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本文在明确成本粘性概念及其反转性特征的基础上,从契约论、效率论和机会主义论和管理者过度自信四方面梳理了成本粘性及其反转性特征的客观成因和主观成因,并选取3,123家上市公司2011-2014年数据进行实证分析,验证我国上市公司中成本粘性特性普遍存在,且成本粘性具有反转性特征。
On the basis of clarifying the concept of cost-stickiness and its reversal characteristics, this paper combs the objective causes and subjective causes of cost-stickiness and its reversal characteristics from four aspects: contract theory, efficiency theory, opportunism theory and managers’ overconfidence. And the data of 3,123 listed companies from 2011 to 2014 are selected for empirical analysis to verify that the cost-sticky characteristics of listed companies in China are ubiquitous and that the cost-stickiness has reversal characteristics.