经营风险与财务风险对物流企业成本的影响
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摘要
本文以2007-2016年中国交通物流上市公司为样本,实证检验了经营风险和财务风险对物流企业降低成本的驱动效应.结果表明,经营风险和财务风险驱动物流企业降低成本,并且两种风险具有交互作用.然后,本文实证分析了三种不同股权结构情境下经营风险和财务风险对物流企业成本的影响,包括股权性质,股权制衡度和机构投资者持股.结果发现,相对于非国有物流企业,国有物流企业经营风险和财务风险对降低成本驱动效应更显著;股权制衡度和机构投资者持股仅对财务风险驱动物流企业降低成本具有调节效应,即股权制衡度和机构投资者持股比例越高,财务风险对物流企业降低成本越显著,但对经营风险驱动物流企业降低成本无调节作用.
Using data from Chinese traffic logistics listed companies for the years 2007-2016,this paper empirically examines the driving effect of operating risk and financial risk on the cost reduction of logistics enterprises.The results show that operating risk and financial risk drive logistics enterprises to reduce costs,and the two kinds of risks have an interactive effect on the cost reduction of logistics enterprises.Then,this paper empirically analyzes the impact of operational risk and financial risk on the cost of logistics enterprises under three different ownership structure scenarios,including the nature of ownership,equity restriction and institutional investors holding.The results show that operating risk and financial risk have more significant driving effect on cost reduction in state-owned logistics enterprises compared with non-state-owned logistics enterprises;equity restriction and institutional investors holding have moderating effect on financial risk driving cost reduction in logistics enterprises,that is,the higher the equity restriction and the proportion of institutional investors holding,the more significant the financial risk to reduce the cost of logistics enterprises,but they have no moderating effect on operating risk driving cost reduction in logistics enterprises.
Using data from Chinese traffic logistics listed companies for the years 2007-2016,this paper empirically examines the driving effect of operating risk and financial risk on the cost reduction of logistics enterprises.The results show that operating risk and financial risk drive logistics enterprises to reduce costs,and the two kinds of risks have an interactive effect on the cost reduction of logistics enterprises.Then,this paper empirically analyzes the impact of operational risk and financial risk on the cost of logistics enterprises under three different ownership structure scenarios,including the nature of ownership,equity restriction and institutional investors holding.The results show that operating risk and financial risk have more significant driving effect on cost reduction in state-owned logistics enterprises compared with non-state-owned logistics enterprises;equity restriction and institutional investors holding have moderating effect on financial risk driving cost reduction in logistics enterprises,that is,the higher the equity restriction and the proportion of institutional investors holding,the more significant the financial risk to reduce the cost of logistics enterprises,but they have no moderating effect on operating risk driving cost reduction in logistics enterprises.
引文
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[6]Chava S,Purnanandam A.The effect of banking crisis on bank-dependent borrowers[J].Journal of Financial Economics,2011,99(1):116-135.
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[8]Balakrishnan R L,Eldenburg L, Krishnan R,et al.The influence of institutional constraints on outsourcing[J].Journal of Accounting Research,2010,48(4):767-794.
[9]Joshi S,Krishnan R,Krishnan H.The influence of firm ownership form on post-merger customer-mix strategies[J].Journal of Managerial Issues,2010,22(2):239-261.
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[16]Holzhacker M,Krishnan R,Mahlendorf M D.Unraveling the black box of cost behavior:An empirical investigation of risk drivers,managerial resource procurement,and cost elasticity[J].The Accounting Review,2015,90(6):2305-2335.
[17]Balakrishnan R,Gruca T S.Cost stickiness and core competency:A note[J].Contemporary Accounting Research,2008,25(4):993-1006.
[18]Weiss D.Cost behavior and analysts'earnings forecasts[J].Accounting Review,2010,85(4):1441-1471.
[19]Chen G X,Lu H,Sougiannis T.The agency problem,corporate governance,and the asymmetrical behavior of selling,general,and administrative costs[J].Contemporary Accounting Research,2012,29(1):252-282.
[20]Banker R D,Byzalov D,Chen L.Employment protection legislation,adjustment costs and cross-country differences in cost behavior[J].Journal of Accounting&Economics, 2013,55(1):111-127.
[21]Gilson S C.Management turnover and financial distress[J].Journal of Financial Economics,1989,25(2):241-262.
[22]Piotroski J D.Value investing:The use of historical financial statement information to separate winners from losers[J].Journal of Accounting Research,2000(Supplement),38(3):1-41.
