政商关系亲清化能否缓解公司的成本粘性

Can a Cordial and Clean Government-Business Relationship Alleviate Corporate Cost Stickiness

利用2016—2020年中国沪深A股上市公司的年度数据,实证考察政商关系亲清化对企业成本粘性的影响。研究发现,亲清政商关系对公司的成本粘性具有显著的抑制作用。机制检验表明,亲清政商关系主要通过降低调整成本和不确定性两个渠道抑制企业成本粘性。进一步研究发现,“亲近”和“清白”的政商关系均会对公司的成本粘性产生抑制作用,而且与费用粘性相比,亲清政商关系对成本粘性的抑制作用显著性更强。此外,本文发现,亲清政商关系对成本粘性的抑制效应在年轻公司以及位于中西部地区的公司中表现得更强,并且亲清政商关系对成本粘性的抑制效应最终提升了公司的市场价值。

Using the annual data of Chinese A-share listed firms from 2016 to 2020,this paper empirically examined the effect of a cordial and clean government-business relationship on corporate cost stickiness.The results found that a cordial and clean government-business relationship had a pronounced inhibition effect on corporate cost stickiness.Mechanism test indicated that such a relationship primarily suppressed corporate cost stickiness through reducing adjustment cost and uncertainty.Further investigation uncovered that both the“cordiality”and“integrity”of government-business relations inhibited company cost stickiness,and notably,the inhibitory effect on cost stickiness was significantly stronger compared to that on expense stickiness.Moreover,this research found that the inhibition effect of a cordial and clean government-business relationship on cost stickiness was more pronounced in younger firms and those located in the Midwest.In addition,this inhibition effect ultimately enhanced the market value of the company.