帝国构建、财务冗余与费用粘性
发布时间：2018-10-08 20:51
【摘要】：如今市场竞争越来越激烈,成本费用的控制对于企业的生存和发展有着至关重要的影响。传统的成本费用模型将成本分为两个部分,即固定成本和变动成本,其中变动成本会随着业务量的变化而呈正比例的变动。然而现实世界中存在着费用粘性,即业务量上升时比业务量下降时的成本费用变动比例更大。费用粘性的代理问题观认为,由于委托人与代理人之间存在代理问题,管理者出于自利动机对资源的调整会导致企业的成本习性偏离其最优配置,并致使费用粘性现象的产生。那么具体会有哪些帝国构建行为对费用粘性产生影响?同时,关于财务冗余的作用,学术界也一直存在着两种对立的观点,它作为一种冗余资源,又会对帝国构建行为与费用粘性之间的关系产生怎样的影响呢?本文以公司规模增长率、过度投资和并购行为作为帝国构建行为的代理变量,研究了帝国构建行为与费用粘性之间的关系。并将财务冗余分为现金冗余和负债冗余,从代理理论出发进一步研究其分别对帝国构建行为与费用粘性之间关系产生的影响。研究结果发现:(1)帝国构建行为与费用粘性之间呈显著的正相关关系。从帝国构建行为的具体表现来看,公司规模增长率会加强费用粘性程度;过度投资会加强费用粘性程度;并购行为与费用粘性之间的正相关关系尚不明确,原因有两个,一是因为中国上市公司存在报表性重组现象,二是因为实质性并购带来的影响需要一定时间才能体现。(2)财务冗余较高的公司,帝国构建行为与费用粘性之间的关系更强,而较低的财务冗余水平将缓解帝国构建行为与费用粘性之间的正相关关系。具体来说,高水平的现金冗余和负债冗余都将加强规模增长和过度投资与费用粘性之间的正相关关系;现金冗余和负债冗余水平较低时,规模增长将显著降低费用粘性。本文的研究结果可以帮助企业在现实中减少管理层的自利行为,同时为公司作出合理的财务政策提供一定的借鉴。
[Abstract]:Nowadays, the market competition is more and more intense, the cost control has the vital influence to the enterprise survival and development. The traditional cost model divides the cost into two parts, that is, fixed cost and variable cost, in which the variable cost changes in proportion with the change of business volume. However, in the real world, there is a stickiness of cost, that is, when the volume of business increases, the proportion of cost and cost changes is larger than when the volume of business decreases. In the view of agency problem of cost stickiness, because of the agency problem between principal and agent, the adjustment of resources by managers out of self-interest motive will lead to the deviation of enterprise's cost habit from its optimal allocation, and cause the phenomenon of cost stickiness to come into being. So what kind of empire building behavior will have an impact on cost stickiness? At the same time, on the role of financial redundancy, there have been two opposing views in academia. As a redundant resource, how will it affect the relationship between the behavior of empire building and the cost stickiness? In this paper, the relationship between the behavior of empire building and the stickiness of cost is studied by taking the growth rate of firm size, overinvestment and merger and acquisition as proxy variables of the behavior of empire building. The financial redundancy is divided into cash redundancy and liability redundancy, and the influence of financial redundancy on the relationship between the behavior of empire building and the stickiness of expenses is further studied from the perspective of agency theory. The results show that: (1) there is a significant positive correlation between Empire Building behavior and cost stickiness. From the specific performance of empire building behavior, the growth rate of company size will strengthen the degree of fee stickiness; excessive investment will strengthen the degree of cost viscosity; the positive correlation between merger and acquisition behavior and fee viscosity is not clear, for two reasons. One is that there is a phenomenon of report reorganization in listed companies in China, the other is that the impact of substantial mergers and acquisitions takes some time to reflect. (2) for companies with high financial redundancy, the relationship between the behavior of empire building and the stickiness of expenses is stronger. A lower level of financial redundancy will ease the positive correlation between empire building behavior and cost stickiness. Specifically, the high level of cash redundancy and debt redundancy will strengthen the positive correlation between scale growth and overinvestment and cost stickiness, while when the level of cash redundancy and debt redundancy is low, the scale increase will significantly reduce the cost stickiness. The research results of this paper can help enterprises to reduce the self-interest behavior of management in reality, and provide some reference for the company to make reasonable financial policy.
【学位授予单位】：南京大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275
，
本文编号：2258219
[Abstract]:Nowadays, the market competition is more and more intense, the cost control has the vital influence to the enterprise survival and development. The traditional cost model divides the cost into two parts, that is, fixed cost and variable cost, in which the variable cost changes in proportion with the change of business volume. However, in the real world, there is a stickiness of cost, that is, when the volume of business increases, the proportion of cost and cost changes is larger than when the volume of business decreases. In the view of agency problem of cost stickiness, because of the agency problem between principal and agent, the adjustment of resources by managers out of self-interest motive will lead to the deviation of enterprise's cost habit from its optimal allocation, and cause the phenomenon of cost stickiness to come into being. So what kind of empire building behavior will have an impact on cost stickiness? At the same time, on the role of financial redundancy, there have been two opposing views in academia. As a redundant resource, how will it affect the relationship between the behavior of empire building and the cost stickiness? In this paper, the relationship between the behavior of empire building and the stickiness of cost is studied by taking the growth rate of firm size, overinvestment and merger and acquisition as proxy variables of the behavior of empire building. The financial redundancy is divided into cash redundancy and liability redundancy, and the influence of financial redundancy on the relationship between the behavior of empire building and the stickiness of expenses is further studied from the perspective of agency theory. The results show that: (1) there is a significant positive correlation between Empire Building behavior and cost stickiness. From the specific performance of empire building behavior, the growth rate of company size will strengthen the degree of fee stickiness; excessive investment will strengthen the degree of cost viscosity; the positive correlation between merger and acquisition behavior and fee viscosity is not clear, for two reasons. One is that there is a phenomenon of report reorganization in listed companies in China, the other is that the impact of substantial mergers and acquisitions takes some time to reflect. (2) for companies with high financial redundancy, the relationship between the behavior of empire building and the stickiness of expenses is stronger. A lower level of financial redundancy will ease the positive correlation between empire building behavior and cost stickiness. Specifically, the high level of cash redundancy and debt redundancy will strengthen the positive correlation between scale growth and overinvestment and cost stickiness, while when the level of cash redundancy and debt redundancy is low, the scale increase will significantly reduce the cost stickiness. The research results of this paper can help enterprises to reduce the self-interest behavior of management in reality, and provide some reference for the company to make reasonable financial policy.
【学位授予单位】：南京大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275
，
本文编号：2258219
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