摘要
文章利用2009—2020年中国A股上市公司的数据,实证检验了负债融资对企业成本粘性的影响。研究发现,负债融资可以降低企业的成本粘性,并且在经济政策不确定性高的情况下这种抑制作用更显著。通过进一步分组回归,发现负债融资对企业成本粘性的降低在非国有企业、市场竞争程度高的企业中更显著。文章的研究结论对于减弱企业成本粘性提供了一个潜在因素,为优化企业成本管理、提升企业产能利用率提供了理论依据。
Based on the data of Chinese A-share listed companies from 2009 to 2020,this paper empirically examines the impact of debt financing on enterprise cost stickiness.It is found that debt financing can reduce the cost stickiness of enterprises,and this inhibitory effect is more significant when economic policy uncertainty is high.By further grouping regression,it is found that the reduction of debt financing on enterprise cost stickiness is more significant in non-state-owned enterprises and enterprises with high market com-petition degree.The research conclusion of this paper provides a potential factor to weaken the cost stickiness of enterprises,and provides a theoretical basis for optimizing the cost management of enterprises and improving the capacity utilization rate of enterprises.
作者
成群蕊
李季刚
CHENG Qun-rui;LI Ji-gang(School of Finance,Xinjiang University of Finance and Economics,Urumqi Xinjiang 830012,China)
出处
《技术经济与管理研究》
北大核心
2022年第8期65-69,共5页
Journal of Technical Economics & Management
基金
国家社会科学基金项目(21BJY045)
新疆自然科学基金项目(2022D01A39)
新疆财经大学研究生科研创新项目(XJUPE2021B005)。
关键词
负债融资
成本粘性
经济政策
企业成本
Debt financing
Cost stickiness
Economic policy
Enterprise costs
