盈余管理、所有权性质与费用粘性——基于我国制造业上市公司的经验数据

本文基于2011-2015年沪深两市A股主板制造业上市公司数据,实证检验了盈余管理、产权性质与费用粘性之间的关系。研究发现,由于国有企业严重的代理冲突,其费用粘性水平显著高于非国有企业;盈余管理与费用粘性的关系不能一概而论。交叉项的研究结果表明,产权性质对费用粘性的影响要强于盈余管理。对此,企业可要求管理者披露费用粘性信息,以更好地了解企业的费用控制问题,降低信息不对称;同时,通过制定约束与激励机制来弱化代理冲突。最后,本文提出设置费用粘性水平这一考核指标,丰富了绩效考核体系的内容,也为企业的绩效考核实践提供了一定的借鉴意义。

Basted on the data of Shanghai and Shenzhen A-share manufacturing listed companies from 2011 to 2015, this paper em- pirically tests the relationship among earnings management, ownership and cost stickiness. The results show that state- owned enterprises have higher cost viscosity levels than non-state-owned enterprises because of serious agency problem. The relationship between earnings management and cost stickiness cannot be generalized. The result of the interaction study shows that the nature of property rights has stronger influence on cost stickiness than earnings management. In this regard, enterprises may require managers to disclose cost viscosity information in order to better understand the cost control problem of enterprises and reduce information asymmetry; at the same time, weaken the agency conflict through developing constraints and incentive mechanisms. Finally, this paper proposes setting an assessment index, i.e., cost viscosity level, which not only enriches the content of the performance assessment system, but also provides some references for the enter- prises＇ performance appraisal practice.