股权集中度、成本粘性与公司绩效

Ownership Concentration,Cost Stickiness and Corporate Performance

以2006—2015年沪深两市A股上市公司作为研究对象,用多元回归模型研究了股权集中度、成本粘性对公司绩效的影响以及股权集中度、成本粘性与公司绩效三者之间的关系.结果证实了本文的三条研究假设:1)股权集中度与公司短期绩效呈倒U型关系,与公司长期绩效则呈正U型关系;2)成本粘性与公司短期绩效、长期绩效均呈倒U型关系;3)与股权集中度高的公司相比,股权集中度较低的公司的成本粘性对公司绩效的正向影响更大.

Taking companies listed on Shanghai and Shenzhen Stock Exchanges from 2006 to 2015 as research objects, we studied the impact of ownership concentration and cost stickiness on corporate performance and the relationship between ownership concentration, cost stickiness and corporate performance using the multiple regression models.The results confirmed the three hypotheses of this study：1） The relationship between ownership concentration and corporate short-term performance is an inverted U-shaped pattern, and the relationship between ownership concentration and corporate long-term performance is U-shaped; 2） the relationship between cost stickiness and corporate short-term and long-term performance of enterprises is an inverted U-shaped model; 3） compared with companies with high ownership concentration, the positive influence of cost stickiness on companies with low ownership concentration is even larger.