摘要
从代理成本和管理层预期的角度分别分析了高管从军经历对成本黏性的不同影响,并以2010—2018年度沪深A股上市公司为样本数据实证检验了高管从军经历对成本黏性的影响后果、路径及不同公司治理环境下影响程度的不同。研究结果表明高管从军经历在一定程度上抑制了企业的成本黏性。进一步检验发现:管理层自利是高管从军经历与成本黏性的中介变量,即高管从军经历能够通过减少管理者自利行为,缓解代理问题,从而抑制企业的成本黏性。区分内外不同公司治理环境发现,在独董监督力量不足或产品市场竞争程度较低时,高管从军经历对成本黏性的抑制效应表现更为显著,表明在公司治理机制存在不足时,高管从军经历发挥了弥补作用,缓解代理问题更为明显。区分产权性质,高管从军经历对成本黏性的抑制效果在非国有企业更加明显,说明高管从军经历在非国企中更能发挥其特有的效应,更能有效抑制企业的成本黏性。本文贡献在于揭示了高管从军经历对成本黏性的抑制效应,拓展了高管异质性经济后果和成本黏性影响因素的研究。
From the perspective of agency cost and management expectation,the different effects of senior executives’military experience on cost stickiness was analyzed,and the impact consequences and paths of senior executives’military experience on cost stickiness and the degree of impact under different corporate governance environments was empirically tested with the sample data of Shanghai and Shenzhen A‐share listed companies from 2010 to 2018.The results show that executives’military experience inhibits the cost stickiness of enterprises to a certain extent.Further test found that:management self‐interest is the intermediary variable between senior executives’military experience and cost stickiness,that is,senior executives’military experience can reduce self‐interest behavior and alleviate agency problems,so as to inhibit the cost stickiness of enterprises.Distinguishing different corporate governance environments inside and outside,it is found that when the independent director’s supervision power is insufficient or the product market competition is low,the inhibitory effect of senior executives’military experience on cost stickiness is more significant,indicating that when the corporate governance mechanism is insufficient,senior executives’military experience plays a complementary role and alleviates the agency problem more obviously.By distinguishing the nature of property rights,the inhibitory effect of senior executives’military experience on cost stickiness is more obvious in non‐state‐owned enterprises,which shows that senior executives’military experience can play its unique effect in non‐state‐owned enterprises and effectively inhibit the cost stickiness of enterprises.The contribution is to reveal the inhibitory effect of senior executives’military experience on cost stickiness,and expand the research on the economic consequences of senior executives’heterogeneity and the influencing factors of cost stickiness.
作者
吴树畅
于静
王新楷
Wu Shuchang;Yu Jing;Wang Xinkai(School of Accounting,Shandong Technology and Business University,Yantai 264005,Shandong,China)
出处
《技术经济》
CSSCI
北大核心
2021年第12期139-148,共10页
Journal of Technology Economics
基金
山东省社会科学规划研究项目“战略成本视阈下山东省煤炭产业新旧动能跨时空转换路径及对策研究”(19BJCJ17)。
关键词
成本黏性
高管从军经历
代理问题
公司治理
cost stickiness
military experience of senior executives
agency problem
corporate governance
