CAJ | 학술논문

在市场机制的影响下，当业务量发生变动时，企业应在权衡业务量与成本费用匹配关系的基础上，对成本费用进行调整，以期抓住机会、应对挑战。从行为金融学的角度对我国A股的2500家上市公司2007-2011年的销售和管理费用粘性情况进行考察，研究结果显示管理层的扩张动机会增强费用的粘性程度，而且从经济学角度看，在资本集中度较高的企业中，这种影响更明显。同时还发现公司治理机制通过约束经理人的自利行为和扩张意图，会降低费用的粘性程度。因此，加强公司治理机制能够有效抑制由管理者的自利行为所引发的费用粘性，从而帮助企业有效地进行成本管理和控制。
재시장궤제적영향하，당업무량발생변동시，기업응재권형업무량여성본비용필배관계적기출상，대성본비용진행조정，이기조주궤회、응대도전。종행위금융학적각도대아국A고적2500가상시공사2007-2011년적소수화관리비용점성정황진행고찰，연구결과현시관리층적확장동궤회증강비용적점성정도，이차종경제학각도간，재자본집중도교고적기업중，저충영향경명현。동시환발현공사치리궤제통과약속경리인적자리행위화확장의도，회강저비용적점성정도。인차，가강공사치리궤제능구유효억제유관리자적자리행위소인발적비용점성，종이방조기업유효지진행성본관리화공제。
Under the influence of market, when the business volume changes, in order to seize the opportunity and deal with the challenge, enterprise should adjust the expense based on the matching relationship between the volume and cost. In this pa- per, an analysis is made on the stickiness of sales and management costs in terms of behavioral finance using the financial data of 2 500 listed companies on A-share market over the period from 2007 to 2011. The result shows that the expansionary motivation of managers will improve the degree of cost stickiness, and this kind of influence will be more obvious in companies with high capital intensity. Moreover, corporate governance can reduce the degree of cost stickiness by constraining self-interested behavior and ex- pansionary motivation of managers. Therefore, more corporate governance will effectively curb the cost stickiness caused by man- agers＇ self-interested behaviors, which can be of help for an effective cost management and control in enterprises.