融资约束、公司治理与成本粘性

Financing Constraints, Corporate Governance and Cost Stickiness

本文选取2009-2015年中国沪深A股制造业上市公司的数据,分析了公司治理整体水平对成本粘性的影响以及融资约束对二者的影响。研究表明:公司治理可以抑制企业的成本粘性,同时融资约束越低,公司治理对成本粘性的抑制作用越明显,融资约束越高,公司治理对成本粘性的抑制影响越弱。研究结论丰富了成本粘性影响因素研究,以期为企业完善公司治理机制,提高成本管理水平提供参考价值。

Based on the data of Shanghai and Shenzhen A-share manufacturing listed companies from 2009 to 2015, the paper analyzes the influence of the overall level of corporate governance on cost stickiness and the effect of financing constraint on corporate governance and cost stickiness by means of empirical regression. It is found that corporate governance can inhibit the cost stickiness of corporate; the lower the financing constraint, the more obvious the effect of corporate governance on the cost of sticky, the higher the financing constraint, the weaker the effect of corporate governance on the cost of sticky inhibition. The research conclusion enriches the research on influencing factors of cost stickiness, which provides a theoretical and practical reference for improving corporate governance mechanism and improving cost management.