Impact Of Transaction Costs On The Cost Stickiness Of Listed Animal Husbandry Enterprises

The scientific control of the cost of the real economy has always been an important issue of great concern to the theoretical and practical circles.Since the State Council issued the "Work Plan to Reduce the Cost of Real Economy Enterprises" in August 2016,the central and local governments have launched a series of measures to reduce corporate costs.The aim is to effectively alleviate the difficulties of real economy enterprises,promote their transformation and upgrading,and effectively respond to the current economy.Downward pressure to enhance the ability of sustainable economic development.The No.1 Central Document of 2019 clearly states that it is necessary to develop and expand rural industries and expand channels for farmers to increase their income.Among them,the cultivation of leading agricultural industrialization enterprises is the key to vigorously develop the modern agricultural product processing industry.As an important part of agriculture and the rural economy,animal husbandry is a basic and strategic industry leading China's agriculture to achieve modernization and sustainable development.With the increase in the proportion of livestock products in people's daily consumption,animal husbandry companies must not only grasp the development opportunities brought by the expanding market,but also face major problems such as excessive cost growth,irrational resource allocation,and large market risks.challenge.Therefore,how to control costs and improve the efficiency of business management in the realization of industrialization of animal husbandry enterprises is an urgent problem to be solved in the daily business activities of enterprises,and it is also an inevitable requirement to better play its role in driving farming and increasing farmers' income.Cost stickiness is an important indicator for companies to formulate and adjust daily business plans.The production and operation activities of an enterprise need to invest in production resources.These resources will be transformed into the cost of the enterprise from the input to the output process.Traditional management accounting believes that the changes in costs and income are symmetrical and linear,while modern management accounting considers that the changes in costs and income are asymmetric,and that when the volume of business increases,the increase in costs is greater than when the volume of business decreases.The obvious phenomenon is more in line with the actual situation of enterprises,and this phenomenon is cost stickiness.At present,scholars at home and abroad have conducted a lot of innovative research on the issue of cost stickiness of enterprises.The content covers the existence,causes,and influencing factors of cost stickiness.However,animal husbandry companies are the mainstay,from the perspective of transaction costs.There is very little research on the cost stickiness of enterprises.The study of cost stickiness is of great significance to the cost management and performance improvement of animal husbandry enterprises.Too low or too high cost stickiness will have a negative impact on its long-term performance,especially too high cost stickiness will reduce the business efficiency and exacerbate the problem.Operating risks are not conducive to the transformation and development of animal husbandry enterprises.Based on this,this article takes listed animal husbandry companies as an example to examine the effect of transaction costs on the cost stickiness of enterprises,and expand the role of vertical integration of the industrial chain to regulate the relationship between the two.First,the cost stickiness is measured by the operating cost change rate,and the relationship between transaction costs and the cost stickiness of listed companies in animal husbandry is tested by using the ABJ model.It is found that only the three variables that measure transaction costs are transaction uncertainty and transaction frequency and cost stickiness.There is a significant negative correlation between transaction uncertainty and cost stickiness,and a significant positive correlation between transaction frequency and cost stickiness.Further,according to the vertical integration degree of the industry chain,the entire sample is divided into enterprises in the whole industry chain model and enterprises in the non-full industry chain model.Group regression is performed according to the above model.The study found that a higher degree of vertical integration within the company's internal industry chain will reduce cost stickiness.The full industry chain model with a higher degree of vertical integration of the industry chain will exacerbate the effect of transaction costs on the cost stickiness of listed companies in animal husbandry.The research value of this thesis lies in two parts:(1)it expanding the research scope of transaction costs and cost stickiness,and at the same time,using transaction costs as the starting point to expand the understanding of the causes of cost stickiness of livestock companies;(2)it has some guiding significance on the choice of the company's industrial chain business model and development strategies.