高管特征、市场化进程与成本粘性

Top manager characteristic,marketization process and cost stickiness

近年来,国家全面实施供给侧改革并将重心放在了“降成本”上,成本的管控变得尤为重要。选取2014—2018年A股制造业行业的1336家上市公司为样本,对高管团队成员特征与成本粘性之间的关系进行分析研究。与此同时,将市场化进程与其中位数比较,分为市场化水平高低两组,探究市场化进程对高管特征与成本粘性关系的调节效应。研究结果表明:高管团队的平均年龄、平均任期、平均学历都与成本粘性显著负相关,市场化进程对高管平均年龄、平均任期和平均学历与成本粘性之间的关系均起到调节作用。

In recent years,the country is comprehensively implementing the supply-side reform and placing its focus on cost reduction,hence cost control is becoming particularly important.This article selects 1336 A-share manufacturing listed companies from 2014 to 2018 as samples,this paper investigates the relations between characteristics of members of the senior management teamand cost stickiness.Furthermore,by comparing the marketization process with the median,this paper divided the marketization process into two groups:high and low marketization level,and explored the moderating effect of marketization process on the relationship between executive characteristics and cost stickiness.The results show that:the average age,average tenure,and average education level of top management team are significantly negatively correlated with cost stickiness,and the process of marketization plays a moderating role in the relationship between the average age,average tenure,average education level and cost stickiness of top management team.