[1]陈汉明,蒋占华,潘 佩.能源行业成本粘性与企业绩效研究[J].西安科技大学学报,2018,(04):676-682.[doi:10.13800/j.cnki.xakjdxxb.2018.0423 ]
 CHEN Han-ming,JIANG Zhan-hua,PAN Pei.Cost stickiness and firm performanceof energy industry[J].Journal of Xi'an University of Science and Technology,2018,(04):676-682.[doi:10.13800/j.cnki.xakjdxxb.2018.0423 ]
点击复制

能源行业成本粘性与企业绩效研究(/HTML)
分享到:

西安科技大学学报[ISSN:1672-9315/CN:61-1434/N]

卷:
期数:
2018年04期
页码:
676-682
栏目:
出版日期:
2018-07-15

文章信息/Info

Title:
Cost stickiness and firm performanceof energy industry
文章编号:
1672-9315(2018)04-0676-06
作者:
陈汉明1蒋占华2潘 佩3
1.武汉铁路职业技术学院 经济与管理学院,湖北 武汉 430205; 2.中国煤炭科工集团,北京 100020; 3.武汉理工大学 管理学院,湖北 武汉 430070
Author(s):
CHEN Han-ming1 JIANG Zhan-hua2PAN Pei3
(1.School of Economics and Management,Wuhan Railway Vocational and Technical college, Wuhan 430205,China; 2.China Coal Technology and Engineering Group, Beijing 100020,China; 3.College of Management, Wuhan University of Technology, Wuhan 430070,China)
关键词:
成本粘性 企业绩效 能源行业 股权结构
Keywords:
cost stickiness firm performance energy industry ownership structure
分类号:
[TK-9]; F 273.1
DOI:
10.13800/j.cnki.xakjdxxb.2018.0423
文献标志码:
A
摘要:
企业的成本粘性过高不益于资源利用率的提高,最终影响其业绩的实现。能源行业是国家建设的中流砥柱,它的发展与经济运行息息相关,而现阶段,能源行业产能过剩现象严重,会大大影响到企业的绩效。选定2000—2016年A股能源行业上市企业作为研究对象,采取固定效应回归分析方法,探究成本粘性与企业效益的关系,并从其内部环境的角度验证了企业如何通过改善资本结构和股权结构来缓和成本粘性对企业效益的负面效应。研究表明,能源行业企业粘性变大,其效益的实现愈发不理想; 企业资本结构和股权结构对两者的关系起相反的调节作用,其中资产负债率不合理性负向调节两者间的关系,股权集中程度正向调节两者间的关系; 进一步检验可知,在宏观经济形势较好的情况下,加剧了成本粘性对企业绩效的负向作用。研究结果为能源企业解决因供需不均带来的资源配置效率低下问题提供一定参考。
Abstract:
Cost stickiness too high will lead to lower enterprise resource utilization, and ultimately will affect the performance of enterprises.The energy industry is the basic industry of national development.Its development plays a vital role in the rapid growth of China's economy.At this stage, the energy industry overcapacity is serious and will greatly affect the performance of enterprises.In this paper, the empirical analysis of the A-share energy industry listed companies in 2000—2016 is used to test the impact of the energy industry's cost stickiness on the performance of the enterprises, and from the perspective of the internal environment of the enterprise how to improve the capital structure and equity structure to reduce the impact of cost stickiness on business performance.The empirical results show that there is a significant negative correlation between the cost of the energy industry and the performance of the firm.The relationship between the capital structure and the ownership structure has a moderating effect on the relationship between the asset and liability ratio.And the relationship between the cost and the performance of the energy industry is positively adjusted.The further test shows that the negative effect of cost stickiness on corporate performance is more significant in the case of macroeconomic situation.This research is conducive to the enterprise's investment decision-making and cost management, to improve the level of enterprise resource utilization has a certain reference.

参考文献/References:

