Research On The Influence Factors Of The Cost Stickiness Of The New Energy Industry Listed Companies

The increasingly serious environmental problems and the gradual depletion of traditional energy bring green energy to the international stage,triggering a worldwide energy revolution.As the main force of the energy revolution,the new energy industry plays a decisive role in the aspect of improving the energy structure.However,due to the backward technology level and other reasons,high cost has become a key factor restricting the development of new energy industry.In the traditional cost theory,the cost varies with the same amount of business.But after studying the actual operation of the enterprise,the domestic and foreign scholars find that the cost of the enterprise is not consistent with the amount of business,but there is a nonlinear relationship,which is defined as the cost stickiness.In order to further strengthen the level of cost management in new energy enterprises,this paper studies the existence and influencing factors of the Cost Stickiness of the new energy listed companies.New energy companies could reduce the Cost Stickiness by adjusting the effect of the influence factors and thus realize the efficient management of the cost.This paper,through literature,standard researching and empirical analysis,studies the Cost Stickiness and its influencing factors of new energy industry listed companies.On the basis of digging in a large number of domestic and foreign scholars' researches of cost stickiness,contract theory,efficiency theory and agent theory,which are commonly accepted by scholars,are selected as the basic theories to study the Cost Stickiness of the listed companies of new energy industry.The existence and influencing factors of Cost Stickiness in the new energy industry has been systematically analyzed,combining the characteristics of the new energy industry and its development status.In order to further confirm the reliability of the analysis,this paper selects 7 years financial data samples of 41 new energy listed companies to carry out an empirical analysis.The result shows that the Cost Stickiness of the listed companies in the new energy industry generally exists;the capital density and the ratio of assets and liabilities are positively related to the stickiness;the concentration of ownership is negatively related to the Cost Stickiness;and the Cost Stickiness in a prosperous macro-economy is often larger than the one in a declining macro-economy.In order to improve the current cost management of new energy enterprises and reduce the Cost Stickiness,this paper puts forward some suggestions from two aspects,improving the internal and external environment,that the company should avoid invalid investment,widen the financing channels,improve the ownership structure,develop the market of professional managers and strengthen the external supervision.