智能化对制造企业成本粘性的影响研究

The Impact of Intelligentization on Cost Stickiness Among Manufacturing Companies

以2013—2017年沪深A股上市制造企业为研究样本,探究智能化对制造企业成本粘性的影响,研究发现,总体来说智能化对制造企业成本粘性具有抑制效应;智能化通过调整成本路径、管理层乐观预期路径抑制成本粘性,而通过代理冲突抑制成本粘性的路径机制不显著。进一步检验发现,在资产专用性弱、低环境不确定性的企业中,智能化对成本粘性具有加剧效应,但此情形只发生在内部控制质量低的样本;智能化抑制成本粘性的效应在自由现金流高的制造企业更显著,支持智能化通过代理冲突路径抑制成本粘性的观点;智能化对成本粘性的抑制效应具有一定的持续性;与人力资源成本粘性相比,智能化对物质资源成本粘性的抑制效应更为显著;智能化抑制成本粘性的效应在国有企业显著,在非国有企业不显著。研究结论能够为认识智能化如何影响制造企业成本粘性提供有益参考。建议企业高质量推进智能化、加强制度建设,同时政府也应当提供必要的政策支持。

Using A-share listed manufacturing companies on the Shanghai and Shenzhen stock exchanges from 2013 to 2017 as research samples, this study investigated the impact of intelligentization on cost stickiness among manufacturing companies.This study found that on the whole, intelligentization had an inhibitory effect on cost stickiness among manufacturing companies by adjusting the cost path and management’s optimistic expectation path, while the path of inhibiting cost stickiness through agency conflict was not significant.Several findings were also observed during further testing.Among companies with weak asset specificity and low environmental uncertainty, intelligentization had an aggravating effect on cost stickiness, but this scenario only occurred among samples with low internal control quality.However, the effect was more significant among manufacturing companies with high free cash flow, supporting the view that intelligentization inhibited cost stickiness via the agency conflict path.The inhibitory effect of intelligentization on cost stickiness was sustainable to a certain extent and had a more significant inhibitory effect on material resources compared to human resources as well as being significant among state-owned enterprises and insignificant among non-state-owned enterprises.The conclusions of this study could provide a useful reference for understanding how intelligentization affects cost stickiness among manufacturing companies.It is recommended that companies promote high quality intelligentization and strengthen systems, while governments should also provide the necessary policy support.