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论文编号：	8493
作者编号：	2120142419
上传时间：	2016/6/13 21:21:13
中文题目：	资源调整视角下的民营企业成本粘性研究
英文题目：	The cost stickiness research of private enterprise from the Resource adjustment Perspective
指导老师：	王志红
中文关键字：	民营企业；成本粘性；劳动力密集度；固定资产密集度；过度投资
英文关键字：	Private enterprise; cost stickiness; fixed-asset intensity; labor intensity; overinvestment
中文摘要：	传统的成本习性模型认为企业的成本变化仅与当期的业务量相联系，忽略了管理者的决策及其对未来业务量变化预期等因素的影响。随着经济的发展，管理者发觉这种简化的成本习性模型与企业的真实成本状况出现偏离，影响了管理者的成本管理能力。有研究表明企业的成本费用还与业务量变化的方向有关，即成本在业务量上升时增加的幅度大于业务量下降时减少的幅度的现象，学术上将这一现象称作“成本粘性”。探索成本粘性这一特性可以促进管理者更加深刻地理解成本的发生规律，为管理者做出更加正确的成本决策提供建议。 目前学者更多的是从机会主义动机解释成本粘性，忽略了资源调整成本这一解释成本粘性的重要视角。而且随着我国治理环境的改善，我国机会主义动机有所减弱，因此以近几年的数据研究成本粘性也是有现实意义的。为了更合理地从资源调整的角度解释成本粘性，考虑到民营企业管理者的机会主义动机较弱，本文将研究样本锁定为民营企业。因此本文主要从资源调整的视角出发，分别以营业成本和包括营业成本及销管费用的总成本为基础表示成本粘性，通过理论分析和实证分析考察了我国民营类上市公司成本粘性的存在性、劳动力密集度、固定资产密集度和过度投资对成本粘性的影响。 首先，本文界定了相关概念并介绍了相关理论，为之后的研究提供了理论基础。然后，本文基于文献和我国资本市场实践的特点，提出了本文的四大假设，并选择2012-2014年A股上市公司为样本，根据Richardson的预期投资模型计算出的残差计量过度投资，借鉴ABJ（2003）提出的成本粘性模型进行研究，并通过描述性统计和回归分析对研究假设所得结论提供经验数据。研究结果表明我国民营类上市公司的营业成本和总成本均存在成本粘性，而且总成本粘性要大于营业成本粘性；劳动力密集度与总成本粘性和营业成本粘性均正相关；固定资产密集度与总成本粘性和营业成本粘性均正相关；过度投资行为会加强总成本粘性和营业成本粘性。
英文摘要：	Traditional cost model believes that the change of cost is only associated with the current volume of business, ignoring the manager's decision and its impact on expected future changes in volume and other factors. With the development of the economy, managers find this simplified model of cost behavior deviating from the true cost situation of enterprises and affecting the ability of managers to cost management. Research has shown that the cost of the enterprise is also associated with the changing direction of volume, that is to say costs increase more with an activity increase than they decrease with an equivalent activity decrease, this phenomenon will be called "cost stickiness." Exploring costs stickiness can contribute to a deeper understanding of managers’ costs behavior and to making decisions more accurately. Currently most scholars try to explain the cost of tack from opportunistic motives, ignoring the important perspective of resource adjustment costs. And with the improvement of environmental management, managers` motivation of opportunistic has been weakened, so it is also realistic to research the cost stickiness from the perspective of resource adjustment costs. The private enterprise managers` opportunistic motivation is weaker, so this article` sample will be private enterprises in order to explain the cost more reasonably from the perspective of resource adjustments. Therefore, this article mainly considers the cost stickiness from the perspective of the resource adjustments cost, analyzing the total cost stickiness and the operating cost stickiness and the relationship of the fixed-asset intensity, labor intensity, overinvestment and the cost stickiness. Firstly, the paper defines the concepts and introduces the theory, providing a theoretical basis. Then, Based on the literature and practice of China's capital market, we propose four major hypothesis in this paper, and select 2012-2014 A-share listed companies as the sample, using Richardson's expected investment model to calculate the residual metering overinvestment, and ABJ `s(2003) cost stickiness model to do the research. The results show that China's private listed companies' operating costs and total costs present cost stickiness, and operating costs` stickiness is greater than the total cost stickiness; labor-intensive and cost-viscous are positive correlation; fixed asset intensity and cost stickiness are positive correlation; overinvestment will strength the cost stickiness.
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