CAJ | 학술논문

费用粘性是影响企业业绩的重要因素,也是导致代理成本产生的主要动因。然而费用粘性的产生过程、前提条件和影响因素一直没有得到更详细的研究。文章通过模型分析,认为自由现金流是费用粘性产生的前提条件,产权治理是控制费用粘性的重要手段。实证研究表明,我国控股股东的性质和比例影响费用粘性,自由现金流量对费用粘性产生决定性的影响。因此要控制企业费用粘性,主要应从控制自由现金流量和改善产权治理入手。
비용점성시영향기업업적적중요인소,야시도치대리성본산생적주요동인。연이비용점성적산생과정、전제조건화영향인소일직몰유득도경상세적연구。문장통과모형분석,인위자유현금류시비용점성산생적전제조건,산권치리시공제비용점성적중요수단。실증연구표명,아국공고고동적성질화비례영향비용점성,자유현금류량대비용점성산생결정성적영향。인차요공제기업비용점성,주요응종공제자유현금류량화개선산권치리입수。
Expense stickiness is an important factor which affects firm＇s performance,and is also an important driver of agency cost,but few studies focus on the causes why expense stickiness generates and influential factor of expense stickiness.In this article,through a model analysis,we argue that free cash flow is the basic condition of expense stickiness,and equity governance is a useful tool to control expense stickiness.Through an empirical research,we find that in China the nature and control right of the controlling shareholder greatly affects the expense stickiness,and free cash flow can also affect expense stickiness definitively.Thus,we should control free cash flow and improve equity governance to control firm expense stickiness.