金字塔集团不同层级公司成本粘性差异及其成因的实证分析
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摘要
本文以2003-2014年中国A股上市公司年度数据为样本,研究了金字塔集团不同层级公司成本粘性差异及其成因。结果发现:公司距离最终控制人的层级数(下文简称金字塔层级)越多,成本粘性程度越高,此关系在公司融资约束程度较低、管理层不持有公司股份、股权集中度较低时更加明显,此关系在公司收入持续下降时无显著变化;中介机制分析表明,金字塔层级增加会通过增加管理费用率、过度投资而提高成本粘性。这些结果说明,金字塔层级增加是通过恶化管理层代理问题而提高了成本粘性,没有证据表明金字塔层级通过影响资源调整成本和管理层乐观主义而提高了成本粘性。本文既丰富了成本粘性影响因素方面的研究,也丰富了金字塔集团经济后果方面的研究。
Using China's A share listed companies'data during years from 2003 to 2014 as samples,this paper provides first empirical analysis on the cost stickiness difference between companies with different layers in pyramidal business group and its formation mechanisms.The results show that the number of pyramid layer is positively related to the degree of cost stickiness,which is more pronounced when firms with less financial constraint,managers do not hold the company's share,the degree of ownership concentration is low.Mediating effects analyses show that management fee and over-investment are two important mediating factors of the relationship between the number of layers and the degree of cost stickiness.Those results indicate that the increase of the number of layers increases the degree of cost stickiness by worsening the management agency problem,and there is no evidence showing that the increase of the number of layers reduces the degree of cost stickiness by reducing adjustment costs through expanding the role of the internal capital market and strengthening managerial optimism.This paper not only enriches the research on the factors affecting the cost stickiness,but also enriches the research on the economic consequences of the pyramid group structure.
Using China's A share listed companies'data during years from 2003 to 2014 as samples,this paper provides first empirical analysis on the cost stickiness difference between companies with different layers in pyramidal business group and its formation mechanisms.The results show that the number of pyramid layer is positively related to the degree of cost stickiness,which is more pronounced when firms with less financial constraint,managers do not hold the company's share,the degree of ownership concentration is low.Mediating effects analyses show that management fee and over-investment are two important mediating factors of the relationship between the number of layers and the degree of cost stickiness.Those results indicate that the increase of the number of layers increases the degree of cost stickiness by worsening the management agency problem,and there is no evidence showing that the increase of the number of layers reduces the degree of cost stickiness by reducing adjustment costs through expanding the role of the internal capital market and strengthening managerial optimism.This paper not only enriches the research on the factors affecting the cost stickiness,but also enriches the research on the economic consequences of the pyramid group structure.
引文
崔学刚,徐金亮.2013.境外上市、绑定机制与公司费用粘性.会计研究,12:33~39
龚启辉,刘慧龙,申慧慧.2010.地区要素市场发育、国有控股与成本和费用粘性.中国会计评论,4:431~446
江伟,胡玉明.2011.企业成本费用粘性:文献回顾与展望.会计研究,9:74~79
江伟,胡玉明,曾业勤.2015.融资约束与企业成本粘性.金融研究,10:133~147
