管理者预期对费用粘性的影响研究

【作者】 王满； 曹歌；

【机构】 东北财经大学会计学院；

【摘要】 本文从管理者预期角度对费用粘性成因进行分析,选取我国沪深两市A股1044家上市公司作为研究样本,发现:(1)我国上市公司不仅存在费用粘性,也存在费用反粘性;(2)方向一致的需求预测信号会增强管理者对于未来乐观预期或悲观预期的信心,进而导致费用粘性或反粘性的程度增强,方向不一致的需求预测信号会减少管理者对于未来乐观预期或悲观预期的信心,进而导致费用粘性或反粘性的程度减弱;(3)宏观经济增长对费用粘性的影响不显著,但是有利于减少费用反粘性水平;(4)管理者避免盈余损失的动机会影响其对于费用管理的策略,并且这种影响效应在管理者悲观预期下更显著。更多还原

【Abstract】 Using data for China’s listed companies in stock markets of Shanghai and Shenzhen over the period 2008-2011,this paper results in four dimensions:1) costs are sticky when we condition on a sales increase in prior period, but costs are in fact anti-sticky when conditioned on a prior period sales decrease.2)Conflicting signals will lessen managers’ confidence in expectation and confirmatory signals will strengthen managerial expectation, which will influence the extent of cost stickiness and anti-stickiness.3)Macro-economic growth has no significant effect on cost stickiness, but helps to reduce the level of cost anti-stickiness.4)The motivation of management to avoid earning losses will affect cost management ,and the effect will be more significant on managerial pessimism.更多还原