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货币政策作为政府调控经济的重要手段,会对宏观经济和微观企业运行产生重要而深远的影响。以2004—2012年沪、深两市A股制造业上市公司为研究样本,本文探索了货币政策对公司成本粘性的影响。研究发现:(1)紧缩货币政策对上市公司的成本粘性有显著的抑制作用,政策变化发挥了一定的调控作用;(2)区分公司面临融资约束的不同程度,抑制作用在融资约束程度高的公司中更为明显,政策执行效果存在个体层面的差异;(3)区分公司成本的不同组成,紧缩货币政策对非人力成本粘性存在明显的抑制作用,对人力成本粘性作用则不明显,即紧缩货币政策下公司会选择优先调整非人力成本。本文的研究为中国背景下成本粘性的管理层预期动因提供了经验检验和支持,并从融资约束角度拓展和深化了宏观经济政策对微观企业行为的影响研究。
As an important means by which the government controls the economy, monetary policy will have an important and far-reaching impact on the macro-economy and the operation of micro-enterprises. Taking the listed A-share manufacturing companies in Shanghai and Shenzhen from 2004 to 2012 as the research sample, this paper explores the impact of monetary policy on the cost stickiness of the company. The results show that: (1) Tight monetary policy has a significant inhibitory effect on the cost-stickiness of listed companies, and policy changes have played a certain regulatory role. (2) Differentiating the different levels of financing constraints faced by companies and inhibiting the high degree of financial constraints (3) Differentiating the different components of corporate costs, tightening monetary policy significantly inhibits the non-labor cost viscous effect, but does not have the obvious sticking effect on the labor cost. On the other hand, That is, under tight monetary policy, the company will choose to prioritize the adjustment of non-labor costs. The research in this paper provides an empirical test and support for the expected motivation of cost-sticking management in the context of China, and studies the impact of macroeconomic policies on the behavior of micro-enterprises from the perspective of financing constraints.