The Empirical Research On Influencing Factors Of Cost-stickiness Of Manufacturing Enterprises In China

As the material basis of national economy, the manufacturing industry is not only the industrial body of national economy, but also the backbone of national industrial and modern construction. The development level is the important symbol of national comprehensive economic strength, scientific and technological strength, national defense strength and international competitiveness. For manufacturing enterprises,because cost management is an important part of its production and management activities, reducing the cost of manufacturing enterprises has very important significance for improving market competitiveness and maintaining the survival and development.In traditional cost model, the cost can be divided into variable cost and fixed cost according to the cost behavior. And there is a linear relationship between the cost and business volume. The traditional cost analysis is simple to be understood and mastered by the staff, but it is too idealistic, ignoring many factors that affect the actual situation. It can't fully reveal the relationship between the total cost and the business volume, and is not entirely consistent with the actual situation of the actual management of the cost. Later, some scholars put forward the idea of cost and expense. The concept of cost stickiness is not symmetry, when the marginal rate of the enterprise's cost and the change of the business volume changes in different directions.When business volume is increasing, the growth rate of the cost is higher than the growth rate of the cost when business volume is reducing. The existence of this phenomenon has a direct impact on the level of enterprise cost management, resulting in the slow decline in market reaction and performance decline, which has become a stumbling block for the development of manufacturing enterprises in China.This paper based on the present situation of the cost stickiness of manufacturing listing companies. Through combing literature on its origin, characteristics, the influence factors are determined including the ownership structure, debt structure,competitive strategy three aspects. First of all, the existence of cost stickiness is analyzed briefly. And then from the perspective of the equity structure, debt structure and competitive strategy separately, the effect of these three factors is explained in detail. Based on the analysis of the effect of three factors on cost stickiness, this paper makes assumptions of the existence of cost stickiness, the effect of the ownership structure, debt structure and the competitive strategy, and then eachvariable of the factors is analyzed in this paper. And Empirical research based on the status of Shanghai and Shenzhen stock market in 2001 ~ 2014 A-share listed companies to study the existing degree and influencing factors of the cost stickiness,the existence research model is determined, and then combined with the model and the research variables, the models of the ownership structure, debt structure, the impact of competitive strategy on cost stickiness are determined separately.Comparing the results with the hypothesis, the suggestions to reduce cost stickiness are put forward from three aspects of optimizing equity structure, optimizing the debt structure and optimizing the competitive strategy, which help enterprises to improve cost control ability, reduce the cost, reduce cost, reduce waste, and enhance the competitiveness of enterprises. So China's manufacturing listing companies can be developing sustainably and efficiently for long-term, and the suggestions can make greater contribution to China's economic development.