依据成本习性的传统模型，成本与业务量之间的关系是线性的，即成本随业务量提升和缩减的 变动幅度是对称的。然而，现实中管理者的成本管理行为会使得成本与业务量之间的关系呈非线性 状态，即业务量下滑时成本的缩减幅度既可能小于业务量增加时成本的提升幅度（成本粘性），也 可能大于业务量增加时成本的提升幅度（成本反粘性）。因此，对成本费用粘性的研究在实务和理 论上都具有重要意义。随着国内外学者对企业战略制定与实施的日益关注，选择具有远大前景与深 厚动力的战略，已成为企业高层管理者日益重视的话题，而在战略制定和实际执行时，管理者对于 宏观经济状况以及企业内部各要素之间关系的考量也尤为重要。企业战略成本管理理论表明，管理 者在制定和实施企业战略时会主动调整企业的成本结构，以使其与企业战略决策相匹配，这在一定 程度上影响着企业成本的调整能力、速度和范围。与此同时，由于高层管理者的意志在一定程度上 体现为企业的各种经营管理活动，他们自身所具有的性格、经验、知识和价值观等在面临情境和选 择时会嵌入到企业活动的方方面面。因此，在研究企业战略与成本费用关系时对管理者特征可能带 来影响的考察也尤为重要。 本文首先对管理者特征、企业战略与费用粘性的相关文献进行回顾，在委托代理理论、不完全 契约理论、企业战略管理理论等基础上提出了相关的研究假设，以 2003-2017 年我国沪深两市 A 股 上市公司为样本，实证检验了企业战略与费用粘性的关系及其影响机制，同时考察管理者特征对企 业战略与费用粘性关系的影响。实证分析共有三个部分，首先，考察战略类型差异是否对费用粘性 产生差异影响；其次，检验企业战略影响费用粘性的机制途径；最后，研究管理者特征对企业战略 与费用粘性关系的影响。 根据文章实证结果得出以下结论，其一，企业战略越激进费用粘性水平越高，即进攻型战略的 制定与实施加大了企业资源调整成本和代理成本进而提升了费用粘性水平，而防御型战略的稳健性 特征对企业资源调整成本和代理成本的逆向调节在一定程度上使费用粘性有所缓和。同时，由于企 业战略具有长期性和稳定性，其对费用粘性的影响具有持续性。其二，企业战略通过对调整成本和 代理成本的调节影响费用粘性，即调整成本和代理成本是企业战略影响费用粘性的中介机制。其三， 风险偏好高和自信程度强的管理者在企业战略制定和实施过程中会弱化企业的保守倾向，助长企业 的开拓行为，进而加剧费用粘性；而风险偏好低和自信程度弱的管理者会强化防御型战略对费用粘 性的缓和作用。此外，管理者对风险的偏好和过度自信也会显著强化企业战略对费用粘性的持续性 影响。 本文的主要贡献在于，（1）已有文献大多研究企业战略对经营绩效、股东及企业价值的影响， 并未涉及到对成本费用决策的影响，本文从战略类型出发，研究其对成本费用的影响及其影响机制， 为更好地进行战略决策和成本管理提供有益参考。（2）本文考察管理者特征异质性这一非财务因素 对微观财务特性的影响，为研究非财务因素与财务因素关系提供有益的经验和启示。 关键词，费用粘性；企业战略；调整成本；代理成本；管理者特征II Abstract According to the traditional model of cost habits, the relationship between cost and business volume is linear, that is, the cost is symmetrical with the increase of traffic volume and reduction. However, in reality, the cost management behavior of managers will make the relationship between cost and business volume nonlinear, that is, the reduction of cost when the volume of business declines may be less than the increase of cost when the volume of business increases (cost stickiness). It may also be greater than the cost increase (cost anti-stickiness) when the business volume increases. Therefore, the study of the cost and cost stickiness is of great significance both in practice and in theory. With the increasing attention of scholars at home and abroad on the formulation and implementation of corporate strategies, the choice of strategies with great prospects and deep motivation has become an increasingly important topic for top management, while managers have macroeconomics in strategy formulation and implementation. The situation and the relationship between the various elements within the company are particularly important. The theory of enterprise strategic cost management shows that managers will actively adjust the cost structure of enterprises in the formulation and implementation of corporate strategies to match their strategic decisions, which affects the adjustment ability, speed and scope of enterprise costs to a certain extent. . At the same time, because the will of top management is reflected to a certain extent as the various business management activities of the company, their own personalities, experiences, knowledge and values will be embedded in all aspects of corporate activities in the face of situations and choices. . Therefore, it is particularly important to examine the impact of managerial characteristics on the relationship between corporate strategy and cost. This paper first reviews the related literature on managerial characteristics, corporate strategy and cost stickiness, and puts forward relevant research hypotheses based on principal-agent theory, incomplete contract theory, and enterprise strategic management theory, with 2003-2017 China Shanghai and Shenzhen. The two cities' A-share listed companies are samples, empirically testing the relationship between corporate strategy and cost stickiness and its impact mechanism, and examining the impact of managerial characteristics on corporate strategy and cost-viscosity relationship. The empirical analysis has three parts: firstly, it examines whether the difference of strategy type selection has