自由现金流、董事会治理与费用粘性研究

Research on Free Cash Flow,Board Governance and Cost Stickiness

董事会治理作为公司治理的重要内容,在成本费用控制上会产生一定的影响。费用粘性反映的是费用与业务量的变化关系,本文基于调整ABJ费用粘性检验模型,采用多元回归分析方法来研究董事会如何通过治理结构来控制和监督管理层对自由现金流资源的自利行为,进而影响费用粘性。研究结果表明,中国制造业上市公司存在费用粘性特征;自由现金流具有增强费用粘性的作用;在自由现金流充裕的情况下,完善董事会治理具有抑制费用粘性的作用。

As an important part of corporate governance,the board governance has a certain impact on the cost control.The cost stickiness reflects the relationship between the cost and the portfolio of business.Based on the adjustment of the ABJ cost stickiness test model,this paper uses multiple regression analysis to explore how the board of directors control and supervise the self-interest behavior of the management on free cash flow resources through the governance structure,which further affects the cost stickiness.The results show that the cost stickiness characteristics exist in China’s manufacturing listed companies;free cash flow has the effect of increasing cost stickiness;and under the condition of free affluent cash flow,perfecting the governance of the board of directors has the effect of restraining cost stickiness.