能源行业成本粘性与企业绩效研究

Cost stickiness and firm performance of energy industry

企业的成本粘性过高不益于资源利用率的提高,最终影响其业绩的实现。能源行业是国家建设的中流砥柱,它的发展与经济运行息息相关,而现阶段,能源行业产能过剩现象严重,会大大影响到企业的绩效。选定2000—2016年A股能源行业上市企业作为研究对象,采取固定效应回归分析方法,探究成本粘性与企业效益的关系,并从其内部环境的角度验证了企业如何通过改善资本结构和股权结构来缓和成本粘性对企业效益的负面效应。研究表明,能源行业企业粘性变大,其效益的实现愈发不理想;企业资本结构和股权结构对两者的关系起相反的调节作用,其中资产负债率不合理性负向调节两者间的关系,股权集中程度正向调节两者间的关系;进一步检验可知,在宏观经济形势较好的情况下,加剧了成本粘性对企业绩效的负向作用。研究结果为能源企业解决因供需不均带来的资源配置效率低下问题提供一定参考。

Cost stickiness too high will lead to lower enterprise resource utilization, and ultimately will affect the performance of enterprises.The energy industry is the basic industry of national development.Its development plays a vital role in the rapid growth of China’s economy.At this stage, the energy industry overcapacity is serious and will greatly affect the performance of enterprises.In this paper, the empirical analysis of the A-share energy industry listed companies in 2000—2016 is used to test the impact of the energy industry’s cost stickiness on the performance of the enterprises, and from the perspective of the internal environment of the enterprise how to improve the capital structure and equity structure to reduce the impact of cost stickiness on business performance.The empirical results show that there is a significant negative correlation between the cost of the energy industry and the performance of the firm.The relationship between the capital structure and the ownership structure has a moderating effect on the relationship between the asset and liability ratio.And the relationship between the cost and the performance of the energy industry is positively adjusted.The further test shows that the negative effect of cost stickiness on corporate performance is more significant in the case of macroeconomic situation.This research is conducive to the enterprise’s investment decision-making and cost management, to improve the level of enterprise resource utilization has a certain reference.