企业费用“粘性”行为:基于行业差异的实证研究

An Empirical Study of Cost "Stickiness" Behavior and Difference across Industry of Chinese Companies

本文以沪深A股上市公司为样本,研究我国企业费用“粘性”行为是否存在行业差异。通过选用1998—2005年企业的年度财务数据,并建立计量模型进行检验,结果发现制造业和信息技术业存在较强的费用“粘性”行为,而房地产业等行业的费用“粘性”相对较弱或不存在。另外,在考虑销售收入下降幅度及宏观经济增长等因素后,企业费用“粘性”行为的行业差异也很显著,结果均表明对企业行为的研究不能仅从总体上把握,而应充分考虑不同行业归属之差异。

With the accounting data during 1998 to 2005, this paper studies the cost ＂stickiness＂ behavior and industry-specific of Chinese listed companies on Shanghai and Shenzhen. Building up some industry-specific models, this article finds that the cost ＂stickiness＂ behavior is mainly embodied in the manufacturing and technoinformation industry, but real estate industry, etc. do not has the cost＂stickiness＂ behavior or perhaps not evidence. Moreover, this paper also studies the magnitudes of changes in revenue and economy growth how to influence the cost ＂stickiness＂ across difference industries. All conclusions show that we should pay attention to considering the difference of industries.