Research On The Impact Of Cost Stickiness And Anti Stickiness On Earnings Information Quality

Manufacturing industry has the characteristics of high input,high output,high risk and high technology intensity.Its production level can represent the national productivity level.Therefore,all countries in the world tend to develop it as a key industry.However,in recent years,the fierce competition in the manufacturing industry,has brought new opportunities and challenges to China’s manufacturing enterprises.Cost has always been the key factor to be considered when enterprise managers make business decisions,but the traditional cost behavior theory can no longer meet the current market environment.Through the exploration and research of scholars at home and abroad,it is found that the business volume and cost will change asymmetrically in the actual operation of enterprises,and then the theories of Cost Stickiness and anti stickiness have been put forward one after another,Excavating the economic impact of these two theories will be more conducive for managers to control costs and make scientific and reasonable business decisions.In the capital market,investors will estimate the future development trend of enterprises according to the existing accounting earnings information,so as to make corresponding market economic activities;The stickiness and anti stickiness of costs and expenses are reflected in the operating profits of enterprises,and the earnings information mainly discloses the operating results of enterprises.In view of this correlation,this paper puts forward the hypothesis that cost stickiness and anti stickiness will affect the quality of earnings information.On the one hand,the empirical results of this hypothesis will help enterprise managers to scientifically and reasonably allocate and control the cost of various resources;On the other hand,it is beneficial to promote enterprises to disclose high-quality accounting earnings information.At the same time,investors and other stakeholders can also make reasonable investment decisions based on high-quality earnings information.This paper combs and summarizes the literature of relevant theories at home and abroad,and selects the relevant financial data of China’s A-share manufacturing listed enterprises in recent five years.Firstly,it studies whether Cost Stickiness and anti stickiness exist in China’s manufacturing industry;Secondly,taking the symmetry of accounting earnings and stock returns as the standard to measure the quality of earnings information,this paper empirically studies the impact of Cost Stickiness and anti stickiness on the quality of earnings information from the perspective of earnings response coefficient.By using ABJ model for reference,this paper analyzes the existence of Cost Stickiness in the whole manufacturing industry from a macro perspective.Secondly,through Weiss model,it is confirmed that there is cost stickiness and anti stickiness in China’s A-share manufacturing listed enterprises from a micro perspective;Finally,through the earnings response coefficient model,it is found that under the conditions of Cost Stickiness and anti stickiness,the asymmetry between accounting earnings and stock returns is amplified,and the earnings response coefficient is reduced,which means that the quality of earnings information is reduced and the decision-making usefulness of earnings information is weakened;In addition,this paper distinguishes the nature of property rights for the selected sample enterprises.The research results show that cost Cost Stickiness has a stronger weakening effect on the quality of earnings information in non-state-controlled listed manufacturing enterprises,while anti stickiness has a stronger weakening effect on the quality of earnings information in state-controlled listed manufacturing enterprises.