摘要
费用“粘性”指当费用随着业务量的变化而变化时 ,其边际变化率在不同的业务量变化方向上的不对称性。本文讨论了费用“粘性”的内容和目前对此的理论解释 :“契约观”、“效率观”和“机会主义观”。通过对 1 995年 1 2月 3 1日前上市的 2 92家公司从1 994— 2 0 0 1年的数据进行的分析 ,本文发现 :(1 )中国上市公司确实存在费用“粘性”。同美国上市公司相比 ,中国上市公司向下调整费用的速度要慢许多 ,这很可能是由于中国企业管理水平的低下和经理层代理成本的高昂。 (2 )费用“粘性”确实在以后的会计期间出现反转。在时间跨度拉长的情况下费用的“粘性”明显降低 ,这说明中国上市公司的经营管理还有一些效率 ,但是效率尚不够高。 (3 )效率观所隐含的“宏观经济增长”和契约观所隐含的“资本密集型”两个变量对费用“粘性”的增强效果不显著 ,这也许说明目前中国上市公司的经理层行为包含了“机会主义观”的因素。
The “stickiness' of expense is the asymmetry in different directions of the marginal expense or cost change rate between the activity has increased and decreased. The paper discusses the content of expense stickiness and main theoretical explanations: contract perspective, efficiency perspective and opportunism perspective. With the analysis of accounting data during 1994 to 2001 from 292 Chinese listed companies which IPOs were before the end of 1995, we conclude: (1) there was expense stickiness in Chinese listed companies indeed. When sales increased 1%, expense increased 0.5597%. But when sales decreased 1%, expense only decreased 0.0578%. American listed companies expense change was 0.55% (sales increasing) and 0.35% (sales decreasing). (2) The expense stickiness would converse in the subsequent period, and would fall in the long time window. The consults support the efficient perspective. (3) The variable of “macroeconomic increasing' and the variable of “capital intensive' can not enhance the expense stickiness distinctly, and the consult maybe express the opportunism in managers' behavior.
出处
《经济研究》
CSSCI
北大核心
2004年第12期26-34,84,共10页
Economic Research Journal
基金
国家自然科学基金课题 (批准号 70 4 730 5 5 )
财政部重点课题"会计信息质量特征"(批准号 2 0 0 3CASC0 10 31)的阶段性研究成果
