融资渠道、产品市场竞争与成本粘性——来自中国制造业上市公司的经验证据

Financing Channels,Product Market Competition and Cost Stickiness—Empirical Evidence from Chinese Manufacturing Listed Firms

成本管理是针对企业资源的有效配置过程,成本粘性则能够有效揭示成本管理的行为。获得有效融资是解决企业资源调整和成本管理问题的重要前提,因而研究融资渠道对优化企业成本管理行为具有重要的理论和现实意义。本文主要采用2009—2017年中国制造业上市公司面板数据,讨论融资渠道选择对成本粘性的影响机理,同时也讨论产品市场竞争和产权性质对上述影响的作用。结果表明:(1)内源融资会加强企业的成本粘性,而债务融资和股权融资会减弱企业的成本粘性;(2)产品市场竞争对内源融资强化成本粘性的调节作用不显著,而债务融资和股权融资对企业成本粘性的弱化作用在竞争程度高的公司会更为突出;(3)融资渠道对成本粘性的影响在民营企业更为显著,内源融资会强化民营企业的成本粘性,而债务融资和股权融资会弱化民营企业的成本粘性,但这种作用在国有企业并不显著。本文从融资结构角度揭示企业的成本管理行为,对制造业在降成本过程中选择有利的融资渠道具有一定的参考价值。

Cost management is an effective allocation for firm resources, and cost stickiness can reveal the behavior of cost management.As obtaining effective financing is an important prerequisite to solve the problem of firm resource adjustment and cost management, it is of great theoretical and practical significance to study financing channels for optimizing firm cost management behavior.This paper mainly uses the panel data of listed firms in China’s manufacturing industry in 2009-2017 to discuss the impact of financing channel selection on cost stickiness, and also analyzes the impact from the perspective of product market competition and property rights.The results show that:(1)internal financing will strengthen cost stickiness, while debt financing and equity financing will weaken it;(2)product market competition has no significant moderating effect on increasing cost stickiness by internal financing, while debt financing and equity financing have more prominent effects on reducing cost stickiness in firms with higher competition intensity;(3)the impact of financing channels on cost stickiness is more significant in private firms than in state-owned firms, and internal financing will strengthen cost stickiness of private firms, but debt financing and equity financing will weaken that of private firms.This paper reveals cost management behavior of firms from the perspective of financing structure, which has certain reference significance for the manufacturing industry to choose favorable financing channels in cost reduction.