社会信任与成本粘性

Social Trust and Cost Stickiness

本文以2003—2019年中国A股制造业上市公司为样本,实证检验社会信任对企业成本粘性的影响及其机制。研究结果表明,地区社会信任有助于降低企业的成本粘性。这一关系在资源调整成本较高和管理层代理冲突较严重的企业中更加显著,即社会信任主要通过降低资源调整成本和管理层代理冲突进而降低成本粘性。异质性检验发现,当机构投资者持股比例较低时,社会信任对成本粘性的降低作用更加明显。本文的研究结论揭示了非正式制度对制造业上市公司成本配置决策的影响及其作用机制,丰富了社会信任的经济后果以及成本粘性的影响因素的相关文献。

This paper empirically examines the impact and mechanism of social trust on cost stickiness based on the sample of China’s A-share listed manufacturing firms from 2003 to 2019.The findings show that regional social trust helps to reduce firms’cost stickiness.This relationship is more significant in firms with higher resource adjustment costs and more severe management agency conflicts,that is,social trust mainly reduces cost stickiness by lowering resource adjustment costs and management agency conflicts.The heterogeneity analysis indicates that the effect of social trust on cost stickiness is more significant when the shareholding ratio of institutional investors is low.The findings reveal the effect and mechanism of informal institutions on cost allocation decisions of manufacturing listed firms,to enrich the literature on economic consequences of social trust and influencing factors of cost stickiness.