经济与管理研究2018，Vol.39Issue(5)：103-113,11.DOI:10.13502/j.cnki.issn1000-7636.2018.05.010
自由现金流、董事会治理与费用粘性研究
Research on Free Cash Flow,Board Governance and Cost Stickiness
摘要
Abstract
As an important part of corporate governance,the board governance has a certain impact on the cost control.The cost stickiness reflects the relationship between the cost and the portfolio of business.Based on the adjustment of the ABJ cost stickiness test model,this paper uses multiple regression analysis to explore how the board of directors control and supervise the self-interest behavior of the management on free cash flow resources through the governance structure,which further affects the cost stickiness.The results show that the cost stickiness characteristics exist in China's manufacturing listed companies;free cash flow has the effect of increasing cost stickiness;and under the condition of free affluent cash flow,perfecting the governance of the board of directors has the effect of restraining cost stickiness.关键词
代理成本/费用粘性/自由现金流/董事会治理/ABJ模型Key words
agency cost/cost stickiness/free cash flow/board governance/ABJ model分类
管理科学引用本文复制引用
牟伟明..自由现金流、董事会治理与费用粘性研究[J].经济与管理研究,2018,39(5):103-113,11.基金项目
江苏省软科学研究计划"中以创新园先行先试发展途径研究"(BR2016009) （BR2016009）
