货币政策波动与公司劳动力成本黏性

Monetary Policy and Labor Cost Stickiness

相关经验研究表明货币政策波动影响微观企业资源配置决策。本文研究发现紧缩的货币政策削弱了非国有控股公司劳动力成本黏性,对国有控股公司的劳动力成本黏性的影响较小。对于不属于产业政策重点支持发展行业以及经营现金流产生能力较弱的公司,货币政策紧缩对劳动力成本黏性的削弱作用更强。进一步考察发现公司削减劳动力成本黏性应对货币政策紧缩有助于提高业绩。本文研究结论对于理解宏观政策波动影响公司的成本管理行为具有意义。

Managerial beliefs about future prospects will affect the resource adjustment actions,and then lead to sticky cost behaviors which costs increase more when activity rises than they decrease when activity falls by an equivalent amount. We find that tight monetary policy will result in pessimism in managers' outlook about the future,and then decrease labor cost stickiness in Non-SOEs,but the effect of tight monetary policy on the labor cost stickiness is weak in SOEs. Further,we find that the effect of tight monetary policies is greater in firms not involving an industry is supported by the government and in firms with few operation cash flows. Our results will be helpful to evaluate the impacts of macroeconomic policy on the microeconomic entities,and have an important implication for corporate cost management behaviors.