Research On The Impact Of Cost Stickiness Of Listed Coal Companies On Corporate Value

Coal is an important part of China's energy industry.After the golden decade,the development of coal industry was once in a downturn.With the implementation of supply-side structural reform,coal listed companies have been developing well in recent years,but they still face severe competition and challenges.Simple production and sales have been unable to stand a foothold in today's society,strengthening cost management is the necessary means for listed coal companies to enhance enterprise value and achieve sustainable development.In recent years,scholars have continuously studied and explored the theory of cost state and found that cost and volume of business are not proportional,and the marginal rate of change of cost does not change with the change of volume of business,that is,the phenomenon of cost stickiness.Cost stickiness provides a new way for academia to explore the traditional theory of cost state.This study is helpful for managers to control the nature of enterprises,and then control costs and rationally allocate resources.Therefore,the influence of cost stickiness on the enterprise value of listed coal companies is worth further study.This paper firstly describes the research background and significance,and then analyzes the theoretical basis of the relationship between cost stickiness and enterprise value from the principal-agent theory,incomplete contract theory,efficiency theory and enterprise value maximization theory respectively on the basis of the research on cost stickiness at home and abroad.Secondly,this paper analyzes the development status of enterprise value of listed coal companies from the perspective of liabilities and operation,establishes a mathematical model,and puts forward the hypothesis of this paper:before the supply-side structural reform,cost stickiness is negatively correlated with enterprise value;After the supply-side structural reform,cost stickiness is positively correlated with enterprise value.Then take the data of coal listed companies from 2011 to 2019 as samples,select four control variables:enterprise size,asset-liability ratio,asset structure,ownership concentration,and use Excel,SPSS and Stata software for data processing and analysis.The empirical results of this paper are as follows:China's coal listed companies generally exist cost stickiness;From 2011 to 2015,that is,when there is overcapacity,cost stickiness is negatively correlated with firm value.There is a positive correlation between cost stickiness and enterprise value of coal listed companies from 2016 to 2019.Only when the impact of cost stickiness on enterprise value is clear,can cost stickiness be used to enhance enterprise value.Therefore,this paper further explores the factors affecting the cost stickiness of listed coal companies from three aspects:management power,organizational redundancy and debt structure,so as to provide a basis for adjusting the cost stickiness,and help to influence the enterprise value through the cost stickiness,thus providing a basis for the policy recommendations of this paper.Finally,in view of the above conclusions,under the influence of supply-side structural reform,combined with the factors that influence the cost stickiness of coal listed companies confirmed in this paper,this paper puts forward policy suggestions to enhance the value of enterprises:understand the cost stickiness,improve the quality of managers;Make use of cost stickiness to strengthen cost control system;Adjust the cost stickiness factor,enhance the enterprise value.