政策不确定性与公司成本决策

Policy Uncertainty and Firm’s Cost Decision

以2000—2016年中国A股制造业上市公司为样本,本文研究了政策不确定性对公司成本决策的影响。研究发现:(1)政策不确定性会强化成本粘性,政策不确定性越高,公司的成本粘性越大;(2)区分公司的债务压力,这一强化作用主要体现在债务压力较低的公司,在债务压力较高的公司不存在;(3)区分公司的竞争压力,这一强化作用主要体现在竞争压力较低的公司,在竞争压力较高的公司不存在。进一步的研究显示:政策不确定性对人力成本粘性和非人力成本粘性的作用存在异质性,对非人力成本粘性影响显著;地方政府官员换届对成本粘性不具有显著影响。本研究较全面地展现了宏观环境波动对公司成本粘性的影响,对成本粘性的动因研究具有重要的拓展意义。

Using a sample of Chinese A-share manufacturing companies listed on Shanghai and Shenzhen stock exchanges from 2000—2016,this paper studies the relationship between policy uncertainty and firm cost stickiness.The results show that:(1)Policy uncertainty promotes firm cost stickiness.The higher the political uncertainty is,the larger the firm cost stickiness is;(2)Distinguishing debt pressure of firm,the promote effect always exists in firms with lower debt pressure;(3)Distinguishing competition pressure of firm,the promotion effect always exists in firms with lower competition pressure.In addition,we find that policy uncertainty promotes firm non-labor cost stickiness significantly,and replacement of province leaders has no effect on cost stickiness.These findings offer a complete picture of the effects of macro environment volatility on firm cost stickiness,and extends the study of determinates of cost stickiness.