【作者】 李莉；

【导师】 张卫东；

【作者基本信息】 华中科技大学 ， 西方经济学， 2018， 硕士

【摘要】 成本费用粘性是一种非对称的成本性态,成本费用粘性产生的根源在于交易费用。交易费用存在会影响企业资源配置决策的客观环境,也会影响管理层资源调整决策的主观行为。腐败通过对企业交易费用的影响,进而影响企业资源配置的客观环境和管理层成本费用调整的主观行为,最终会影响企业的成本费用粘性。基于腐败对微观企业的“扶持”和“掠夺”的双重效应假说,本文进一步研究反腐新政实施对微观企业成本费用粘性的影响。本文将反腐新政作为政府在全国范围内实施的一项准自然试验,利用倍差法研究反腐新政实施对微观企业成本费用粘性的影响。研究发现,反腐新政实施对企业的成本粘性和费用粘性有不同的影响:反腐新政实施显著抑制了上市公司的费用粘性,这种改善作用在市场环境更好的地区更明显;反腐新政实施强化了企业的成本粘性,而且这种强化作用在制度环境较差的地区更显著。本文还发现,反腐新政实施对费用粘性的改善主要集中于中央国有企业,对地方国有企业和非国有企业的改善作用不显著。本文的研究支持以下论断:反腐新政实施改善了营商环境,为企业创造了通过加大研发投入来增强自主创新能力的良好契机;同时,反腐新政实施改善了公司治理,抑制了管理层的机会主义行为和乐观预期导致的成本费用粘性。本文的研究有助于理解制度建设对企业成本管理的经济含义,从而帮助企业更好的进行资源配置和经营管理,最终改善企业绩效。同时,本文的研究证实了反腐新政实施在我国的积极效应,且从根源上反腐需要加强市场机制建设,发挥市场在资源配置中的基础性作用。这既为我国进一步的市场改革提供了经验证据,也有助于指导我们进一步改善制度环境,减少交易费用。更多还原

【Abstract】 Cost stickiness is a kind of asymmetric cost behavior,the existance of transaction cost is the primary cause.Transaction costs not only affect the objective environment of enterprise resource allocation decision,but also influence the subjective behavior of management’s resource adjustment decisions.The company allocate more resources into assets with higher adjustment costs may lead their costs lack of downward elasticity,and if there exist management opportunism or irrational expectations may cause the magnitude of a change in costs depend on the change direction.Eventually lead to sticky costs.For companies,Corruption affects the transaction costs,and then influences the resource allocation decisions and cost adjustment behavior,finally reflects on their costs behavior.Based on the "helping hand " and "grabbing hand" of corruption to macro enterprise,we further study the impact of anti-corruption to the cost stickiness.The 18 th national congress of the communist party of China is the signal of the beginning of the anti-corruption campaign,which is thought to be an exogenous event to examine whether and how the campaign influence to the cost behavior to the micro enterprise.Our results show that,the degree of stickiness react to anti-corruption are different between total costs and SG&A(Selling,General,and Administrative Costs).The SG&A exhibit less stickiness and more significant in better market environment,However the total costs exhibit higher stickiness and more significant in the poor market environment.We also found that,the improvement of the SG&A stickiness after the implementation of anti-corruption policy is mainly concentrated in the central state-owned enterprises.Nevertheless,these influences are not as significant in local state-owned enterprises and non-state-owned enterprises.This paper supports the following conclusions: the implementation of the new anti-corruption policy has improved the business environment and provided enterprises with the opportunity to increase R&D investments and enhance their independent innovation ability.At the same time,the implementation of the new anti-corruption policy has improved corporate governance,inhibiting the cost stickiness caused by opportunistic behavior and optimistic expectations of management.Our research can help enterprises understand the economic meaning of the system reform to enterprise’s cost management,so as to better allocate resources and make more effective management operations,eventually improve corporate performances.At the same time,this paper confirmed the positive effects of anti-corruption policies in our country.Also,to better against corruption,the government need to strengthen the market mechanism and respect it’s fundamental role in resource allocation.Which provides empirical evidences to further promote market-oriented reform,helps to reduce transaction costs at the same time.更多还原