The Impact of Financial Flexibility of Manufacturing Enterprises on Cost Stickiness
Under the background of improving the efficiency of resources allocation,this paper empirically proves the existence of cost stickiness in China's manufacturing enterprises,and reveals the impact of financial flexibility on cost stickiness by taking A-share manufacturing companies listed in Shanghai and Shenzhen stock markets from 2003 to 2020 as the samples.The results show that:1)There is a real cost stickiness phenomenon in China's manufacturing enterprises,and financial flexibility significantly enhances cost stickiness of China's manufacturing enterprises;2)Financial flexibility has more significant effect on cost stickiness in non-state-owned enterprises and enterprises with weak asset specificity,but less in state-owned enterprises and enterprises with strong asset specificity;3)Financial flexibility of manufacturing enterprises enhances cost stickiness mainly through cost adjustment and optimistic expectation of management.Further research shows that inefficient investment plays a partial intermediary role in the relationship between financial flexibility and cost stickiness.The conclusion of this paper clarifies the influence path of financial flexibility on cost stickiness of manufacturing enterprises,which is of great significance to cost management optimization of manufacturing enterprises at present.In the future,the enterprises should strengthen their control of cost stickiness,cost management,responsibility bearing and information disclosure as well as their supervision of production inputs,such as funds.Meanwhile,the enterprises should set up a sound investment evaluation system,which will rationally analyze and properly forecast market development,and avoid overly optimistic expectations in the case of sufficient financial flexibility or avoid resources waste due to excessive investment.
financial flexibilitycost stickinesscost adjustmentexpectation of management
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