国际油价不确定性与企业成本粘性——基于中国制造业上市公司的经验研究  

International Oil Price Uncertainty and Enterprise Cost Stickiness——An Empirical Study Based on Chinese Manufacturing Listed Enterprises

作　　者：王勇[1] 冯瑶 Wang Yong;Feng Yao(School of Economics and Management,China University of Petroleum,Qingdao 266580,China)

机构地区：[1]中国石油大学(华东)经济管理学院,青岛266580

出　　处：《工业技术经济》2021年第11期127-135,共9页Journal of Industrial Technological Economics

基　　金：国家自然科学基金青年基金项目“我国碳排放供需两侧影响因素的交互作用机理及协同减排策略研究”(项目编号:71804189);中央高校基本科研业务费专项资金项目“能源企业价值管理研究基地”(项目编号:19CX05026B)。

摘　　要：本文从成本粘性的视角,从2002年第1季度~2020年第3季度中国制造业上市企业为样本,理论分析与实证考察国际油价不确定性对企业成本粘性的影响。研究发现,国际油价不确定性导致企业削减投资的调整成本增加,进而强化了企业成本粘性,且这种强化效应在高财务冗余企业与投资机会较多的企业中更为显著。基于中国制度环境的研究发现,上述影响还会受到国有产权与政治关联两大制度环境因素的干预,表现为该影响在非国有企业与政治关联企业中更为显著。本文将国际油价不确定性经济后果的研究视角从财务决策拓展至成本管理决策,从成本粘性的视角揭示了国际油价不确定性对企业成本决策的影响,同时丰富了企业成本粘性影响因素的经验研究。From the perspective of cost stickiness,this study is based on a sample of Chinese manufacturing listed enterpri⁃ses from the first quarter of 2002 to the third quarter of 2020,theoretical analyzes and empirical studies the impact of the uncertainty of international oil prices on enterprise cost stickiness.The study finds that the uncertainty of international oil prices increases enter⁃prises adjustment costs to reduce investment and strengthens enterprises cost stickiness,which is more significant in enterprises with high financial redundancy and enterprises with more investment opportunities.Based on China's institutional environment,it is found that abovementioned impact is more significant in the non-state-owned enterprises and politically-related enterprises and re⁃flects the intervention effect of domestic institutional environmental factors.This study extends the research perspective of the eco⁃nomic consequences of international oil price uncertainty from financial decision-making to cost management decision-making,re⁃veals the impact of international oil price uncertainty on enterprise cost decisions from the perspective of cost stickiness,and enri⁃ches the empirical research on the influencing factors of enterprise cost stickiness.

关 键 词：国际油价不确定性 成本粘性 调整成本 制度环境 投资决策 经济后果 

分 类 号：F424[经济管理—产业经济] F764.1