虽“柔”却“粘”:制造业企业财务柔性对费用粘性的影响

The Impact of Financial Flexibility of Manufacturing Enterprises on Cost Stickiness

在优化资源配置效率的诉求下,以2003—2020年中国沪深A股制造业上市公司为研究样本,实证检验制造业企业费用粘性的存在性,并揭示财务柔性对费用粘性的影响。研究发现:制造业企业真实存在费用粘性现象,且财务柔性对制造业企业费用粘性具有显著的增强作用;从异质性视角来看,财务柔性对费用粘性的增强作用在非国有企业、资产专用性强的企业更加显著;制造业企业财务柔性主要通过调整成本和管理层乐观预期两条路径对费用粘性产生增强作用,进一步研究发现非效率投资在财务柔性与费用粘性间起部分中介作用。未来企业应在提高资源配置效率以及各生产要素流动性的同时,更加关注企业费用粘性的控制。

Under the background of improving the efficiency of resources allocation,this paper empirically proves the existence of cost stickiness in China′s manufacturing enterprises,and reveals the impact of financial flexibility on cost stickiness by taking A-share manufacturing companies listed in Shanghai and Shenzhen stock markets from 2003 to 2020 as the samples.The results show that:1)There is a real cost stickiness phenomenon in China′s manufacturing enterprises,and financial flexibility significantly enhances cost stickiness of China′s manufacturing enterprises;2)Financial flexibility has more significant effect on cost stickiness in non-state-owned enterprises and enterprises with weak asset specificity,but less in state-owned enterprises and enterprises with strong asset specificity;3)Financial flexibility of manufacturing enterprises enhances cost stickiness mainly through cost adjustment and optimistic expectation of management.Further research shows that inefficient investment plays a partial intermediary role in the relationship between financial flexibility and cost stickiness.The conclusion of this paper clarifies the influence path of financial flexibility on cost stickiness of manufacturing enterprises,which is of great significance to cost management optimization of manufacturing enterprises at present.In the future,the enterprises should strengthen their control of cost stickiness,cost management,responsibility bearing and information disclosure as well as their supervision of production inputs,such as funds.Meanwhile,the enterprises should set up a sound investment evaluation system,which will rationally analyze and properly forecast market development,and avoid overly optimistic expectations in the case of sufficient financial flexibility or avoid resources waste due to excessive investment.