系统工程理论与实践
繫統工程理論與實踐
계통공정이론여실천
Systems Engineering—Theory & Practice
2015年
4期
928~938
,共null页
银企关系 成本和费用粘性 监督效应 企业产权 金融危机
銀企關繫 成本和費用粘性 鑑督效應 企業產權 金融危機
은기관계 성본화비용점성 감독효응 기업산권 금융위궤
banking connection; cost stickiness; supervision mechanism; property rights of enterprises; the financial crisis
本文以沪深证券市场2006-2011年A股上市公司为样本,研究了银企关系对成本费用粘性的影响,研究结果表明,银企关系降低了企业成本费用粘性,并且这种效应主要存在于国有企业中以及2008年金融危机之后.这说明银企关系作为一种监督机制,有助于缓解管理层的机会主义行为,从而降低了企业的成本费用粘性.在进一步的研究中,我们将银企关系进行了区分,发现不同类型的银企关系对成本费用的影响存在显著差异,银行持有企业股权的银企关系最能够监督经理人降低成本费用粘性.本文的研究发现为银企关系存在的合理性提供了证据,有助于更全面理解银企关系发挥作用的机制和情境,丰富了银企关系研究领域的文献.同时也推进了有关成本费用粘性的相关研究,对进一步抑制经理人机会主义行为,降低企业的成本费用粘性具有启示意义.
本文以滬深證券市場2006-2011年A股上市公司為樣本,研究瞭銀企關繫對成本費用粘性的影響,研究結果錶明,銀企關繫降低瞭企業成本費用粘性,併且這種效應主要存在于國有企業中以及2008年金融危機之後.這說明銀企關繫作為一種鑑督機製,有助于緩解管理層的機會主義行為,從而降低瞭企業的成本費用粘性.在進一步的研究中,我們將銀企關繫進行瞭區分,髮現不同類型的銀企關繫對成本費用的影響存在顯著差異,銀行持有企業股權的銀企關繫最能夠鑑督經理人降低成本費用粘性.本文的研究髮現為銀企關繫存在的閤理性提供瞭證據,有助于更全麵理解銀企關繫髮揮作用的機製和情境,豐富瞭銀企關繫研究領域的文獻.同時也推進瞭有關成本費用粘性的相關研究,對進一步抑製經理人機會主義行為,降低企業的成本費用粘性具有啟示意義.
본문이호심증권시장2006-2011년A고상시공사위양본,연구료은기관계대성본비용점성적영향,연구결과표명,은기관계강저료기업성본비용점성,병차저충효응주요존재우국유기업중이급2008년금융위궤지후.저설명은기관계작위일충감독궤제,유조우완해관리층적궤회주의행위,종이강저료기업적성본비용점성.재진일보적연구중,아문장은기관계진행료구분,발현불동류형적은기관계대성본비용적영향존재현저차이,은행지유기업고권적은기관계최능구감독경리인강저성본비용점성.본문적연구발현위은기관계존재적합이성제공료증거,유조우경전면리해은기관계발휘작용적궤제화정경,봉부료은기관계연구영역적문헌.동시야추진료유관성본비용점성적상관연구,대진일보억제경리인궤회주의행위,강저기업적성본비용점성구유계시의의.
This paper investigates the impact of the banking connection on the cost stickiness. Based on the data of Chinese listed companies from A shares between 2006 and 2011, it shows that the banking connection has reduced the costs of sticky in company and the effect mainly exists in the state-owned enterprises and happens in the wake of the financial crisis in 2008. This illustrates the fact that the banking connection, as a kind of supervision mechanism, helps to alleviate the opportunistic behavior of management and reduce the cost stickiness. At the same time, the further results show that the effects of different types of the banking connection on the cost stickiness are different, and the connection of bank holding the equity in company can lead managers to minimize the cost of sticky. The conclusions of this paper can provide the evidence of the reasonableness of the banking connection, contribute to a more comprehensive understanding of the mechanism and context of the banking connection, and enrich the relevant research in this field. What's more, this paper also plays a role of alleviating the opportunistic behavior of management and reducing the cost stickiness.