宏观经济周期、成本结构与经营绩效

Macroeconomic Cycle,Cost Structure,and Operating Performance

经济结构转型伴随的需求冲击对中国实体经济的盈利能力具有较大的影响,在宏观经济周期性波动的大背景下,企业迫切需要缓解宏观经济冲击的管理新思路和建设性的实践思考。文章采用2007-2018年中国上市公司季度数据测算企业的成本结构,运用理论模型和实证检验系统考察了成本结构是否能够弱化企业经营业绩的"顺周期效应",以维持经营业绩的相对稳定。结果表明,富有弹性的成本结构可以有效地缓解企业经营业绩的"顺周期效应",且该"缓冲剂"作用对于周期性行业的企业更为凸显;企业销售费用缓解宏观经济波动的作用更显著。

The demand shock accompanied by economic structure transformation has a great impact on the profitability of China’s real economy.Under the background of macroeconomic cyclical fluctuations,enterprises urgently need new management ideas and constructive practical thinking to alleviate the macroeconomic shock.This paper uses the quarterly data of Chinese listed companies from 2007 to 2018 to measure the cost structure of enterprises,and uses the theoretical model and empirical test system to examine whether the cost structure can weaken the"pro-cyclical effect"of business performance,so as to maintain the relative stability of business performance.The results show that the flexible cost structure can effectively alleviate the"pro-cyclical effect"of business performance,and the"buffer"effect is more prominent for enterprises in cyclical industries;the sales expenses of enterprises play a more significant role in easing macroeconomic fluctuations.