金融冲击对企业成本粘性的影响

The Impact of Financial Shock on Corporate Cost Stickiness

代理理论认为,在信息不对称和管理防御假说下,管理层会做出偏离企业价值最大化的决策,尤其是在动荡和不确定环境下,更是如此。为探究金融冲击,这个不确定因素,是否会强化管理层对企业成本粘性的影响,本文以沪深A股2002-2017年上市公司为研究样本,基于GARCH方法对金融冲击与企业成本粘性的关系进行实证检验。研究表明:股市冲击、货币冲击和外汇冲击三类金融冲击能够显著弱化管理层对企业成本粘性的问题,进一步研究发现,股市冲击、货币冲击和外汇冲击弱化企业成本粘性的现象存在时间惯性,能够持久地弱化企业成本粘性现象。本文的研究结论不仅解释了金融冲击对企业成本粘性的影响,而且还给政策制定者和企业公司治理提供了理论基础。

Agency theory believes that under the asymmetric information and management defense hypothesis,management will make decisions that deviate from corporate value maximization,especially in a turbulent and uncertain environment.In order to explore whether the financial shock,a uncertain factor,will strengthen the impact of management on the corporate cost stickiness or not,this paper uses the Shanghai and Shenzhen A-share listed companies from 2002 to2017 as research samples to conduct a empirical testing on the relationship between the financial shock and the corporate cost stickiness through applying the GARCH method.Studies show that the three types of financial shocks:stock market shocks, monetary shocks, and foreign exchange shocks can significantly weaken management’ s stickiness to corporate costs.Further research shows that those three shocks’ weakening effect on the corporate cost stickiness is characterized with time inertia,which means they can persistently weaken the corporate cost stickiness.The research outcomes of this paper not only explain the impact of financial shock on corporate cost stickiness,but also provide a theoretical reference for both policy making and corporate governance.