different influence on cost stickiness; secondly, it examines the mechanism of enterprise strategy affecting cost stickiness; finally, it studies the influence of manager characteristics on corporate strategy and cost stickiness. According to the empirical results of the article, the following conclusions are drawn: First, the more aggressive the enterprise strategy, the higher the level of cost stickiness, that is, the formulation and implementation of the offensive strategy increases the resource adjustment cost and agency cost, and thus increases the cost stickiness level, while the defensive type The resilience of the strategic robustness characteristics to the enterprise resource adjustment cost and agency cost has somewhat eased the cost stickiness. At the same time, due to the long-term and stable corporate strategy, its impact on cost stickiness is sustainable. Second, the enterprise strategy affects the cost stickiness by adjusting the adjustment costIII and agency cost, that is, the adjustment cost and the agency cost are the intermediary mechanisms of the strategic influence of the enterprise. Third, managers with high risk appetite and high confidence will weaken the conservative tendency of the company in the process of corporate strategy formulation and implementation, and encourage the pioneering behavior of the company, thereby increasing the cost stickiness; and the managers with low risk preference and weak confidence. It will strengthen the mitigation effect of defensive strategy on cost stickiness. In addition, managers' risk appetite and overconfidence can significantly enhance the sustained impact of corporate strategy on cost stickiness. The main contributions of this paper are as follows: (1) Most of the existing literature have studied the impact of corporate strategy on business performance, shareholder and corporate value, and did not involve the impact on cost and cost decisions. This paper starts from the type of strategy and studies its cost and expense. The impact and its impact mechanism provide a useful reference for better strategic decision-making and cost management. (2) This paper examines the impact of non-financial factors on managerial characteristics heterogeneity on micro-financial characteristics, and provides useful experience and inspiration for studying the relationship between non-financial factors and financial factors. Keywords: cost stickiness; corporate strategy; adjustment cost; agency cost; manager characteristicsIV 目 录 摘要.......I Abstract ..II 第一章 绪论...1 1.1 研究背景.... 1 1.2 研究意义.... 3 1.2.1 理论意义.. 3 1.2.2 现实意义.. 3 1.3 研究思路与方法. 3 1.3.1 研究思路.. 3 1.3.2 研究方法.. 4 1.4 内容框架和可能的创新 ....... 4 1.4.1 内容框架.. 4 1.4.2 可能的创新....... 6 第二章 文献综述....7 2.1 费用粘性的成因、影响因素和经济后果 ...... 7 2.1.1 费用粘性成因及影响因素的相关研究 ........ 7 2.1.2 费用粘性经济后果的相关研究 10 2.2 企业战略文献回顾 .... 11 2.3 管理者特征文献回顾 11 2.4 文献回顾评述... 12 第三章 概念界定与基础理论13 3.1 基本概念.. 13 3.1.1 费用粘性及其特征 .. 13 3.1.2 企业战略及其类型 .. 14 3.1.3 管理者特征异质性 .. 14 3.2 基础理论.. 15 3.2.1 委托代理理论 . 15 3.2.2 不完全契约理论 ...... 15 3.2.3 有限理性假说 . 16 3.2.4 企业战略管理理论 .. 16 第四章 理论分析与研究假设18 4.1 企业战略与费用粘性 18 4.1.1 企业战略对费用粘性影响的路径分析 ...... 18 4.1.2 企业战略对费用粘性的持续性影响 . 20 4.2 管理者特征、企业战略与费用粘性 .. 20 4.2.1 管理者特征对企业战略与费用粘性关系的影响 ........ 20 4.2.2 管理者特征对企业战略影响费用粘性持久性的影响 21 第五章 变量定义与模型设计22 5.1 数据来源与样本选择 22 5.2 变量选择与计量........ 22 5.2.1 企业战略的计量 ...... 22 5.2.2 管理者特征的计量 .. 23V 5.2.3 控制变量 24 5.3 模型设计.. 25 5.3.1 费用粘性的模型构建 ....... 25 5.3.2 企业战略与费用粘性的模型构建 ..... 25 5.3.3 企业战略对费用粘性影响的机制检验 ...... 26 5.3.4 管理者特征、企业战略与费用粘性的模型构建 ........ 27 第六章 实证研究的结果与分析.....29 6.1 主要变量的描述性统计、差异性检验及相关性分析 .. 29 6.2 企业战略与费用粘性的回归分析 ....... 30 6.2.1 企业战略对费用粘性的影响 .... 30 6.2.2 企业战略对费用粘性的持续性影响 . 33 6.3 管理者特征、企业战略与费用粘性的回归分析 . 33 6.3.1 管理者特征对企业战略与费用粘性关系的影响 ........ 33 6.3.2 管理者特征对企业战略影响费用粘性持久性的影响 35 6.4 拓展性分析....... 37 6.4.1 企业战略对费用粘性影响的代理成本机制检验 ........ 37 6.4.2 企业战略对费用粘性影响的调整成本机制检验 ........ 38 6.5 稳健性检验...... 39 第七章 研究结论与政策启示47 7.1 研究结论.. 47 7.2 政策启示.. 48 7.3 研究局限及展望........ 48