山东工商学院硕士学位论文
摘要
我国经济正处于高质量发展阶段，为了实现经济转型，宏观层面提出了供给侧
结构性改革和“三去一降一补”的具体对策。降成本是提高经济效益、保持企业竞
争优势的关键。成本粘性影响了企业适应环境不确定性的能力，降成本有利于缓解
成本粘性给企业带来的业绩压力。成本粘性一定程度反映了高管资源配置的能力和
水平，以高管特征为切入点研究成本粘性问题，可以从公司治理层面寻找降成本的
战略应对。
在梳理国内外成本粘性和高管从军经历相关文献的基础上，探究了高管从军经
历与成本粘性之间的关系。此外，加入了独立董事比例和产品市场竞争作为内外部
治理的替代变量，来验证不同内外治理环境下高管从军经历对企业成本粘性的影响
效果差异，拓展了研究的角度和内容。明晰研究对象的概念，把握高层梯队理论、
烙印理论及代理理论的理论精髓，分析并提出本文假设。选取 2010-2019年度沪深Ａ
股上市公司为样本数据，构建模型，运用混合 OLS模型进行回归分析，选择固定效
应模型、倾向得分匹配、加入经济变量交乘项以及高管变更等方法进行稳健性检验。
在此基础上，进一步检验高管从军经历与成本粘性之间的中介效应，以及产权异质
性对两者关系的影响。
研究结果表明：高管从军经历在一定程度上抑制了企业的成本粘性，表明高管
在过往的从军经历中所形成的忠诚、自律和勇于牺牲等品格能够发挥治理作用，缓
解代理问题，进而抑制成本粘性。以独立董事比例作为区分公司内部治理效果的变
量，分组回归发现，在独立董事比例低的企业，内部独立董事监督力量不足，此时，
有从军经历的高管会严格约束自我，忠于委托人，弥补公司内部治理机制的不足，
缓解代理问题，表现为对成本粘性的抑制效果更为显著；以产品市场竞争作为区分
公司外部治理效果的变量，分组回归发现，在产品市场竞争较低的企业，外部产品
市场竞争弱化，此时，有过从军经历的高管拥有的优秀品格所形成的自我约束机制
能够发挥治理作用，缓解代理问题，表现为对成本粘性的抑制效果更为显著。中介
效应检验结果发现：管理层自利是高管从军经历与成本粘性的部分中介变量，即高
管从军经历能够通过减少管理者自利行为，缓解代理问题，从而抑制成本粘性；区
分产权性质分组检验发现，高管从军经历对成本粘性的抑制效果在非国有企业更加
显著，说明高管从军经历在非国有企业中所受限制较少，能发挥其特有的治理效应，
更能有效抑制成本粘性。
本文贡献在于揭示了高管从军经历对成本粘性的抑制效应、高管从军经历在企
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摘要
业中发挥的治理作用以及与其他治理机制之间的替代效应，突出高管的个性特征对
企业的治理作用，拓展了高管从军背景经济后果和成本粘性影响因素的相关研究。
关键词：成本粘性；高管从军经历；独立董事比例；产品市场竞争；管理者自利
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山东工商学院硕士学位论文
Abstract
China has entered a stage of high-quality economic development. In order to realize
the economic transformation, the macro level puts forward the specific countermeasures of
supply side structural reform and "three go, one drop and one compensation". Cost
reduction is the key to improve economic benefits and maintain the competitive advantage
of enterprises. Cost Stickiness affects the ability of enterprises to adapt to environmental
uncertainty. Reducing costs is conducive to alleviate the performance pressure brought by
cost stickiness. Cost Stickiness some extent reflects the ability and level of senior
management resource allocation. To study the problem of Cost Stickiness from the
perspective of senior management characteristics, we can find a strategic response to
reduce costs from the perspective of corporate governance.
Based on combing the related literature of Cost Stickiness and senior executives'
military experience at home and abroad, this paper explores the relationship between
senior executives' military experience and cost stickiness. In addition, the proportion of
independent directors and product market competition are added as alternative variables of
internal and external governance to verify the impact of senior executives' military
experience on Enterprise Cost Stickiness under different internal and external governance
environments, which expands the perspective and content of the research. Clarify the
concept of the research object, grasp the theoretical essence of high-level echelon theory,
brand theory and agency theory, analyze and propose the hypothesis. Select the 2010-2019
Shanghai and Shenzhen A-share listed companies as the sample data, build the model, use
the mixed OLS model for regression analysis, and select the fixed effect model, propensity
score matching, adding the cross multiplication term of economic variables and executive
change to test the robustness. On this foundation, it further examines the intermediary
effect between senior executives' military experience and cost stickiness, as well as the
impact of property right heterogeneity on the relationship between them.
The results show that the experience of senior executives in the military has
restrained the Cost Stickiness of enterprises to a certain extent, indicating that the loyalty,
self-discipline and courage to sacrifice formed by senior executives in the past military
experience can play a governance role, alleviate the agency problem, and then restrain the
cost stickiness. Taking the proportion of independent directors as the variable to
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