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本文以2007—2012年我国A股上市公司年度数据为样本系统考察了董事会治理和盈余管理对企业费用粘性的影响。经验证据表明:公司应计盈余管理显著弱化了企业的费用粘性;良好的董事会治理机制则有助于遏制管理层基于盈余管理目的的成本管理行为,进而提高了企业的费用粘性;进一步研究表明,企业的费用粘性仅仅体现在国有企业中,且相对于民营企业,国有企业基于自身的增长目标和政治目标通过操控费用支出对企业费用粘性的影响更为凸显;企业相对于同行业竞争对手的盈利增长压力强化了企业应计盈余管理行为下的费用粘性。
In this paper, the annual data of A-share listed companies in China from 2007 to 2012 are taken as the sample system to examine the impact of board governance and earnings management on firm-cost stickiness. Empirical evidence shows that corporate accrued earnings management significantly weakens the firm’s cost stickiness. A good governance mechanism of the board of directors helps curb management’s cost management behavior based on the purpose of earnings management and further increases the cost stickiness of enterprises. Further studies show that, The stickiness of enterprises is only reflected in the state-owned enterprises. Compared with private-owned enterprises, the influence of state-owned enterprises on the cost-stickiness of enterprises is more prominent by manipulating expenditures based on their own growth goals and political objectives. Compared with the profits of competitors in the same industry, Increased pressure to strengthen the corporate earnings accrued earnings management under the behavior of stickiness.