[23]Almeida H,Philippon T.The risk-adjusted cost of financial distress[J].Journal of Finance,2007,62(6):2557-2586.
[24]Purnanandam A.Financial distress and corporate risk management:Theory and evidence[J].Journal of Financial Economics,2008,87(3):706-739.
[25]Takeo H,Kashyap A,Scharfetein D.The role of banks in reducing the costs of financial distress in Japan[J].Journal of Financial Economics,1990,27(1):67-88.
[26]Dierynck B, Landsman W,Renders A.Do managerial incentives drive cost behavior?Evidence about the role of the zero earnings benchmark for labor cost behavior in Belgian private firms[J].The Accounting Review,2012,78(4):1219-1246.
[27]Kama I,Weiss D.Do earnings targets and managerial incentives affect sticky costs?[J].Journal of Accounting Research,2013,51(1):201-224.
[28]Kallapur S,Eldenburg L.Uncertainty,real options,and cost behavior:Evidence from Washington state hospitals[J].Journal of Accounting Research,2005,43(5):735-752,
[29]Holzhacker M,Krishnan R,Mahlendorf M D.The impact of changes in regulation on cost behavior[J].Contemporary Accounting Research,2015,32(2):534-566.
[30]Hamada R S.The effect of the firm's capital structure on the systematic risk of common stock[J].Journal of Finance,1972,27(2):435-452.
[31]Rubinstein M E.A mean-variance synthesis of corporate financial theory[J].Journal of Finance,1973,28(1):167-181.
[32]Bowman R G.The theoretical relationship between systematic risk and financial(accounting)variables[J].Journal of Finance,1979,34(3):617-630.
[33]Lev B.On the association between operating leverage and risk[J].Journal of Financial&Quantitative Analysis,1974,9(4):627-641.
[34]Mandelker G N,Rhee S G.The impact of the degrees of operating and financial leverage on systematic risk of common stock[J].Journal of Financial&Quantitative Analysis,1984,19(1):45-57.
[35]Ryan S G.A survey of research relating accounting numbers to systematic equity risk,with implications for risk disclosure policy and future research[J].Accounting Horizons,1997,11(2):82-95.
[36]吴武清,陈暮紫,黄德龙,等.系统风险的会计决定:企业财务风险,经营风险,系统风险的时变关联[J].管理科学学报,2012,15(4):71-80.Wu W Q,Chen M Z,Huang D L,et al.Accounting determinants of systematic risk:Dynamic association among firm's financial risk,operating risk and systematic risk[J].Journal of Management Sciences in China,2012,15(4):71-80.
[37]Eldenburg L,Hermalin B E, Weisbach M S,et al.Governance,performance objectives and organizational form:Evidence from hospitals[J].Journal of Corporate Finance,2004,10(4):527-548.
[38]张莉莉,陆凤彬.物流成本对产出和价格水平的影响——基于FAVAR模型[J].系统工程理论与实践,2014,34(8):2025-2033.Zhang L L,Lu F B.Impact of logistics cost on output and price levels:A factor-augmented vector autoregressive(FAVAR)approach[J].Systems Engineering—Theory&Practice,2014,34(8):2025-2033.
[39]季小立,阎立.城市物流成本控制与经济结构优化:国际经验及借鉴[J].上海经济研究,2014(7):90-96.Ji X L,Yan L.Urban logistics cost control and economic structure optimized:The international experience and references[J].Shanghai Journal of Economics,2014(7):90-96.
[40]Eldenburg L,Krishnan R.Public versus private governance:A study of incentives and operational performance[J].Journal of Accounting&Economics,2003,35(3):377-404.
[41]Volpin P F.Governance with poor investor protection:Evidence from top executive turnover in Italy[J].Journal of Financial Economics,2002,64(1):61-90.
[42]Laeven L,Levine R.Bank governance,regulation and risk taking[J].Journal of Financial Economics,2009,93(2):259-275.
[43]Pagano M,Roell A.The choice of stock ownership structure:Agency costs,monitoring,and the decision to go public[J].Quarterly Journal of Economics,1998,113(1):187-225.
[44]Chung K H,Zhang H,Corporate governance and institutional ownership[J].Journal of Financial&Quantitative Analysis,2011,46(1):247-273.
[45]Almazan A,Hartzell J C,Starks L T.Active institutional shareholders and costs of monitoring:Evidence from executive compensation[J].Financial Management,2005,34(4):5-34.
