摘要
利用2005—2018年上市公司数据,从成本性态的角度考察集团化经营对企业费用粘性的影响。研究发现,企业集团的费用粘性显著高于非企业集团,即企业费用在业务量下降时减少的幅度要显著低于业务量上升时增加的幅度。进一步分析显示,这一结果对于自由现金流越多的企业集团更明显,相反,较优的治理结构能够抑制集团化经营对企业费用粘性的提升作用。
Using the data of listed companies from 2005 to 2018,this paper examines the influence of business group structure upon expense stickiness from the cost behavior perspective.It is found that the expense stickiness of group firms is significantly higher than that of non-group firms,that is,the decrease of enterprise expenses when business volume decreases is significantly lower than the increase of business volume when business volume increases.Further analysis shows that this result is more obvious for business groups with higher free cash flow.However,the better corporate governance can inhibit the improvement effect of group operation on expense stickiness.
作者
张天舒
洪昀
ZHANG Tianshu;HONG Yun(Shanghai University of International Business and Economics,Shanghai 201620;Guangdong University of Foreign Studies,Guangzhou 510420)
出处
《财贸研究》
北大核心
2023年第4期99-110,共12页
Finance and Trade Research
基金
上海市曙光人才计划项目“资本市场开放与公司治理模式:基于沪港通和深港通的准自然实验”(19SG50)。
关键词
企业集团
代理成本
公司治理
费用粘性
business group
agency cost
corporate governance
expense stickiness
