中小板上市公司治理结构对费用粘性的影响  

The impact of corporate governance structure on cost stickiness for small and medium-sized listed companies

作　　者：邵文武 刘畔 SHAO Wen-wu;LIU Pan(College of Economics and Management,Shenyang Aerospace University,Shenyang 110136,China)

机构地区：[1]沈阳航空航天大学经济与管理学院

出　　处：《沈阳航空航天大学学报》2020年第1期78-86,共9页Journal of Shenyang Aerospace University

基　　金：中国工程院咨询研究重点项目(项目编号:2017-XZ-015);辽宁省教育厅人文社科项目(项目编号:201717);辽宁省社会科学规划基金重点项目(项目编号:L16AJY012)

摘　　要：对我国中小板上市公司费用粘性受治理结构的影响进行了研究。选取中小板上市公司2012~2017年非平衡面板数据,运用公司治理理论、委托代理理论,建立计量经济模型,从所有者、董事会、管理者三个层面进行分析。通过研究发现:(1)良好的公司治理结构会抑制公司费用粘性;(2)合理的股权分布及对第一大股东股权制衡能够降低费用粘性;(3)高管薪酬及宏观经济情况则会促进费用粘性。This paper studies the impact of corporate governance structure on the cost stickiness for the small and medium-sized listed companies in China.Based on the unbalanced panel data of the small and medium-sized listed companies from 2012 to 2017 ecorporate governance theory and agency theory is used to establish an econometric model.The analysis is conducted from three levels:owners,board of directors and managers.The research shows that:(1) good corporate governance structure will inhibit the company’s cost stickiness;(2) reasonable shareholding distribution,and a balance on the largest shareholder’s equity can reduce the cost stickiness;(3) executive compensation and macroeconomic conditions will promote the cost stickiness.

关 键 词：公司治理结构 费用粘性 中小板上市公司 股权分布 董事会 

分 类 号：F275[经济管理—企业管理]