[46]Chen X,Harford J,Li k.Monitoring:Which institutions matter?[J].Journal of Financial Economics,2007,86(2):279-305.
[47]Woidtke T.Agents watching agents?:Evidence from pension fund ownership and firm value[J].Journal of Financial Economics,2002,63(1):99-131.
[48]Jiang F X,Kim K A.Corporate governance in China:A modern perspective[J].Journal of Corporate Finance,2015,32(6):190-216.
[49]Comin D,Mulani S.Diverging trends in aggregate and firm volatility[J].Review of Economics and Statistics,2006,88(2):374-383.
[50]Eriksson T.Executive compensation and tournament theory:Empirical tests on Danish data[J].Journal of Labor Economics,1999,17(2):262-280.
[51]Ohlson J A.Financial ratios and the probabilistic prediction of bankruptcy[J].Journal of Accounting Research,1980,18(1):109-131.
[52]Agaxwal V,Taffler R.Comparing the performance of market-based and accounting-based bankruptcy prediction models[J].Journal of Banking and Finance,2008,32(8):1541-1551.
[53]Eisdorfer A.Empirical evidence of risk shifting in financially distressed firms[J].Journal of Finance,2008,63(2):609-637.
[54]朱红军,汪辉.“股权制衡”可以改善公司治理吗?——宏智科技股份有限公司控制权之争的案例研究[J].管理世界,2004(10):114-123.Zhu H J,Wang H.Can“check-and-balance of stock ownership”improve company's control?—A case study of struggle for the controlling right of Hongzhi Science and Technology Limited Company[J].Management World,2004(10):114-123.
[55]Balakrishnan R,Labro E,Soderstrom N S.Cost structure and sticky costs[J].Journal of Management Accounting Research,2014,26(2):91-116.
[56]Kim J B,Wang Z,Zhang L.CEO overconfidence and stock price crash risk[J].Contemporary Accounting Research,2016,33(4):1720-1749.
[57]张毅,刘维奇,李景峰.考虑地区技术差距的中国上市物流公司成本效率及其影响因素研究[J].研究与发展管理,2011,23(6):79-90.Zhang Y,Liu W Q,Li J F.Cost efficiency and its factors of Chinese listed logistics companies considering regional technology gap[J].R&D Management,2011,23(6):79-90.
[58]匡海波.基于超效率CCR-DEA的中国港口上市公司成本效率评价研究[J].中国管理科学,2007,15(3):142-148.Kuang H B.Investigating cost efficiency of China port public companies based on SUP-CCR-DEA[J].Chinese Journal of Management Science,2007,15(3):142-148.
[2]Hong J J,Liu B L.Logistics development in China:A provider perspective[J].Transportation Journal,2007,46(2):55-65.
[3]邓学平,王旭,Ada Suk Fung Ng.我国物流企业生产效率与规模效率[J].系统工程理论与实践,2009,29(4):34-42.Deng X P,Wang X,Ada S F N.Productive efficiencies and scale efficiencies of Chinese logistics companies[J].Systems Engineering—Theory&Practice,2009,29(4):34-42.
[4]Low A.Managerial risk-taking behavior and equity-based compensation[J].Journal of Financial Economics,2009,92(3):470-490.
[5]Gormley T A.Matsa D A.Growing out of trouble?Corporate responses to liability risk[J].Review of Financial Studies,2011,24(8):2781-2821.
[6]Chava S,Purnanandam A.The effect of banking crisis on bank-dependent borrowers[J].Journal of Financial Economics,2011,99(1):116-135.
[7]Coles J L,Daniel D,Naveen L.Managerial incentives and risk-taking[J].Journal of Financial Economics,2006,79(2):431-468.
[8]Balakrishnan R L,Eldenburg L, Krishnan R,et al.The influence of institutional constraints on outsourcing[J].Journal of Accounting Research,2010,48(4):767-794.
[9]Joshi S,Krishnan R,Krishnan H.The influence of firm ownership form on post-merger customer-mix strategies[J].Journal of Managerial Issues,2010,22(2):239-261.
[10]Eldenburg L G,Krishnan R.The influence of ownership on accounting information expenditures[J].Contemporary Accounting Research,2008,25(3):739-772.
[11]Joh S W.Corporate governance and firm profitability:Evidence from Korea before the economic crisis[J].Journal of Financial Economics,2003,68(2):287-322.
[12]Sun Q,Tong W H S.China share issue privatization:The extent of its success[J].Journal of Financial Economics,2003,70(2);183-222.
