【作者】 王满； 于浩洋；

【机构】 东北财经大学会计学院；

【摘要】 费用粘性是一种费用边际变动率随业务量变动方向不同而有所差异的现象,其也可以被视为是代理成本的一种表现形式。无论是公司的债务融资还是其所处外部市场环境都是重要的公司治理机制,均可以对代理成本发挥抑制作用。本文的研究发现:我国上市公司存在费用粘性现象。上市公司较短的债务期限对费用粘性有抑制作用。上市公司所在地市场化水平越低,较短的债务期限对费用粘性的抑制作用越强,这也说明了债务期限与市场化水平两种公司治理机制在抑制费用粘性方面存在着替代关系。更多还原

【Abstract】 Cost stickiness is the phenomenon that the marginal rate of change of cost is different when the volume changes in different directions.It can be regarded as a form of agency cost.Both the debt financing and the external environment are important corporate governance mechanism and can play a role of inhibition of agency cost.With the data of Chinese listed companies,this paper finds that cost stickiness exists in the listed companies in China.We also observe that the shorter listed companies’ debt maturity can inhibit the cost stickiness.At last,this paper shows that the lower marketization level of the place the listed companies are located in,the stronger the debt maturity’s inhibiting effect is.It also suggests the substitute relationship between the debt maturity and the marketization level.更多还原