需求不确定性、股权激励与企业成本弹性

Demand Uncertainty,Equity Incentive&Enterprise Cost Elasticity

当前,我国内外部环境日益复杂,企业经营发展面临困境。在此宏观背景下,深入探讨需求不确定性与企业微观行为之间的关系十分必要。基于2010—2018年我国A股上市公司数据,实证考察了需求不确定性对我国企业成本弹性的影响,并分析了股权激励的调节作用。研究发现:(1)需求不确定性与企业成本弹性正相关,尤其是在企业需求下降之时;(2)股权激励缓解了需求不确定性所引起的成本弹性的上升趋势,尤其是在企业需求上升之时;(3)股权激励的调节作用在产品市场竞争度较低的企业中更为显著;(4)进一步地,股权激励的调节作用具有“壕沟效应”,过度激励可能适得其反。上述结果表明,在需求不确定性增大的环境下,企业可以适度、合理地利用股权激励手段优化“成本管理”的预期效果。

At present,China's domestic and external environment is becoming increasingly complex,and business development is facing difficulties.In this macro context,it is necessary to explore deeply the relationship between demand uncertainty and corporate behavior.Based on the data of China’s A-share listed companies during the years from 2010 to 2018,this paper empirically studies the impact of demand uncertainty on enterprise cost elasticity in China,and analyzes the moderating effect of equity incentive.The research has found that:(1)Demand uncertainty is positively correlated with enterprise cost elasticity in China,especially when enterprise demand declines;(2)Equity incentives alleviate the rising trend of cost elasticity caused by demand uncertainty,especially when enterprise demand rises;(3)The moderating effect of equity incentives is more significant in enterprises with low product market competition;(4)Further,the effect of equity incentives has a“trench effect”,and excessive incentives may backfire.The above results show that under the environment of increasing demand uncertainty,companies should appropriately and reasonably use equity incentives to optimize the expected effects of“cost management”.