董事长-CEO姓氏关系会抑制企业的费用粘性吗?--基于国有企业的经验证据

Will the chairman-CEO surname relationship inhibit enterprises’ cost stickiness?Based on empirical evidence from state-owned enterprises

姓氏关系属于非正式制度安排的分析范畴,姓氏相同的两人往往会产生天然的亲近感和身份认同感,姓氏纽带的存在导致他们在人际交往过程中更可能相互吸引,并且通过频繁交往建立起关系型社会资本--一种互惠性的规范。这样一种互惠性的规范一方面增加了CEO对董事长的承诺,它可以约束CEO打造商业帝国的机会主义行为,有助于降低企业的费用粘性;另一方面,它也可能会促使董事长与CEO合谋,导致企业的费用粘性有所提高。基于2001-2014年期间沪深两市A股国有上市公司的数据,针对该命题进行探究。结果发现,董事长和CEO姓氏相同的企业费用粘性显著更低,并且董事长-CEO姓氏关系对费用粘性的抑制作用,在第一大股东持股比例较低时更加突出。也就是说,非正式的制度安排和正式的制度安排在抑制费用粘性方面是相互替代的。不仅拓宽了关于费用粘性影响因素的研究范围,同时增进了理论界对姓氏关系经济后果的认识。

Surname relationship belongs to the analytical category of informal institution arrangement. Two persons with the same surname tend to generate natural sense of friendliness and personal identification. Due to the existence of surname bond,they are more likely to attract each other in interpersonal communication,and establish relationshipship-type social capital through frequent contacts--a reciprocal norm. Such a reciprocal norm,on the one hand,enhances CEO ’s commitment to the chairman,which can restrain CEO’s opportunistic behavior of creating a business empire and contribute to lowering enterprises’ cost stickiness;on the other hand,it may also prompt the chairman to conspire with CEO,leading to the increase of enterprises’ cost stickiness. Based on the data of state-owned A share listed companies in the stock markets of Shanghai and Shenzhen from 2001 to 2014,this paper explores this topic. The results show that the enterprise whose chairman and CEO have the same surname has lower cost stickiness,and the inhibiting effect of surname relationship between chairman and CEO on cost stickiness is more prominent when the shareholding ratio of the largest shareholder is low. In other words,informal institution arrangement and formal institution arrangement can replace each other in terms of inhibiting cost stickiness. This paper not merely expands the research scope of factors influencing cost stickiness,but also facilitates the cognition for economic consequences brought by surname relationship in the theoretical cycle.