基于截断偏差纠正的企业创新对成本黏性的影响

Research on the Impact of Corporate Innovation on Cost Stickiness Based on Truncation Bias Correction

技术创新具有投资规模大、转换成本高、投资周期长等显著特征,这将深刻影响企业成本习性。基于此,在考虑专利数据截断偏差的前提下,利用2009—2021年沪深A股上市公司的相关数据,构建成本黏性存在性检验模型及其扩展模型实证检验企业创新对成本黏性的影响及其作用机理。研究发现,企业创新导致成本黏性显著上升。机制检验表明,企业创新主要通过降低供应链资源运转效率、提高管理层乐观预期和加剧代理问题三条路径加大成本黏性。进一步研究发现,企业创新对成本黏性的助推效应在中小民营企业和行业竞争程度较高地区的企业中更加显著。研究结论对于提升企业资源配置效率、实现高质量发展具有重要启示意义。

Technological innovation is characterized by large-scale investment,high conversion cost,long investment cycle,etc.,which will profoundly affect corporate cost habits.Based on this,in order to empirically test the impact of corporate innovation on cost stickiness and its mechanism of action,the cost stickiness existence test model and its extension model were constructed.The above models used relevant data of A-share listed companies in Shanghai and Shenzhen from 2009 to 2021 under the premise of considering the truncation bias of patent data.It has been found that corporate innovation can significantly improve cost stickiness.The mechanism tests show that corporate innovation increases cost stickiness mainly through three paths:reducing the efficiency of supply chain resource operation,increasing the optimistic expectation of management,and aggravating the agency problem.Heterogeneity analyses show that the promotion effect of corporate innovation on cost stickiness is more significant in small and medium-sized private firms and firms in regions with a higher degree of industry competition.The findings have important implications for enhancing corporate resource allocation efficiency and realizing high-quality development.