企业战略、管理者预期与成本粘性--基于中国上市公司经验证据

Corporate Strategy,Management Expectation and Cost Stickiness——Based on Empirical Data of China's Listed Companies

本文利用2000-2014年中国沪深A股上市公司数据,考察了企业战略对成本粘性的影响,研究发现:采用不同竞争战略的企业会表现出不同的成本行为,选择差异化战略的成本粘性要高于选择低成本战略的成本粘性;管理层的不同预期会对成本粘性产生不同的影响,管理层乐观预期会提升成本粘性,而悲观预期会降低成本粘性;管理层预期会调节企业战略与成本粘性之间的影响关系,若管理层乐观预期,则选择差异化战略的企业比选择低成本战略企业成本粘性更高;若管理层悲观预期,则选择低成本战略的企业比选择差异化战略企业成本反粘性更高。本文的研究结论可以为企业构建公司治理机制、实施推进成本管理等提供理论和实践参考。

This paper examines the impact of corporate strategy and cost stickiness. The study has three conclusions: First of all,different competitive strategies will exhibit different cost behavior. The cost stickiness of differentiation strategy is higher than those who choose low-cost strategy. Second,different management expectation will affect cost stickiness. Optimistic expectations can increase cost stickiness while pessimistic expectations will reduce cost stickiness. Third,management expectation can adjust influence relationships between corporate strategy and cost stickiness. If management expectations tend to be optimistic,the cost stickiness is higher in differentiation strategy than in low-cost strategy. If management expectations tend to be pessimistic,then cost stickiness is higher in lowcost strategy than differentiation strategy. Conclusions of this study can provide theoretical and practical reference for enterprises to build governance mechanism.