Cost Stickiness,R&D Investment And Enterprise Performance

With the continuous fermentation of the Brexit,the Sino-US trade war and other events,the global uncertainty has been further upgraded.China's macro-economy is inevitably in fluctuation,and a little bit of macro fluctuation will have an important impact on micro enterprises,especially manufacturing enterprises.The fluctuation of economy will inevitably bring about the fluctuation of business volume of enterprises,while the fluctuation range of business volume and resource input in different directions is inconsistent,that is,cost stickiness.In the environment of international political turbulence and China's economic downturn,how to resist macroeconomic fluctuations and improve management efficiency by using cost stickiness has become a problem,which must be solved for manufacturing enterprises to pursue economic benefits and enhance their core competitiveness.However,how does cost stickiness affect corporate performance,and what mechanism does cost stickiness affect corporate performance? These problems have not been explored in academia,and need to be considered in practice.Therefore,it is of great theoretical and practical significance to study the relationship between the cost stickiness and the firm performance.Based on the financial data of Shanghai and Shenzhen A-share manufacturing listed companies from 2010 to 2017,this paper estimates the cost stickiness and explores the impact of cost stickiness on corporate performance.Then,based on the research paradigm of ?cost stickiness-behavior-economic consequences‘,this paper studies whether innovation R&D investment has a conductive effect on the above-mentioned relationship through intermediary effect analysis,and further studies corporate governance.From the perspective of rationality,this paper explores the moderating effect of ownership structure on the relationship between the two and draws the following conclusions:(1)Cost stickiness can promote the performance of enterprises,and managers are more and more inclined to actively manage cost stickiness rather than passively accept it,which has a certain strategic effect;(2)By using intermediary effect analysis method,it is found that cost stickiness can enhance the performance of enterprises.(3)The ownership structure,as a moderating variable,can influence the relationship between the cost stickiness and the firm performance.Ownership concentration can significantly enhance the positive correlation between the cost stickiness and the firm performance,while equity balances significantly weak positive correlation between the cost stickiness and the firm performance.The main contributions of this paper include the following aspects:(1)Different from the previous literature on the adverse consequences of cost stickiness,this paper verifies the possible positive role of cost stickiness from the perspective of strategic choice and resource allocation,enriches the literature in the related fields of cost stickiness;(2)This paper,for the first time,attempts to explore cost stickiness and enterprise performance from the perspective of innovation R&D investment.This paper builds a bridge between them,studies the possible influence channels of cost stickiness on enterprise performance,and explores the intermediary role of innovation R&D investment in the relationship between the cost stickiness and the enterprise performance;(3)calculating quantitative method,because of the major defects of ABJ model,it can only measure the cost stickiness level at the industry or national level.This paper uses Weiss model to calculate the cost stickiness value of a single enterprise as an independent variable,which provides new empirical support for the relevant research.The conclusion of this paper is helpful to clarify the mechanism of the impact of cost stickiness on enterprise performance,and has certain enlightenment significance for improving cost management,improving corporate governance and promoting innovation-driven development strategy.