产品市场竞争、资本结构波动与费用粘性

Competition in Product Market,Capital Structure Fluctuation and Cost Stickiness

文章利用数理分析方法解析产品市场竞争、资本结构波动与企业费用粘性之间的关系,并利用我国沪深上市公司2002-2015年财务报告数据,实证检验理论演绎的正确性。研究发现:(1)资本结构波动对费用粘性有助推作用,这种助推作用会随着资本结构波动幅度的提升而增强;(2)产品市场竞争能有效抑制企业费用粘性;(3)当产品市场竞争度提高时,资本结构波动对费用粘性的助推作用降低。进一步研究发现在不同产权性质企业中产品市场竞争和资本结构波动对费用粘性的影响存在差异,在国有控股企业中产品市场竞争和资本结构波动对费用粘性的影响更显著。

In this paper, we use mathematical methodology to analyze the relation among the competition in product market, capital structure fluctuation and cost stickiness. And with 2002 -2015 fiscal year financial report data of our listed companies in Shanghai and Shenzhen Security Exchanges, we adopt empirical research methods to check the appropriateness of our theoretical de- duction. We draw following conclusions ： （ 1 ） capital structure fluctuation can drive firm cost stickiness, and the higher fluctuation, the higher driving force on cost stickiness; （2） the competition in product market can depress firm cost stickiness; （3） when the degree of competition in product market goes higher, the driving force of capital structure fluctuation on firm cost stickiness goes down. After further study we find that different nature of equity can result in different influences of capital structure fluctuation. The competition in product market on firm cost stickiness in state owned firms exerts more influence on firm cost stickiness than that in non-state owned firms.