公司财务行为的传染效应——基于在职消费的证据  

The Contagion Effect of Corporate Financial Behavior: An Empirical Evidence from Perquisites

作　　者：张修平 高鹏 ZHANG Xiu-ping;GAO Peng

机构地区：[1]对外经济贸易大学金融学院 [2]重庆理工大学会计学院

出　　处：《中央财经大学学报》2019年第10期68-80,共13页Journal of Central University of Finance & Economics

基　　金：对外经济贸易大学中央高校基本科研业务费专项资金(项目编号:17QD10)

摘　　要：本文以我国2007-2015年企业集团控股上市公司作为研究样本,实证检验了企业集团内部超额在职消费的传染效应。实证研究结果表明,企业集团内部存在超额在职消费的传染效应,即当企业集团内某一成员企业的超额在职消费规模发生大幅上升时,下一年度企业集团内其他成员企业的超额在职消费规模会受到显著的正向影响。进一步的实证研究结果发现,超额在职消费的传染效应主要影响媒体监督水平较低的企业和内部控制质量较差的企业。这一结论表明,良好的公司治理机制能够有效抑制这一传染效应。本文的结论不仅丰富了企业集团内部传染效应领域的研究,发现了新的超额在职消费的影响因素;同时,本文的结论对于企业如何降低超额在职消费规模具有较为重要的指导意义。Based on the sample of Chinese listed companies which controlled by business groups from 2007 to 2015,this paper investigates whether the excessive perquisites of different listed companies which controlled by the same business group are contagious.We find that when the excess perquisites of one group-controlled listed company increases,the excess perquisites of other listed companies controlled by the same group will increase in the next year.Further,we find that the contagion effect mainly affects companies with low media supervision and companies with poor internal control.The results indicate that better corporate governance mechanism can mitigate the contagion effect within the business group.Our study enriches the literature on contagion effect within the business group,and finds new influencing factor of excess perquisite.Meanwhile,this paper has meaningful implications for group controlled listed companies to reduce excess perquisites.

关 键 词：企业集团 超额在职消费 传染效应 公司治理 

分 类 号：F275[经济管理—企业管理]