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本文以2006—2014年沪深A股主板非金融业上市公司为样本,研究研发投入和管理层预期对营业成本粘性行为的影响。我们推断,由于研发投入,公司增加了资源调整成本并使管理层形成对未来更乐观的预期,管理层会维持原有的研发投资承诺,进而增加公司的松弛资源,增强成本粘性。研究结果表明:(1)以以前期间销售变化作为代理变量的管理层预期对成本习性产生显著影响,即营业成本会随着以前期间销售变化而呈现不同程度的粘性行为和反粘性趋势;(2)高研发投入的公司比低研发投入的公司具有更强的营业成本粘性;(3)在已知销售降低的情况下,高研发投入的公司比低研发投入的公司会更低程度地削减成本。本文检验了企业研发活动以及管理层预期对成本粘性的影响,为揭示企业成本管理这一“黑箱”以及成本粘性成因提供了新的视角,进一步丰富了成本粘性文献。
Based on the sample of non-financial listed companies in Shanghai and Shenzhen A-shares in 2006-2014, this paper studies the impact of R & D investment and management’s expectations on the sticky behavior of business cost. We conclude that due to R & D investment, the company increased resource adjustment costs and made management more optimistic about the future expectations. Management will maintain its original R & D investment commitment, thereby increasing the company’s relaxation of resources and enhancing cost stickiness. The results show that: (1) Management expecting to have sales changes in previous periods as the proxy variable is expected to have a significant impact on the cost habits, that is, the operating costs will show varying degrees of sticky and anti-sticky trends with the sales changes in the previous periods; (2) ) Companies that invest heavily in R & D have a stronger stick to cost of doing business than companies that invest less in R & D; (3) Companies with high R & D spend cut costs to a lesser extent than companies with low R & D costs given the decline in sales . This article examines the impact of R & D activities and management expectations on cost stickiness, and provides a new perspective for revealing the “black box” of cost management and the causes of cost stickiness, further enriching the cost-stick literature.