竞争压力与企业成本黏性研究——基于宏观经济政策与微观企业特征的分析

Cost management has been a major focus when companies are facing increasing competition and pressure. According to the analyses on the formation mechanism of cost stickiness of Chinese public listed firms, this project applies spatial competition theory and peer effect theory into analyzing and empirically examining research hypotheses about corporate cost behaviors. Firstly, this project examines how the corporate cost stickiness change in respond to competitive pressure. Secondly, this project examines whether the effects of competitive pressure on corporate cost stickiness depend on macroeconomic policies, such as monetary policy, industrial policy, and income policy. Thirdly, this project investigate whether the effects of competitive pressure on corporate cost stickiness depend on corporate characteristics, such as ownership property, fixed asset intensity, employee compensation advantage, and corporate governance. Finally, this project focuses on economic consequences of adjusting cost management behaviors in competitive environment. The results not only contribute to the research areas of corporate cost behavior, competitive pressure, and macroeconomic policy, but also provide some useful suggestions for the corporate executives, policy makers and market participants.

面对日趋激烈的竞争形势，企业的成本管理决策成为影响企业生存和发展的重要课题。本项目在探讨中国企业成本黏性形成的机理基础上，借鉴空间竞争理论、同行效应理论等最新研究成果，分析竞争压力对企业成本黏性决策的作用机制，并使用大样本经验研究方法对理论分析形成的假说进行实证检验。首先，本项目实证考察企业如何调整成本黏性以应对不同的竞争压力。其次，考察应对竞争压力的成本黏性决策是否依赖于宏观层面的货币政策、产业政策和收入政策等。再次，考察应对竞争压力的成本黏性决策是否受到自身特征的约束，如股权性质、固定资产强度、员工薪酬优势与治理机制等。最后，考察在不同条件下企业成本黏性决策的经济后果。研究成果有助于揭示企业成本管理行为的“黑箱”，推进外部竞争与成本管理决策、宏观经济政策的微观传导机制等研究领域的理论发展，为公司高管、监管机构、市场参与者合理决策提供参考依据。

本项目主要使用准自然实验的研究方法，考察了公司外部经济或商业环境等变化对公司成本管理决策的影响。经济或商业环境等变化包括竞争压力、经济政策不确定性、“一带一路”倡议、利率市场化、卖空管制放松、区域协调发展政策、中国城际高铁开通等。研究结果表明公司会主动调整成本管理决策来响应外部经济或经营环境等变化。研究成果有助于揭示企业成本管理行为的“黑箱”，推进外部竞争与成本管理决策、宏观经济政策的微观传导机制等研究领域的理论发展，为公司高管、监管机构、市场参与者合理决策提供参考依据。