摘要
以A股制造业上市公司为研究样本,借助2009-2018年财务数据,采用多元线性回归模型实证检验了成本粘性对企业经营风险的影响,进一步检验了机构投资者对两者关系的调节作用。研究结果表明:成本粘性与企业经营风险呈显著正相关关系,即成本粘性会加剧企业经营风险,机构投资者持股则会抑制成本粘性对企业经营风险的影响。最后针对实证研究结果,从引进机构投资者、提高治理和决策水平、优化资源配置、加强成本管理以降低企业经营风险等角度提出改进建议。
The paper uses financial data of A-share manufacturing listed companies from 2009 to 2018 to test the influence of cost stickiness on business risk and the regulatory effect of institutional investors on the relationship between them.The results show that there is a significant positive correlation between cost stickiness and business risk.That is,cost stickiness will aggravate the business risk,and institutional investors’shareholding will restrain the impact of cost stickiness on business risk.According to these results,some suggestions for improvement are put forward from the aspects of introducing institutional investors,improving the level of governance and decision-making,optimizing the allocation of resources,and strengthening cost management to reduce the risk of business operation.
作者
李文新
夏露
LI Wenxin;XIA Lu(School of Economics and Management,Hubei Univ.of Tech.,Wuhan 430068,China)
出处
《湖北工业大学学报》
2020年第3期29-33,44,共6页
Journal of Hubei University of Technology
关键词
成本粘性
经营风险
机构投资者
cost stickiness
business risk
institutional investors
