【摘要】 基于成本粘性的管理层乐观预期观和代理成本观考察管理层披露语调与公司成本粘性的关系。以2009—2019年沪深两市A股上市公司为样本进行实证检验，研究发现管理层披露语调的积极性与企业成本粘性存在负相关关系，支持成本粘性的代理成本观；国有企业管理层披露语调的积极性与企业成本粘性间的负相关关系、信息披露质量差的企业管理层披露语调积极性与企业成本粘性间的负相关关系更显著。管理层披露语调与企业成本粘性关系的检验，为成本粘性的代理成本观和投资者判断管理层的机会主义披露行为提供了新证据和新视角。更多还原

【Abstract】 Based on the optimistic expectation view and the agency cost view of cost stickiness, this paper examines the relationship between the management disclosure tone and cost stickiness. Having conducted an empirical test on A-share listed companies in Shanghai and Shenzhen from 2009 to 2019, this paper finds that there is a negative correlation between the enthusiasm of management disclosure tone and enterprise cost stickiness, which supports the agency cost view of cost stickiness. There is a negative correlation between the enthusiasm of the management disclosure tone and the cost stickiness of the state-owned enterprises. The negative correlation between the enthusiasm of the management disclosure tone and the cost stickiness of the enterprises is more significant in the enterprises with poor information disclosure quality. The relationship between management disclosure tone and enterprise cost stickiness is revealed, which provides a new evidence and perspective for the agency cost view of cost stickiness and investors’ judgment of management opportunistic disclosure behavior.更多还原