本文關(guān)鍵詞： 成本粘性 管理者過度自信 公司治理　出處：《廣東財經(jīng)大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

【摘要】：企業(yè)成本粘性描述的是成本隨業(yè)務(wù)量變動呈現(xiàn)不對稱性的這樣一種性態(tài)特征。目前,關(guān)于成本粘性的成因研究,學(xué)者多是根據(jù)代理問題下的機會主義理論,針對管理者過度自信是否能夠引發(fā)成本粘性的相關(guān)研究不多。現(xiàn)有研究成果顯示,公司治理對管理者的自利行為具有治理效應(yīng),而有關(guān)公司治理能否對管理者過度自信起到治理作用的研究較少。本文以2012-2015年我國A股制造業(yè)上市公司為研究對象,通過建立成本粘性模型,檢驗成本粘性的存在性,探討管理者過度自信對成本粘性的影響,并進(jìn)一步考察了公司治理機制對管理者過度自信與成本粘性關(guān)系的影響。實證結(jié)果表明:(1)我國制造業(yè)上市公司中存在成本粘性;(2)管理者過度自信可以解釋企業(yè)成本粘性產(chǎn)生的原因;(3)通過完善公司治理結(jié)構(gòu)能夠降低管理者過度自信引發(fā)的成本粘性。其中,通過適度降低股權(quán)集中度,能夠降低由管理者過度自信引發(fā)的成本粘性。通過采取董事長和總經(jīng)理兩職分離的設(shè)置,能降夠低由管理者過度自信引發(fā)的成本粘性。本文研究管理者過度自信對成本粘性的影響,探討公司治理結(jié)構(gòu)對管理者過度自信所引發(fā)成本粘性所起到的治理作用,既能豐富現(xiàn)有管理者過度自信與成本粘性的研究,也能對企業(yè)完善公司治理結(jié)構(gòu)起到良好啟示作用。
[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.
【學(xué)位授予單位】：廣東財經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F425;F406.7;F271

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本文編號：1509710