公司治理、管理者过度自信与成本粘性

发布时间：2018-02-14 02:53

本文关键词： 成本粘性管理者过度自信公司治理　出处：《广东财经大学》2017年硕士论文　论文类型：学位论文

【摘要】：企业成本粘性描述的是成本随业务量变动呈现不对称性的这样一种性态特征。目前,关于成本粘性的成因研究,学者多是根据代理问题下的机会主义理论,针对管理者过度自信是否能够引发成本粘性的相关研究不多。现有研究成果显示,公司治理对管理者的自利行为具有治理效应,而有关公司治理能否对管理者过度自信起到治理作用的研究较少。本文以2012-2015年我国A股制造业上市公司为研究对象,通过建立成本粘性模型,检验成本粘性的存在性,探讨管理者过度自信对成本粘性的影响,并进一步考察了公司治理机制对管理者过度自信与成本粘性关系的影响。实证结果表明:(1)我国制造业上市公司中存在成本粘性;(2)管理者过度自信可以解释企业成本粘性产生的原因;(3)通过完善公司治理结构能够降低管理者过度自信引发的成本粘性。其中,通过适度降低股权集中度,能够降低由管理者过度自信引发的成本粘性。通过采取董事长和总经理两职分离的设置,能降够低由管理者过度自信引发的成本粘性。本文研究管理者过度自信对成本粘性的影响,探讨公司治理结构对管理者过度自信所引发成本粘性所起到的治理作用,既能丰富现有管理者过度自信与成本粘性的研究,也能对企业完善公司治理结构起到良好启示作用。
[Abstract]:Enterprise cost stickiness describes the asymmetry of cost with the change of business volume. At present, most scholars study the cause of cost stickiness according to the opportunistic theory of agency problem. There are few studies on whether managers' overconfidence can lead to cost stickiness. Existing research results show that corporate governance has governance effect on managers' self-interest behavior. However, there are few studies on whether corporate governance can play a governance role in managers' overconfidence. In this paper, A share manufacturing listed companies in China from 2012 to 2015 are taken as research objects, and cost stickiness model is established to test the existence of cost stickiness. To explore the effect of manager overconfidence on cost stickiness, Furthermore, the influence of corporate governance mechanism on the relationship between overconfidence and cost stickiness of managers is investigated. The empirical results show that: 1) there is cost stickiness in listed companies of manufacturing industry in China (2) the overconfidence of managers can explain the success of enterprises. By perfecting the corporate governance structure, the cost stickiness caused by overconfidence of managers can be reduced. By reducing equity concentration moderately, the cost stickiness caused by managers' overconfidence can be reduced. This paper studies the effect of manager overconfidence on cost stickiness, and discusses the governance effect of corporate governance structure on cost stickiness caused by overconfidence. It can not only enrich the existing research of overconfidence and cost stickiness of managers, but also can give a good enlightenment to the improvement of corporate governance structure.
【学位授予单位】：广东财经大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F425;F406.7;F271

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