夫妻共治会改变企业成本粘性吗——基于中国家族上市公司的经验证据  

Will Joint Management of the Couple Change Enterprises’ Cost Stickiness? Empirical Evidence from A-share Listed Family Business in China

作　　者：许宇鹏 Xu Yupeng(School of Accountancy,Shanghai University of Finance and Economic,Shanghai 200433,China)

机构地区：[1]上海财经大学会计学院,上海200433

出　　处：《上海财经大学学报（哲学社会科学版）》2020年第1期100-122,共23页Journal of Shanghai University of Finance and Economics

基　　金：国家自然科学基金重点资助项目“以价值为基础、以战略为导向的中国企业管理会计研究”(71032005);教育部人文社会科学重点研究基地重大项目“中国管理会计体系建设研究”(15JJD630008).

摘　　要：夫妻共治会改变企业成本粘性吗?这一问题在夫妻控制家族企业独有的内部治理结构特征下更具有深意。文章基于沪深上市公司中家族企业的数据,从实际控制人的权力配置视角出发,探究夫妻作为实际控制人的权力配置结构对企业成本粘性的影响,并进一步考察了夫妻共同控制下家族企业内部股权制衡度、夫妻企业家多元化才能特质以及公司治理结构特征等因素对成本粘性的影响。研究结果表明,夫妻共同持股与共同管理的产权配置结构对成本粘性具有显著影响,能够灵活调节成本粘性程度;股权制衡、夫妻企业家多元化才能特质以及妻子具备技术专家型人力资本特质能够显著降低企业的成本粘性。文章对深入理解家族企业内部经营管理特征、提升家族企业管理层决策配置能力和资源配置效率具有启示意义。Cost stickiness is an important concept in the field of management accounting,and it is also an interesting feature of cost asymmetry which is different from the traditional cost management model.The motivation behind the cost stickiness of business has always been the focus of academic study.The research focus of this paper is to explore the influencing factors and internal mechanism of the cost stickiness of enterprises from the perspective of the characteristics of the power structure of actual controllers.Different from the general organizational form,the family business based on marriage as the basis of the contract is unique in the allocation of organizational power.First,husband and wife,as the connection of marriage and the core of family business,have an impact on the development of enterprises.But,as independent individuals,they have individual heterogeneity to the firm.The influence of the above characteristics on the cost stickiness behavior under the property right structure-ownership allocation and management right allocation-is more profound.Using China’s A-share listed family companies from 2007 to 2018 as research samples to test,the results show that:(1)Spousal co-governance has a significant impact on the cost stickiness of enterprises:the ownership allocation based on the joint shareholding of husband and wife and the management right allocation based on the joint management of husband and wife have a significant impact on cost stickiness;(2)Equity restriction plays a significant regulating role between marital co-governance and cost stickiness;(3)Entrepreneurial ability of the couple plays a significant regulating role between marital co-governance and cost stickiness;(4)Further research finds that the involvement of relatives from both husband and wife significantly increases cost stickiness;(5)After a series of robustness tests,the main results remain stable.The findings of this paper have opened up the mechanism of internal cost control of family enterprises,and enriched the research on

关 键 词：家族企业 夫妻共治 成本粘性 所有权配置 管理权配置 

分 类 号：F832.51[经济管理—金融学] F275.3