林业上市公司生命周期成本粘性研究

Study on Cost Stickiness of Listed Forestry Companies Based on Life Cycle Perspective

在经济发展结构性改革过程中,控制和降低成本,既是中共中央提出的"去产能、去库存、去杠杆、降成本、补短板"的五大任务之一,也是保持企业盈利能力和持续增长能力、实现林业行业健康持续稳定发展的必要之举。正确认识成本粘性是有效控制林业企业成本的先决条件。文章从生命周期视角,以全国1999~2018年35家林业上市公司为样本,研究其成本粘性特征。基于Dickinson提出的以现金流划分企业生命周期的方法,将林业上市公司生命周期划分为导入期、成长期、成熟期和衰退期4个时期,对不同生命时期的成本粘性特征进行理论研究和假设,以Anderson的对数研究模型为基础,构建结合生命周期的成本粘性模型,对样本数据进行实证检验。研究结果显示,林业上市公司在导入期、成长期、成熟期和衰退期的成本粘性程度分别为–0.201、–0.267、0.275和–0.697,表明成熟期存在成本"反粘性"现象,衰退期的成本粘性程度最大。林业上市公司管理者应当充分考虑不同生命时期成本粘性的特征,进而制定合理的成本策略。研究结论既能揭示林业上市公司管理者通过成本粘性进行成本管理的行为,又能为剖析林业上市公司财务会计与管理会计间的相互作用提供参考依据。

In the process of structural reform of economic development,cost control and reduction are not only one of the fi ve major tasks of"Decapacity,deinventory,deleveraging,cost reduction and making up for weakness"which proposed by the national central government,but also the essential approach to keep the profi tability and sustainability of enterprises,and keep the healthy development for forestry industry.To understand the Cost Stickness is the precondition to control the cost effectively in a forestry enterprise.From the perspective of life cycle,this paper selected 35 listed forestry companies from 1999 to 2018 as samples to study the Cost Stickiness of listed forestry companies.Based on Dickinson’s method of dividing an enterprise life cycle by cash fl ow,this paper divided the life cycle of listed forestry companies into introduction,growth,maturity and recession stages.Making theoretical hypothesis on Cost Stickiness at each stage of enterprise life cycle and based on Anderson’s Logarithmic Research Model,the paper built up the Cost Stickiness Analysis Model considering each enterprise life cycle,running the empirical test on the sample data.The results showed that:there are differences in the Cost Stickiness coeffi cients of listed forestry companies in different life cycles.The Cost Stickiness of the introduction,growth,maturity and recession stages are–0.201,–0.267,0.275 and–0.697.This shows that there is cost"antistickiness"phenomenon in maturity stage.The greatest Cost Stickiness is in recession stage.When formulating cost management strategies,managers of listed forestry companies should consider the different characteristics of Cost Stickiness in different life cycles.The conclusion can not only disclose the cost management behavior of the listed forestry company managers,but also provide the referential evidence to analyze the interaction between fi nancial accounting and management accounting of listed forestry companies.