江伟,姚文涛,胡玉明.2016.《最低工资规定》的实施与企业成本粘性.会计研究,10:56~62
江轩宇,许年行.2015.企业过度投资与股价崩盘风险.金融研究,8:141~158
孔玉生,朱乃平,孔庆根.2007.成本粘性研究:来自中国上市公司的经验验证.会计研究,11:58~65
梁上坤,陈冬,胡晓莉.2015.外部审计师类型与上市公司费用粘性.会计研究,2:79~86
刘慧龙.2017.控制链长度与公司高管薪酬契约.管理世界,3:95~113
刘慧龙,王成方,吴联生.2014.决策权配置、盈余管理与投资效率.经济研究,8:93~106
刘媛媛,刘斌.2014.劳动保护、成本粘性与企业应对.经济研究,5:63~76
孙铮,刘浩.2004.中国上市公司费用“粘性”行为研究.经济研究,12:26~34
Anderson,M.,R.Banker,and S.Janakiraman.2003.Are Selling,General and Administrative Costs“Sticky”?.Journal of Accounting Research,41(1):47~63
Balakrishnan,R.,M.Peterson,and N.Soderstrom.2004.Does Capacity Utilization Affect the“Stickiness”ofcosts?.Journal of Accounting,Auditing&Finance,19(3):283~299
Balakrishnan,R.,and T.Gruca.2008.Cost Stickiness and Core Competency:A Note.Contemporary Accounting Research,25(4):993~1006
Banker,R.,and L.Chen.2006.Predicting Earnings Using a Model Based on Cost Variability and Cost Stickiness.The Accounting Review,81(2):285~307
Banker,R.,D.Byzalov,and L.Chen.2013.Employment Protection Legislation,Adjustment Costs,and Cross-country Differences in Cost Behavior.Journal of Accounting&Economics,55(1),111~127
Banker,R.,D.Byzalov,and J.Plehn-Dujowich.2014.Demand Uncertainty and Cost Behavior.The Accounting Review,89(3):839~865
Cannon,J.N.2014.Determinants of“Sticky Costs”:An Analysis of Cost Behavior Using United States Air Transportation Industry Data.The Accounting Review,89(5):1645~1672
Chen,C.X.,H.Lu,and T.Sougiannis.2012.The A-gency Problem,Corporate Governance,and the Asymmetrical Behavior of Selling,General,and Administrative Costs.Contemporary Accounting Research,29(1):252~282
Dierynck,B.,W.R.Landsman,and A.Renders.2012.Do Managerial Incentives Drive Cost Behavior?Evidence about the Role of the Zero Earnings Benchmark for Labor Cost Behavior in Belgian Private Firms.The Accounting Review,87(4):1219~1246
Faccio,M.,and L.H.P.Lang.2002.The Ultimate Ownership of Western European Corporation.Journal of Financial E-conomics,65(3):365~395
Fan,J.P.H.,T.J.Wong,and T.Zhang.2013.Institutions and Organizational Structure:The Case of State-Owned Corporate Pyramids.Journal of Law,Economics,and Organization,29(6):1217~1251
Kama,I.,and D.Weiss.2013.Do Earnings Targets and Managerial Incentives Affect Sticky Costs?.Journal of Accounting Research,51(1):201~224
Khanna,T.,and Y.Yafeh.2007.Business Groups in E-merging Markets:Paragons or Parasites?.Journal of Economic Literature,45(2):331~372
Masulis,R.W.,P.K.Pham,and J.Zein.2011.Family Business Groups around the World:Costs and Benefits of Pyramids.Review of Financial Studies,24(11):3557~3600
Pfann,G.A.,and F.C.Palm.1993.Asymmetric Adjustment Costs in Non-linear Labor Demand Models for the Netherlands and U.K.Manufacturing Sectors.Review of Economic Studies,60(2):397~412
Weiss,D.2010.Cost Behavior and Analysts’Earnings Forecasts.The Accounting Review,85(4):1441~1471
Zhang,M.,L.Ma,B.Zhang,and Z.Yi.2016.Pyramidal Structure,Political Intervention and Firms’Tax Burden:Evidence from China’s Local SOEs.Journal of Corporate Finance,36(1):15~25
(1)本文较为宽泛地理解成本概念,其内容包括营业成本、管理费用和销售费用等项目。
龚启辉,刘慧龙,申慧慧.2010.地区要素市场发育、国有控股与成本和费用粘性.中国会计评论,4:431~446