[1] 《能源行业信用体系建设实施意见(2016—2020年)》印发[J].中国煤炭,2017,43(1):49. [2] 孙 慧,刘 格.经济新常态下能源企业的发展出路[J].企业经济,2016,35(2):113-116. SUN Hui,LIU Ge.The way out for the development of energy enterprises under the new economic normality[J].Enterprise Economy,2016,35(2): 113-116. [3] 杨 振.激励扭曲视角下的产能过剩形成机制及其治理研究[J].经济学家,2013,10(10):48-54. YANG Zhen.Research on the mechanism of overcapacity formation and its governance from the perspective of incentive distortion[J].Economist,2013,10(10): 48-54. [4]陈 收,邹增明,刘 端.技术创新能力生命周期与研发投入对企业绩效的影响[J].科技进步与对策,2015,32(12):72-78. CHEN Shou,ZOU Zeng-ming,LIU Duan.The impact of technology innovation capability life cycle and R&D investment on firm performance[J].Science & Technology Progress and Policy,2015,32(12): 72-78. [5]Anderson M C,Banker R D,Janakiraman S N.Are selling,general,and administrative costs “sticky”?[J].Journal of Accounting Research,2003,41(1): 47-63. [6]梁上坤.股权集中度与成本费用粘性[J].经济研究,2013(1):144-155. LIANG Shang-kun.Equity.Concentration and cost stickiness[J].Economic Research,2013(1):144-155. [7] 王 珏,王明丽.成本粘性、企业成长性与企业价值[J].财会通讯,2017(24):35-37. WANG Jue,WANG Ming-li.Cost stickiness,firm growth and corporate value[J].Finance and Accounting News,2017(24): 35-37. [8]孙泽露,洪 荭,林嘉斐.制造业企业成本粘性效应研究[J].财会通讯,2014(21):95-97. SUN Ze-lu,HONG Hong,LIN Jia-fei.Research on the cost stickiness effect of manufacturing enterprises[J].Finance and Accounting News,2014(21): 95-97. [9]胡华夏,洪 荭,李真真,等.成本粘性刺激了公司研发创新投入吗?[J].科学学研究,2017,35(4):633-640. HU Hua-xia,HONG Hong,LI Zhen-zhen,et al.Does cost stickiness stimulate the company's R&D innovation investment?[J].Science of Science Research,2017,35(4): 633-640. [10]刘永红.成本粘性的探讨[J].会计师,2009(1):82-83. LIU Yong-hong.Discussion on cost stickiness[J].Accountant,2009(1):82-83. [11]朱乃平,刘志梧.成本粘性及应对策略[J].财务与会计,2009(6):65-66. ZHU Nai-ping,LIU Zhi-wu.Cost stickiness and coping strategies[J].Financial and Accounting,2009(6):65-66. [12]李金柱.能源经济及能源结构优化对策[J].中国煤炭,2001,27(8):7-12. LI Jin-zhu.Energy economy and energy structure optimization countermeasures[J].China Coal,2001,27(8): 7-12. [13]张磊磊.我国制造型企业成本粘性的实证研究[J].现代经济信息,2014(19):211-213. ZHANG Lei-lei.An empirical study on the cost stickiness of manufacturing enterprises in China[J].Modern Economic Information,2014(19): 211-213. [14]刘银国,高 莹,白文周.股权结构与公司绩效相关性研究[J].管理世界,2010(9):177-179. LIU Yin-guo,GAO Ying,BAI Wen-zhou.Research on the correlation between ownership structure and corporate performance[J].Management World,2010(9): 177-179. [15]张秀峰,陈光华,杨国梁,等.企业所有权性质影响产学研合作创新绩效了吗?[J].科学学研究,2015,33(6):934-942. ZHANG Xiu-feng,CHEN Guang-hua,YANG Guo-liang,et al.Does the nature of enterprise ownership affect the innovation performance of industry-university-research cooperation?[J].Science of Science Research,2015,33(6): 934-942. [16]刘任帆,于增彪.股权结构与公司业绩关系的行业特征——来自冶金、医药、机械与IT行业的实证证据[J].南开管理评论,2004(6):39-46. LIU Ren-fan,YU Zeng-biao.Industry characteristics of the relationship between ownership structure and corporate performance: empirical evidence from metallurgy,medicine,machinery and IT industry[J].Nankai Management Review,2004(6): 39-46. [17]佘志宏,段红涛.资本结构、契约理论与上市公司治理[J].经济评论,2003(3):98-107. SHE Zhi-hong,DUAN Hong-tao.Capital structure,contract theory and governance of listed companies[J].Economic Review,2003(3): 98-107. [18]陈 岩,蒋亦伟,王 锐.产品多元化战略、企业资源异质性与国际化绩效:对中国2008—2011年制造业上市公司的经验检验[J].管理评论,2014,26(12):131-141. CHEN Yan,JIANG Yi-wei,WANG Rui.Product diversification strategy,enterprise resource heterogeneity and internationalization performance: an empirical test of China's listed companies in manufacturing industry from 2008 to 2011[J].Management Review,2014,26(12): 131-141.

备注/Memo

备注/Memo:
收稿日期:2018-04-23 责任编辑:杨忠民
基金项目:湖北省自然科学基金(2015CKB746)
通信作者:陈汉明(1964-),男,湖北洪湖人,副教授,E-mail:383962863@qq.com
更新日期/Last Update: 2018-08-29