人民币汇率波动、成本粘性与企业自由现金流——来自A股上市公司2003-2011年经验证据  

RMB Exchange Rate Fluctuations,Cost Stickiness and Free Cash Flow of Corporations

作　　者：章贵桥[1] 

机构地区：[1]浙江财经大学会计学院,浙江杭州310018

出　　处：《财经论丛》2015年第2期58-66,共9页Collected Essays on Finance and Economics

基　　金：国家自然科学基金资助项目(70972039);国家自然科学基金资助项目(71172064;71202106);教育部人文社会科学研究青年基金资助项目(10YJC630029)

摘　　要：人民币汇率波动对进出口商品价格具有显著传导效应,研究发现,当企业销售量下降、营业收入减少时,企业成本粘性增强,企业自由现金流下降明显,这表明我国上市公司确实存在成本粘性行为,宏观经济政策调控是导致企业成本粘性行为之一。当企业存在成本粘性特质时,研究发现,企业收入呈负增长,人民币升值幅度较快,成本粘性加剧,企业自由现金流下降趋势更加显著,人民币汇率波动作用于微观企业现金流或通过成本粘性机制来实现。Fluctuations of RMB exchange rate have a significant conductive effect against the import and export commodity prices,and generate impact on the cost,sales and income of export-oriented enterprises. In this study it is found that when business sales falls and operational income decreases,corporate free cash flow decreases significantly and corporate costs stickiness is enhanced. This demonstrates that there are indeed cost sticky behaviors in companies in China. The study finds that in businesses with a cost sticky quality,corporate free cash flow declines quickly and cost stickiness intensifies significantly when the corporate income shows negative growth during rapid appreciation of RMB.

关 键 词：人民币汇率波动 成本粘性 企业自由现金流 上市公司 

分 类 号：F275.1[经济管理—企业管理]