I 生命周期视角下成本粘性对公司绩效的影响研究 —基于沪深机械电子制造业上市公司的数据分析 摘要 随着科学技术的进步、城镇化的推进和国民消费能力的提升，机械电子制造 业上市公司对国民经济的综合贡献度日益提高。作为人民生活中基础支持行业， 机械电子机械制造业上市公司的发展前景越来越广阔。但近年来，随着国家整体 经济增速放缓，人力成本及融资成本的快速增长，机械电子制造业上市公司的低 成本优势已不复存在，逐渐陷入了盈利空间小的困境。面对这样的困境，我国机 械电子制造业上市公司要想获得良好的经营绩效，持续地发展下去，就需要从内 部可控因素着手，即做好成本管控工作。现有的公司管理者在进行成本管理时， 总是从降低成本甚至避免某些费用的发生入手，以达到提升公司经营绩效的目 的。但有学者研究发现公司内存在良性的“成本粘性”时，会更有助于公司绩效 的提升。基于此，本文以企业生命周期为切入点，探究机械电子制造业上市公司 的成本粘性在成长期、成熟期、衰退期阶段对公司绩效的影响，以便提出相应的 成本管理策略。 本文研究内容有：（1）整理归纳国内外有关成本粘性及其经济后果的研究 文献，把握最新的研究动态，理清研究思路，建立研究框架。（2）界定成本粘 性、公司绩效的概念，对不完全契约理论、委托代理理论、资源配置理论和生命 周期理论进行分析，把握成本粘性对公司绩效的影响机理，建立研究的理论框架。 （3）基于生命周期视角，提出假设，选取指标，建立模型，为实证分析做好铺 垫。（4）实证研究机械电子制造业上市公司在不同生命周期阶段成本粘性的存 在性和差异性，并探究在不同生命周期阶段成本粘性对公司绩效的影响，并进行 稳健性检验，以保证结果的合理性。（5）根据实证分析的结果，得出本文的研 究结论，并结合实际情况提出合理建议。 研究结果表明：机械电子制造业上市公司在不同生命周期阶段成本粘性存在 差异性，且在成熟期阶段成本粘性程度最低；在成长期阶段，成本粘性与公司绩 效之间呈现显著的负相关；在成熟期阶段，成本粘性与公司绩效之间呈现显著的 正相关；在衰退期阶段，成本粘性与公司绩效之间呈现不显著的负相关。本文的 创新点主要有：（1）对机械电子制造业上市公司按生命周期理论进行划分，用 一种新视角进行研究；（2）用因子分析法建立衡量公司绩效的指标，用一种新 华北水利水电大学硕士学位论文 II 指标进行研究；（3）在研究成本粘性对公司绩效的模型中引入虚拟变量，用一 种新模型进行研究。研究不同生命周期阶段成本粘性的影响因素以及如何改善其 与绩效的关系，是今后的研究方向和研究重点。 关键词：机械电子制造业；生命周期；成本粘性；公司绩效 ABSTRACT III ResearchontheImpactofCostStickyonCorporate PerformancefromthePerspectiveofLifeCycle --BasedonDataAnalysisofListedCompaniesofof MechanicalandElectronicManufacturingIndustryin ShanghaiandShenzhen ABSTRACT Withtheprogressofscienceandtechnology,thepromotionofurbanizationand theimprovementofnationalconsumptioncapacity,thecomprehensivecontributionof listedcompaniesinmechanicalandelectronicmanufacturingindustrytonational economyisincreasingdaybyday.Asthebasicsupportindustryinpeople'slife,the developmentprospectoflistedcompaniesinmechanicalandelectronicmachinery manufacturingindustryismoreandmorebroad.Butinrecentyears,withthe slowdownoftheoveralleconomicgrowth,therapidgrowthofhumancostsand financingcosts,thelow-costadvantagesofthelistedcompaniesinthemachineryand electronicsmanufacturingindustryhaveceasedtoexist,andgraduallyfellintothe difficultpositionofsmallprofit-makingspace.Facedwithsuchadilemma,thelisted companiesinChina'smechanicalandelectronicmanufacturingindustrytoachieve goodbusinessperformance,sustainabledevelopment,weneedtostartfromthe internalcontrollablefactors,thatis,todoagoodjobincostmanagementandcontrol. Whenthemanagerofacompanycarriesonthecostmanagement,healwaysstarts withreducingthecostorevenavoidingsomeexpenses,soastoimprovethe performanceofthecompany.However,somescholarshavefoundthatthereisa benign"coststicky"withinthecompany,itwillbemorehelpfultoimprovethe performanceofthecompany.Basedonthis,thisarticletakesthelifecycleasthe startingpoint,probesintotheinfluenceofthecoststickyofthelistedcompaniesin theperiodofgrowth,maturityanddeclineperiodonthecompanyperformance,soas toputforwardthecorrespondingcostmanagementstrategy. Theresearchcontentsofthispaperareasfollows:(1)Compilingand summarizingthedomesticandforeignresearchliteratureoncoststickyandits economicconsequences,graspingthelatestresearchtrends,clarifyingtheresearch ideasandestablishingtheresearchframework.(2)Definingtheconceptofcoststicky andcorporateperformance.Thispaperanalyzestheincompletecontracttheory, 华北水利水电大学硕士学位论文 IV principal-agenttheory,resourceallocationtheoryandlifecycletheory,graspsthe influencemechanismofcoststickyoncompanyperformance,andestablishesthe theoreticalframeworkofresearch.(3)Basedonthelifecycleperspective,putforward assumptions,selectindicators,andestablishmodelstopavethewayforempirical analysis.