中国制造业公司治理、信息透明度与费用粘性的实证研究

摘要

费用粘性是我国制造业中存在的问题为分析影响费用粘性的因素，通过实证研究，发现控股股权性质、自由现金流量会提高费用粘性程度，第一大股东、管理层持股比例对费用粘性有一定的抑制作用；在信息披露这一因素的影响下，会弱化控股股权性质和自由现金流量对费用粘性的影响程度，强化股权集中和管理层持股对费用粘性的影响。针对以上现象，建议优化股权结构，降低企业的自由现金流量，进一步深化股权分置改革，将企业信息披露度法制化。%Expense stickiness is the problem existing in the manufacturing industry.Based on the sample of the lis-ted manufacturing companies in China,this thesis studies the influential factors of expense stickiness.It is found that the nature of controlling shareholder and free cash flow can increase the degree of expense stickiness.The pro-portion of controlling shareholder and managerial stockholding level has effects on the inhibiting expense stickiness. The influence of information disclosure quality can weaken the effect of the nature of controlling shareholder and free cash flow.The influence of information disclosure quality can improve the effect of controlling shareholder and managerial stockholding level.Based on the above conclusion,this thesis puts forward some suggestions:Optimizing equity structure,reducing the free cash flow of the enterprise,further deepening the reform of non-tradable shares, standardizing enterprise information disclosure degree of legalization.