Environmental Uncertainty,financing Constraints And Corporate Cost Stickiness

The sudden outbreak of the Novel Coronavirus Pneumonia at the end of 2019 has caused a huge impact on the global macroeconomic environment,consumption has plummeted,and many small and medium-sized enterprises have closed down.The epidemic has made us realize that the business activities of enterprises are increasingly affected by the global economic environment,and the environmental uncertainties faced by the enterprises are also increasing.At the same time,in order to cope with the impact of the epidemic,companies have reduced costs to tide over the difficulties,and are eager to find effective cost management methods.Therefore,under the normalization of the epidemic situation,it is of great practical significance to explore how the external environment affects the internal cost behavior of the enterprise,and to establish the connection between the uncertainty of the external environment and the internal management behavior of the enterprise.The main research conclusions of this paper are as follows:(1)The uncertainty of the external environment will affect the cost stickiness of the enterprise,and the two variables are positively correlated.(2)Financing constraints have a moderating effect on the relationship between environmental uncertainty and cost stickiness.Only under high financing constraints,the positive correlation between the two will be significantly weakened.The research sample of this article is 2010-2019 Shanghai and Shenzhen Ashare listed companies,and obtains a total of 982 research sample companies,with a total of 5892 annual panel data observations.This study established a multiple regression model to test the relationship between environmental uncertainty and the stickiness of corporate costs,as well as the moderating effect of financing constraints on the relationship between the two.In academia,judging from the results of the current research on the causes of cost stickiness,most scholars explain cost stickiness from the perspectives of managers’ selfinterested behavior,manager expectations,and enterprise resource allocation.In fact,the cost stickiness is also affected by external factors.Such as environmental situation and the influence of financing constraints and other factors.This research based on this perspective,enriches this field and adds new evidence for the development of management accounting.The innovation of this paper is reflected in the following aspects:first of all,this paper uses empirical research methods,innovatively takes environmental uncertainty as an explanatory variable,and takes the corporate financing constraints as a moderating variable to explore the relationship between environmental uncertainty and cost stickiness.Moreover,the selection of data in this paper is time-effective and comprehensive.This research enriches the research results of the cost stickiness of enterprises.At the end of the paper,Based on the research conclusions,feasible suggestions are put forward for the frequently occurring problems in business management.