(4)Positivelystudytheexistenceanddifferenceofcoststickyoflisted companiesindifferentlifecyclestages,andexploretheimpactofcoststickyon companyperformanceindifferentlifecyclestages,andcarryouttherobustnesstest. Toensurethattheresultsarereasonable.(5)Accordingtotheresultsofempirical analysis,theresearchconclusionofthispaperisdrawn,andtherationalization proposalisputforwardaccordingtotheactualsituation. Theresultsshowthatthecoststickyoflistedcompaniesinmechanicaland electronicmanufacturingindustryisdifferentindifferentlifecyclestages,andthe coststickyislowestinmaturestage.Inthegrowthstage,thereisasignificant negativecorrelationbetweencoststickyandcorporateperformance.Inthemature stage,thereisasignificantpositivecorrelationbetweencoststickyandcorporate performance.Duringtherecessionperiod,therewasnosignificantnegative correlationbetweencoststickinessandcorporateperformance.Themaininnovations ofthispaperareasfollows:(1)Dividingthelifecycleoflistedcompaniesin mechanicalandelectronicmanufacturingindustry,researchingwithanewperspective; Secondly,factoranalysisisusedtoestablishtheindextomeasurethecompany's performance,andanewindexisusedtostudy.(3)Introducingdummyvariablesinto themodelofstudyingtheeffectofcoststickyoncompanyperformance,andusinga newmodeltostudy.Itistheresearchdirectionandfocusinthefuturetostudythe influencingfactorsofcoststickyindifferentlifecyclestagesandhowtoimprovethe relationshipbetweencoststickyandperformance. Keywords:MechanicalandElectronicManufacturingIndustry;LifeCycle;Cost Sticky;Corporateperformance 目录 V 目录 摘要...............................................................................................................................I ABSTRACT.................................................................................................................III 1绪论............................................................................................................................1 1.1研究背景..........................................................................................................1 1.2选题目的和研究意义......................................................................................3 1.3文献综述..........................................................................................................4 1.3.1成本粘性及其经济后果的定性研究....................................................4 1.3.2成本粘性及其经济后果的定量研究....................................................6 1.3.3简要评述................................................................................................8 1.4研究内容、思路及方法..................................................................................8 1.4.1研究内容................................................................................................8 1.4.2研究方法................................................................................................9 2成本粘性对公司绩效影响的理论分析..................................................................11 2.1基本概念.........................................................................................................11 2.1.1成本粘性..............................................................................................11 2.1.2公司绩效..............................................................................................13 2.2不完全契约理论分析....................................................................................1