摘要
本文研究了地区要素市场发育对中国上市公司成本和费用粘性的影响及其在不同产权性质公司之间的差异。结果发现，公司所在地要素市场发育水平越高，国有控股公司和非国有控股公司的成本粘性都会越小，但对国有控股公司的影响更大；国有控股公司费用粘性越小，非国有控股公司费用粘性则不显著。结果表明，相对于非国有控股公司而言，由于受政府干预和地区市场分割的限制较多，国有控股公司的要素配置和调整更大程度上受制于当地要素市场发育，因而使得公司所在地要素市场化程度对其成本和费用粘性具有显著影响。本文的研究结论对深化企业成本和费用粘性的形成机制、特点以及中国市场化进程和产权改革的经济后果方面的认识，具有重要的理论价值。
This paper investigates the impact of regional factor market on the degree of cost stickiness and expense stickiness and the impact difference between state-holding and non-state-holding companies. Using the data from China listed companies during 1998 to 2006, we find that the level of development of company＇s located regional factor market has positive significant impact on the degree of cost stickiness and expense stickiness because the development of regional factor market contributes to increase the procurability and liquidity of factors, and reduce the cost stemmed from getting or adjusting the quantity and structure of factors. We also find that the impacts on cost stickiness are more significant and the impacts on expense stickiness are only existed for state-holding companies because the state-holding companies subject to local government＇s intervention for regional protection and employment, while the non-state-holding companies have more strong capacity and motivation to avoid the limitations from local factor market via other regions＇ factor market. Our findings are important for enlarging the research about the formation mechanism and characteristic of expense stickiness and the economic consequence of China＇s market-oriented process and property rights reform.
出处
《中国会计评论》
CSSCI
2010年第4期431-446,共16页
China Accounting Review
基金
教育部新世纪优秀人才支持计划“利益均衡导向的产权保护审计研究”(项目编号:NCET-06-0703)的资助
关键词
市场化
国有企业
非国有企业
成本粘性
费用粘性
Marketization, State-Owned Enterprises, Non State-Owned Enterprises,Cost Stickiness, Expense Stickiness