[13]于富生,张敏,姜付秀,等.公司治理影响公司财务风险吗?[J].会计研究,2008(10):52-59.Yu F S,Zhang M,Jiang F X,et al.Does corporate governance influence firm's financial risk?[J].AccountingResearch,2008(10):52-59.
[14]Anderson M C,Banker R D,Janakiraman S N.Are selling,general,and administrative costs"sticky"?[J].Journal of Accounting Research,2003,41(1):47-63.
[15]Banker R D,Byzalov D,Plehn-Dujowich J M.Demand uncertainty and cost behavior[J].Accounting Review,2014,89(3):839-865.
[16]Holzhacker M,Krishnan R,Mahlendorf M D.Unraveling the black box of cost behavior:An empirical investigation of risk drivers,managerial resource procurement,and cost elasticity[J].The Accounting Review,2015,90(6):2305-2335.
[17]Balakrishnan R,Gruca T S.Cost stickiness and core competency:A note[J].Contemporary Accounting Research,2008,25(4):993-1006.
[18]Weiss D.Cost behavior and analysts'earnings forecasts[J].Accounting Review,2010,85(4):1441-1471.
[19]Chen G X,Lu H,Sougiannis T.The agency problem,corporate governance,and the asymmetrical behavior of selling,general,and administrative costs[J].Contemporary Accounting Research,2012,29(1):252-282.
[20]Banker R D,Byzalov D,Chen L.Employment protection legislation,adjustment costs and cross-country differences in cost behavior[J].Journal of Accounting&Economics, 2013,55(1):111-127.
[21]Gilson S C.Management turnover and financial distress[J].Journal of Financial Economics,1989,25(2):241-262.
[22]Piotroski J D.Value investing:The use of historical financial statement information to separate winners from losers[J].Journal of Accounting Research,2000(Supplement),38(3):1-41.
[23]Almeida H,Philippon T.The risk-adjusted cost of financial distress[J].Journal of Finance,2007,62(6):2557-2586.
[24]Purnanandam A.Financial distress and corporate risk management:Theory and evidence[J].Journal of Financial Economics,2008,87(3):706-739.
[25]Takeo H,Kashyap A,Scharfetein D.The role of banks in reducing the costs of financial distress in Japan[J].Journal of Financial Economics,1990,27(1):67-88.
[26]Dierynck B, Landsman W,Renders A.Do managerial incentives drive cost behavior?Evidence about the role of the zero earnings benchmark for labor cost behavior in Belgian private firms[J].The Accounting Review,2012,78(4):1219-1246.
[27]Kama I,Weiss D.Do earnings targets and managerial incentives affect sticky costs?[J].Journal of Accounting Research,2013,51(1):201-224.
[28]Kallapur S,Eldenburg L.Uncertainty,real options,and cost behavior:Evidence from Washington state hospitals[J].Journal of Accounting Research,2005,43(5):735-752,
[29]Holzhacker M,Krishnan R,Mahlendorf M D.The impact of changes in regulation on cost behavior[J].Contemporary Accounting Research,2015,32(2):534-566.
[30]Hamada R S.The effect of the firm's capital structure on the systematic risk of common stock[J].Journal of Finance,1972,27(2):435-452.
[31]Rubinstein M E.A mean-variance synthesis of corporate financial theory[J].Journal of Finance,1973,28(1):167-181.
[32]Bowman R G.The theoretical relationship between systematic risk and financial(accounting)variables[J].Journal of Finance,1979,34(3):617-630.
[33]Lev B.On the association between operating leverage and risk[J].Journal of Financial&Quantitative Analysis,1974,9(4):627-641.
[34]Mandelker G N,Rhee S G.The impact of the degrees of operating and financial leverage on systematic risk of common stock[J].Journal of Financial&Quantitative Analysis,1984,19(1):45-57.
[35]Ryan S G.A survey of research relating accounting numbers to systematic equity risk,with implications for risk disclosure policy and future research[J].Accounting Horizons,1997,11(2):82-95.
[36]吴武清,陈暮紫,黄德龙,等.系统风险的会计决定:企业财务风险,经营风险,系统风险的时变关联[J].管理科学学报,2012,15(4):71-80.Wu W Q,Chen M Z,Huang D L,et al.Accounting determinants of systematic risk:Dynamic association among firm's financial risk,operating risk and systematic risk[J].Journal of Management Sciences in China,2012,15(4):71-80.
