我国制造业上市公司成本粘性问题研究

Study on Cost Stickiness of China's Manufacturing Listed Companies

现代研究发现,业务量等额增减变化时成本减少的幅度小于成本增加的幅度,这与传统的成本模型中假设成本随业务量的增减同幅度地增减变动有着明显的差异。本文对我国沪深两市2001年12月31日前上市的511家A股制造业上市公司的2001-2006年的年度数据进行测试,得出以下结论:我国制造业上市公司确实存在着成本粘性,主营业务收入增加1%,主营业务成本增加1.019 4%;主营业务收入减少1%,主营业务成本减少0.981 2%;与以往研究不同,随着时间跨度的增大,我国制造业上市公司的成本粘性水平没有降低,反而增强。

Contemporary studies on cost behaviour find that costs increase more with activity increases than they decrease in response to equivalent activity decreases.This sticky cost behaviour contradicts the traditional model which assumes that costs behave symmetrically for activity increases and decreases.With the analysis of accounting data during 2001 to 2005 from 511 Chinese manufacturing listed companies whose IPOs were before the end of 2001 on Shanghai and Shenzhen,we find operating costs are sticky in response to changes in revenues;operating costs increase,on average,by around 1.0194% per 1% increase in revenues,but decrease by only 0.981 2% per 1% decrease in revenues.Operating costs do not tend to be less sticky over longer time-horizons,and it intensifies significantly as time goes by.