金字塔集团不同层级公司成本粘性差异及其成因的实证分析

On the Cost Stickiness Difference between Companies with Different Layers in Pyramidal Business Group

本文以2003-2014年中国A股上市公司年度数据为样本,研究了金字塔集团不同层级公司成本粘性差异及其成因。结果发现:公司距离最终控制人的层级数(下文简称金字塔层级)越多,成本粘性程度越高,此关系在公司融资约束程度较低、管理层不持有公司股份、股权集中度较低时更加明显,此关系在公司收入持续下降时无显著变化;中介机制分析表明,金字塔层级增加会通过增加管理费用率、过度投资而提高成本粘性。这些结果说明,金字塔层级增加是通过恶化管理层代理问题而提高了成本粘性,没有证据表明金字塔层级通过影响资源调整成本和管理层乐观主义而提高了成本粘性。本文既丰富了成本粘性影响因素方面的研究,也丰富了金字塔集团经济后果方面的研究。

Using China's A share listed companies'data during years from 2003 to 2014 as samples,this paper provides first empirical analysis on the cost stickiness difference between companies with different layers in pyramidal business group and its formation mechanisms.The results show that the number of pyramid layer is positively related to the degree of cost stickiness,which is more pronounced when firms with less financial constraint,managers do not hold the company's share,the degree of ownership concentration is low.Mediating effects analyses show that management fee and over-investment are two important mediating factors of the relationship between the number of layers and the degree of cost stickiness.Those results indicate that the increase of the number of layers increases the degree of cost stickiness by worsening the management agency problem,and there is no evidence showing that the increase of the number of layers reduces the degree of cost stickiness by reducing adjustment costs through expanding the role of the internal capital market and strengthening managerial optimism.This paper not only enriches the research on the factors affecting the cost stickiness,but also enriches the research on the economic consequences of the pyramid group structure.