[37]Eldenburg L,Hermalin B E, Weisbach M S,et al.Governance,performance objectives and organizational form:Evidence from hospitals[J].Journal of Corporate Finance,2004,10(4):527-548.
[38]张莉莉,陆凤彬.物流成本对产出和价格水平的影响——基于FAVAR模型[J].系统工程理论与实践,2014,34(8):2025-2033.Zhang L L,Lu F B.Impact of logistics cost on output and price levels:A factor-augmented vector autoregressive(FAVAR)approach[J].Systems Engineering—Theory&Practice,2014,34(8):2025-2033.
[39]季小立,阎立.城市物流成本控制与经济结构优化:国际经验及借鉴[J].上海经济研究,2014(7):90-96.Ji X L,Yan L.Urban logistics cost control and economic structure optimized:The international experience and references[J].Shanghai Journal of Economics,2014(7):90-96.
[40]Eldenburg L,Krishnan R.Public versus private governance:A study of incentives and operational performance[J].Journal of Accounting&Economics,2003,35(3):377-404.
[41]Volpin P F.Governance with poor investor protection:Evidence from top executive turnover in Italy[J].Journal of Financial Economics,2002,64(1):61-90.
[42]Laeven L,Levine R.Bank governance,regulation and risk taking[J].Journal of Financial Economics,2009,93(2):259-275.
[43]Pagano M,Roell A.The choice of stock ownership structure:Agency costs,monitoring,and the decision to go public[J].Quarterly Journal of Economics,1998,113(1):187-225.
[44]Chung K H,Zhang H,Corporate governance and institutional ownership[J].Journal of Financial&Quantitative Analysis,2011,46(1):247-273.
[45]Almazan A,Hartzell J C,Starks L T.Active institutional shareholders and costs of monitoring:Evidence from executive compensation[J].Financial Management,2005,34(4):5-34.
[46]Chen X,Harford J,Li k.Monitoring:Which institutions matter?[J].Journal of Financial Economics,2007,86(2):279-305.
[47]Woidtke T.Agents watching agents?:Evidence from pension fund ownership and firm value[J].Journal of Financial Economics,2002,63(1):99-131.
[48]Jiang F X,Kim K A.Corporate governance in China:A modern perspective[J].Journal of Corporate Finance,2015,32(6):190-216.
[49]Comin D,Mulani S.Diverging trends in aggregate and firm volatility[J].Review of Economics and Statistics,2006,88(2):374-383.
[50]Eriksson T.Executive compensation and tournament theory:Empirical tests on Danish data[J].Journal of Labor Economics,1999,17(2):262-280.
[51]Ohlson J A.Financial ratios and the probabilistic prediction of bankruptcy[J].Journal of Accounting Research,1980,18(1):109-131.
[52]Agaxwal V,Taffler R.Comparing the performance of market-based and accounting-based bankruptcy prediction models[J].Journal of Banking and Finance,2008,32(8):1541-1551.
[53]Eisdorfer A.Empirical evidence of risk shifting in financially distressed firms[J].Journal of Finance,2008,63(2):609-637.
[54]朱红军,汪辉.“股权制衡”可以改善公司治理吗?——宏智科技股份有限公司控制权之争的案例研究[J].管理世界,2004(10):114-123.Zhu H J,Wang H.Can“check-and-balance of stock ownership”improve company's control?—A case study of struggle for the controlling right of Hongzhi Science and Technology Limited Company[J].Management World,2004(10):114-123.
[55]Balakrishnan R,Labro E,Soderstrom N S.Cost structure and sticky costs[J].Journal of Management Accounting Research,2014,26(2):91-116.
[56]Kim J B,Wang Z,Zhang L.CEO overconfidence and stock price crash risk[J].Contemporary Accounting Research,2016,33(4):1720-1749.
[57]张毅,刘维奇,李景峰.考虑地区技术差距的中国上市物流公司成本效率及其影响因素研究[J].研究与发展管理,2011,23(6):79-90.Zhang Y,Liu W Q,Li J F.Cost efficiency and its factors of Chinese listed logistics companies considering regional technology gap[J].R&D Management,2011,23(6):79-90.
[58]匡海波.基于超效率CCR-DEA的中国港口上市公司成本效率评价研究[J].中国管理科学,2007,15(3):142-148.Kuang H B.Investigating cost efficiency of China port public companies based on SUP-CCR-DEA[J].Chinese Journal of Management Science,2007,15(3):142-148.
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