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首页> 外文期刊>Research Journal of Finance and Accounting >Marketization Level，Debt Maturity and Expense Stickiness of Chinese Listed Companies: Analysis Based on Fixed Effect Model
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Marketization Level，Debt Maturity and Expense Stickiness of Chinese Listed Companies: Analysis Based on Fixed Effect Model

机译：中国上市公司的市场化水平，债务期限和费用粘性：基于固定效应模型的分析

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Expense stickiness is the phenomenon that the marginal rate of change of expense is different when the volume changes in different directions. It can be regarded as a form of agency cost. Both the debt financing and the external environment of the companies are important corporate governance mechanism and can play a role of inhibition on agency cost. With the data of listed companies from Shanghai Stock Exchange(SSE) and Shenzhen Stock Exchange(SZSE) in China, this paper finds that expense stickiness exists in the listed companies in China. We also observe that the shorter listed companies’ debt maturity can inhibit the cost stickiness. At last, this paper shows that the lower marketization level of the place the listed companies are located in, the stronger the debt maturity’s inhibiting effect on expense stickiness is. This result also suggests the substitution between the debt maturity and the marketization level. Strengthening cost management and rationalizing the maturity of debt are two important issues of Chinese companies. Hence, putting cost stickiness and debt maturity into a research framework has a significant guiding meaning.
机译：支出粘性是指当数量在不同方向上变化时，支出的边际变化率不同的现象。它可以看作是代理费用的一种形式。公司的债务融资和外部环境都是重要的公司治理机制，可以起到抑制代理成本的作用。根据中国上海证券交易所和深圳证券交易所的上市公司数据，本文发现中国上市公司存在费用粘性。我们还观察到较短的上市公司的债务期限可以抑制成本粘性。最后，本文表明，上市公司所在地的市场化程度越低，债务期限对费用粘性的抑制作用越强。这个结果也表明债务到期日和市场化水平之间的替代。加强成本管理和合理化债务期限是中国公司的两个重要问题。因此，将成本粘性和债务期限纳入研究框架具有重要的指导意义。

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