政治关联、管理者过度自信与成本粘性--基于创业板上市公司的经验证据

本文选用创业板上市公司2009－2014年数据，实证检验高管政治关联、过度自信对成本粘性的作用机理与运行机制。研究结果表明：拥有政治关联的公司，成本粘性显著增强；高管过度自信程度越高，成本粘性增强的趋势越明显。进一步的研究显示，政治关联与过度自信的交互作用对成本粘性具有较强地正向放大作用，即过度自信且具有政治资源优势的高管将推进成本粘性的提升。本文将制度环境和管理者背景特征紧密结合，揭示了高管政治关联与过度自信对创业板上市公司成本性态的影响，对于深化认识创业企业成本管控模式与策略、识别高管情绪及其产生的行为后果具有借鉴意义。

Political Connection,Management Overconfidence and Cost Stickiness---Empirical Evidence from Chinese GEM Listed Firms

This paper chooses the data from Chinese Listed firms of Growth Enterprise Market ( GEM) during 2009-2014 to empirically investigate the impact and mechanism of top management political connection and overconfidence behavior on the cost stickiness.The results show that firms which have political connection benefits will enhance cost stickiness , and the top managers who are overconfident will increase cost stickiness as well .Further evidence suggests that the joint effects of political connection and management overconfidence will generate a much stronger and positive power on the cost stickiness . The paper , combining institutional setting and management background unexplored in the prior literature , brings insight into the impact of management political connection and overconfidence on the GEM firms ’cost behavior , thus providing suggestive guidance for better understanding of the cost management and strategy , distinguishing the top management emotional traits and their behavioral consequences .