创业板制造业上市公司成本粘性与企业绩效的互动关系研究

发布时间：2018-03-23 01:27

本文选题：成本粘性　切入点：企业绩效　出处：《合肥工业大学》2017年硕士论文　论文类型：学位论文

【摘要】：近年来,国家整体经济增速放缓,居民消费需求下降,同时人力成本、资源成本上升,造成了企业盈利空间小的困境。而有效控制成本费用水平是提升绩效的关键。要做到科学合理的投入资源、削减成本,做好成本费用的管控工作,首先要正确的了解成本性态。有关成本粘性的研究成果挑战了传统成本性态理论,能够如实反映企业的成本变动情况。创业板公司大多处在发展初期,规模小,内部管理制度还未健全,高成长性和高风险性并存,业绩波动大。制造业属于固定资产推动型产业,在业务量发生变动时,成本费用较难调整,可能存在较高的成本粘性。选择创业板制造业上市公司作为分析对象,研究成本粘性与企业绩效的互动关系可以完善成本性态理论进一步丰富成本粘性的理论体系,还可以为企业的成本管控、业绩提升提供一些建议。本文在研究开展过程中,行业层面上,运用了ABJ模型实证了创业板制造业成本粘性的存在性问题;微观层面上,运用WEISS模型计算了各公司成本粘性值作为变量进行回归。文章从财务角度和公司治理角度分析了企业绩效的影响因素;基于不完全契约理论、效率理论、委托代理理论,从调整成本、机会主义、管理者特征三个角度分析了成本粘性的影响因素;并运用逐步回归方法进行了变量的筛选,分别建立了单方程模型。同时还阐述了成本粘性与企业绩效之间的相互影响,而研究变量之间简单因果关系问题的单方程模型存在局限性,对最小二乘法前提假设的检验也表明OLS估计方法不再适用,互动关系研究应借助联立方程解决,hausman检验结果也证实了联立方程的必要性。本文还在联立方程中加入了成本粘性与企业绩效的滞后期变量以剔除变量自身的影响,选择系统估计法——矩估计法GMM进行回归,并比较分析了单方程模型与联立方程模型的回归结果。本文的研究结论是创业板制造业上市公司存在成本粘性,成本粘性与企业绩效之间呈负向互动关系,成本粘性越小,说明企业的资源调整更灵活,对市场变动的反应迅速,企业绩效越好;同时企业绩效的实现对成本管控、资源调整提出了要求,从而导致较低的成本粘性。最后,基于实证结果和影响因素分析,提出了建立科学高效的管理层激励机制,弱化委托代理问题;完善企业治理结构,提高决策科学性;调整企业资产结构,加快资产周转的对策建议,以期改善成本粘性,提升企业绩效。
[Abstract]:In recent years, the overall economic growth rate of the country has slowed, the consumption demand of residents has decreased, and the cost of manpower and resources has risen. Effectively control the cost level is the key to improve performance. To achieve a scientific and reasonable input of resources, reduce costs, do a good job of cost control, First of all, we should correctly understand the cost behavior. The research results about cost stickiness challenge the traditional cost behavior theory, and can reflect the cost change of enterprises truthfully. Most of the gem companies are in the early stage of development, and the scale is small. The internal management system is not perfect, the high growth and the high risk coexist, the performance fluctuates greatly. The manufacturing industry belongs to the fixed assets promotion type industry, when the business volume changes, the cost cost is difficult to adjust, There may be high cost stickiness. Choosing listed companies in gem as the analysis object, studying the interaction between cost stickiness and enterprise performance can improve the cost behavior theory to enrich the cost viscosity theory system. This paper also provides some suggestions for the cost control and performance improvement of enterprises. In the process of research and development, this paper uses ABJ model to demonstrate the existence of manufacturing cost stickiness in gem. Using WEISS model to calculate the cost viscosity value of each company as a variable to regression. This paper analyzes the influencing factors of enterprise performance from the perspective of financial and corporate governance, based on incomplete contract theory, efficiency theory, principal-agent theory, This paper analyzes the influencing factors of cost stickiness from three angles of adjustment cost, opportunism and management characteristics, and uses stepwise regression method to screen variables. The single equation model is established, and the interaction between cost viscosity and firm performance is discussed. However, the single equation model for studying the simple causality between variables has some limitations. The test of the premise hypothesis of the least square method also shows that the OLS estimation method is no longer applicable. In order to eliminate the influence of variables, the paper also adds the lag variables of cost stickiness and firm performance to the simultaneous equation, which should be solved by the simultaneous equation, and the results of the test also confirm the necessity of the simultaneous equation. The system estimation method and moment estimation method (GMM) are selected for regression, and the regression results of single equation model and simultaneous equation model are compared and analyzed. The conclusion of this paper is that there is cost stickiness in listed companies in gem manufacturing industry. There is a negative interaction between cost viscosity and enterprise performance. The smaller the cost viscosity is, the more flexible the resource adjustment is, and the faster the response to market changes is, the better the enterprise performance is; at the same time, the realization of enterprise performance controls the cost. Finally, based on the empirical results and the analysis of the influencing factors, this paper puts forward the establishment of scientific and efficient management incentive mechanism to weaken the principal-agent problem, and improve the corporate governance structure. The countermeasures and suggestions of adjusting the structure of assets and quickening the turnover of assets can improve the stickiness of cost and improve the performance of enterprises.
【学位授予单位】：合肥工业大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F425;F406.7

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