A Research On Digital Economy’s Effects On Firm’s Cost Stickiness In China

Cost stickiness is an important topic in the theoretical research of micro finance,corporate governance,behavioral finance and microeconomics and so on.It plays an important role in the analysis of transaction cost theory,financial market theory,financial structure theory,property right theory and agency cost theory.Especially,with the continuous development of the Internet,digital financial,big data,cloud computing,artificial intelligence,block chain and other digital innovation technologies,The theories such as finance and economics from the perspective of digital economy are use to explain cost stickiness have attracted the attention of academia and industry.This paper conducted in-depth research.The three main features of the digital economy are the platform feature based on the development of the Internet,the universal feature represented by the development of digital finance,and the digitalization feature of the digital economy driven by innovation.This paper researches the influence of the digital economy to enterprise cost stickiness through three perspectives of the Internet,digital financial and R&D and innovation.Based on the theories of micro finance,corporate governance,information asymmetry and behavioral finance.This paper obtains research conclusions through theoretical derivation,mechanism analysis and empirical test,Meanwhile puts forward enlightenment and policy suggestions according to the research conclusions of this paper.Firstly,This paper reviews the research results of cost stickiness,and analyzes the theories involved in cost stickiness.Secondly,Based on the characteristics of digital economy,This paper further analyzes the mechanism of the main influencing factors of digital economy on cost stickiness.This paper is based on the regression analysis model of cost stickiness,This paper carried out mathematical derivation from the production function of microeconomics and the factor function of micro manufacturer.Through the above theoretical basis and regression model derivation,This paper empirically tests and analyzes the theoretical derivation and mechanism of the relationship between digital economy and cost stickiness,which using the empirical analysis model of cost stickiness built by Anderson(2003)and Liang Shangkun(2015)for reference.Finally,This paper summarizes the conclusion of the enterprise cost management of enlightenment,policy recommendations and further research direction.This paper researches the impact of digital economy on enterprise cost stickiness,which bases on the characteristics of digital economy(Internet,digital finance,R&D and innovation).In Chapter 4,It finds that the Internet has an inhibitory effect on the cost stickiness of enterprises by reducing the agency cost and adjust cost of the company,and this inhibitory effect is more significant in the sample with low labor intensity.Industrial support policy and preferential tax policy are mainly reflected in the regional and industrial aspects,In the era of digital economy,a better guide to the digital economy on industrial policy,fiscal and tax policy,This paper researches the inhibitory effect of Internet development on cost stickiness is grouped by region and industry.It finds that the inhibition effect of the eastern region is stronger than the Midwest,Services are stronger than manufacturing.In Chapter 5,It finds that digital financial reduces the agency cost and adjustment costs on the listed companies in China.It finds that the Digital finance has an inhibitory effect on the cost stickiness of enterprises,and this inhibitory effect is more significant in the sample with lower financing constraints.In the robustness test,It finds that this inhibitory effect is more significant in the sample group of manufacturing industries with more fixed assets and less financing constraints.In Chapter 6,The empirical analysis finds that the innovation input stimulates the formation of agency cost and adjust cost of listing in China,Which plays an enhanced effect on the cost stickiness of enterprises.Meanwhile,The tax burden of enterprises can strengthen the positive correlation between innovation input and cost stickiness.Finally,The research conclusion of this paper,This paper also puts forward some policy suggestions for the improvement of enterprise cost stickiness in the process of digital economy development.Such as focusing on regional and industrial industries and preferential tax policies,and promoting the regulatory mechanism and means to adapt to the development of digital finance.The innovation of this paper mainly reflects the following aspects: Firstly,This paper explains and analyzes the cost stickiness phenomenon under the digital economy,This paper added to the existing digital economy in the research of micro operation mechanism,which provides theoretical basis to improve the cost of sticky problems,The theories such as finance and economics from the perspective of digital economy are the basic premise to solve the problem.Secondly,This paper empirically analyzes the internal mechanism of the digital economy’s impact on cost stickiness.This paper finds that the mechanism of the digital economy’s impact on cost stickiness lies in the fact that the digital economy has changed the agency cost and adjust cost of micro enterprises,Meanwhile,This paper constructs the mechanism analysis framework of digital economy and cost stickiness.Thirdly,In the mechanism research,This paper provides a reference for the formulation of micro policies,It will help improve the precision and focus of policies in the period of rapid development of the digital economy.