关注对公司费用粘性的影响。研究发现:媒体关注对公司费用粘性具有显著的抑制作用,媒体关注程度越高,公司费用粘性越低;区分公司的信息环境,上述抑制作用主要存在于公司内外信息环境较差的情况下,在内外信息环境较好时不存在显著影响。进一步的研究显示,不同类型媒体关注的作用效果存在异质性,政策导向的媒体关注对费用粘性具有较强的抑制效果,而市场导向的媒体关注的抑制效果则较为微弱;此外,与信息环境影响的发现一致,在内部控制水平较低的公司中,媒体关注对费用粘性具有更强的治理效果。本文的发现肯定了媒体关注抑制公司费用粘性的积极作用,并将媒体关注这一重要的外部治理机制纳入费用粘性动因的分析框架中。

Stickiness of cost is an important research issue of firm＇s cost behavior. Using A-share industrial listed firms of China from 2009 to 2013 as the sample, this paper studies the effect of media coverage on finn＇s stickiness of cost. The results show that media coverage can restrain firm＇s stickiness of cost. The higher level of media coverage is, the lower the stickiness of cost is. Distinguishing different information environment, the above effect mainly exists in firms with had information environment, and does not exist in good information environment. The additional tests show that the effect of different types of media coverage is different. The effect of politically oriented media on stickiness of cost is strong, while the effect of commercially oriented media is weak. Consistent with the findings about information environment, the restrain effect of media coverage exists mainly in firms with weak internal control. This paper confirms the positive effect of media coverage on stickiness of cost, and incorporates media coverage into the framework of determinates of finn＇s stickiness of cost.