江伟,胡玉明.2011.企业成本费用粘性:文献回顾与展望.会计研究,9:74~79
江伟,胡玉明,曾业勤.2015.融资约束与企业成本粘性.金融研究,10:133~147
江伟,姚文涛,胡玉明.2016.《最低工资规定》的实施与企业成本粘性.会计研究,10:56~62
江轩宇,许年行.2015.企业过度投资与股价崩盘风险.金融研究,8:141~158
孔玉生,朱乃平,孔庆根.2007.成本粘性研究:来自中国上市公司的经验验证.会计研究,11:58~65
梁上坤,陈冬,胡晓莉.2015.外部审计师类型与上市公司费用粘性.会计研究,2:79~86
刘慧龙.2017.控制链长度与公司高管薪酬契约.管理世界,3:95~113
刘慧龙,王成方,吴联生.2014.决策权配置、盈余管理与投资效率.经济研究,8:93~106
刘媛媛,刘斌.2014.劳动保护、成本粘性与企业应对.经济研究,5:63~76
孙铮,刘浩.2004.中国上市公司费用“粘性”行为研究.经济研究,12:26~34
Anderson,M.,R.Banker,and S.Janakiraman.2003.Are Selling,General and Administrative Costs“Sticky”?.Journal of Accounting Research,41(1):47~63
Balakrishnan,R.,M.Peterson,and N.Soderstrom.2004.Does Capacity Utilization Affect the“Stickiness”ofcosts?.Journal of Accounting,Auditing&Finance,19(3):283~299
Balakrishnan,R.,and T.Gruca.2008.Cost Stickiness and Core Competency:A Note.Contemporary Accounting Research,25(4):993~1006
Banker,R.,and L.Chen.2006.Predicting Earnings Using a Model Based on Cost Variability and Cost Stickiness.The Accounting Review,81(2):285~307
Banker,R.,D.Byzalov,and L.Chen.2013.Employment Protection Legislation,Adjustment Costs,and Cross-country Differences in Cost Behavior.Journal of Accounting&Economics,55(1),111~127
Banker,R.,D.Byzalov,and J.Plehn-Dujowich.2014.Demand Uncertainty and Cost Behavior.The Accounting Review,89(3):839~865
Cannon,J.N.2014.Determinants of“Sticky Costs”:An Analysis of Cost Behavior Using United States Air Transportation Industry Data.The Accounting Review,89(5):1645~1672
Chen,C.X.,H.Lu,and T.Sougiannis.2012.The A-gency Problem,Corporate Governance,and the Asymmetrical Behavior of Selling,General,and Administrative Costs.Contemporary Accounting Research,29(1):252~282
Dierynck,B.,W.R.Landsman,and A.Renders.2012.Do Managerial Incentives Drive Cost Behavior?Evidence about the Role of the Zero Earnings Benchmark for Labor Cost Behavior in Belgian Private Firms.The Accounting Review,87(4):1219~1246
Faccio,M.,and L.H.P.Lang.2002.The Ultimate Ownership of Western European Corporation.Journal of Financial E-conomics,65(3):365~395
Fan,J.P.H.,T.J.Wong,and T.Zhang.2013.Institutions and Organizational Structure:The Case of State-Owned Corporate Pyramids.Journal of Law,Economics,and Organization,29(6):1217~1251
Kama,I.,and D.Weiss.2013.Do Earnings Targets and Managerial Incentives Affect Sticky Costs?.Journal of Accounting Research,51(1):201~224
Khanna,T.,and Y.Yafeh.2007.Business Groups in E-merging Markets:Paragons or Parasites?.Journal of Economic Literature,45(2):331~372
Masulis,R.W.,P.K.Pham,and J.Zein.2011.Family Business Groups around the World:Costs and Benefits of Pyramids.Review of Financial Studies,24(11):3557~3600
Pfann,G.A.,and F.C.Palm.1993.Asymmetric Adjustment Costs in Non-linear Labor Demand Models for the Netherlands and U.K.Manufacturing Sectors.Review of Economic Studies,60(2):397~412
Weiss,D.2010.Cost Behavior and Analysts’Earnings Forecasts.The Accounting Review,85(4):1441~1471
Zhang,M.,L.Ma,B.Zhang,and Z.Yi.2016.Pyramidal Structure,Political Intervention and Firms’Tax Burden:Evidence from China’s Local SOEs.Journal of Corporate Finance,36(1):15~25
(1)本文较为宽泛地理解成本概念,其内容包括营业成本、管理费用和销售费用等项目。