政策性负担、信息透明度与企业费用粘性  

Policy Burden, Information Transparency and Corporate Cost Stickiness

作　　者：廖飞梅 朱清贞[2] 叶松勤 LIAO Fei-mei;ZHU Qing-zhen;YE Song-qin(Dongbei University of Finance and Economics,Dalian 116025;Jiangxi Normal University,Nanchang 330022,China)

机构地区：[1]东北财经大学会计学院,辽宁大连116025 [2]江西师范大学财政金融学院,江西南昌330022

出　　处：《当代财经》2019年第12期119-130,共12页Contemporary Finance and Economics

基　　金：国家社会科学基金项目“国企政策性负担、财务信息透明度与政府优惠资源配置效率”(16BGL047)

摘　　要：以2008-2017年沪深A股国有上市公司为样本,考察了政策性负担、信息透明度与国有企业费用粘性三者之间的关系。研究发现:国有企业普遍存在费用粘性现象;在信息不对称的情况下,国有企业承担的政策性负担越重,其费用粘性越强;在信息透明度不同的条件下,政策性负担对费用粘性的影响存在显著的差异;提高信息透明度能减少信息不对称和管理层的机会主义行为,从而能有效抑制政策性负担对费用粘性的负面影响。进一步分析表明:政策性负担是通过管理层代理问题来影响企业费用粘性的。Taking the A-share state-owned listed companies in Shanghai and Shenzhen stock exchanges during 2008-2017 as samples, this paper explores the relationship between policy burden, information transparency and the cost stickiness of state-owned enterprises. The findings show that the phenomenon of cost stickiness widely exists in state-owned enterprises. Under the conditions of asymmetric information, the heavier the policy burden on the state-owned enterprises, the stronger the cost stickiness will be;while under the conditions of different information transparency, the impacts of policy burden on the cost stickiness are significant different. To improve information transparency can reduce information asymmetry and the opportunistic behaviors of the management, which can effectively curb the negative impact of policy burdens on cost stickiness. Further analysis shows that the policy burden affects the cost stickiness of enterprises through the agency problem in the management.

关 键 词：政策性负担 信息透明度 费用粘性 

分 类 号：F272.3[经济管理—企业管理]