Impact Of Supply Chain Concentration On Cost Stickiness Of Agricultural Listed Companies

Under the double pressures of economic downturn and external economic environment turbulence,the survival and competition of micro-enterprises are full of challenges,and the quality of cost management is closely related to the lifeline of enterprise development.Traditionally,the mode of adjusting cost symmetrically with income has lagged behind the dynamic market environment.Anderson et al(2003)put forward a new perspective of cost stickiness,which straightens out the formation of complex economic environment.However,the research on Cost Stickiness in academia mainly focuses on adjusting costs,managers' expectations and agency issues.The research based on supply chain externalities is still weak,while the central document No.1 focuses on agricultural structure and cost reduction and efficiency enhancement for two consecutive years.Therefore,it is more practical to study the cost habits of agricultural listed companies from the perspective of supply chain.Systematic analysis of the mechanism of supply chain concentration on the Cost Stickiness of agricultural listed companies will help to provide valuable cost decision-making reference information for enterprise managers,so that they can pay attention to large suppliers and customers from the perspective of supply chain,prevent the mismatch of resource elements,and help the supply-side structural reform in the field of agriculture;at the same time,it is helpful to extend the economic consequences of supply chain concentration and to enrich the influencing factors of cost stickiness.Taking agricultural listed companies as the research object,this paper chooses the balanced panel data from 2012 to 2017,Based on Stakeholder Theory,Information Asymmetry Theory,Transaction Cost Theory,Supply Chain Cooperative Management Theory and Resource Optimal Allocation Theory,and from the supply chain,explores the impact mechanism of supplier and customer concentration on cost stickiness.The main research results are as follows:(1)Through logical deduction,along the main line of cost adjustment,the logical framework of supply chain concentration and Cost Stickiness is built.(2)Through empirical regression analysis and robustness test,it is found that the Cost Stickiness exists in agricultural listed companies in China,that is,the proportion of the cost changing with the increase of income is larger than that changing with the decrease of income;under the background of our country's characteristic system,according to different company attributes,there are differences between non-state-owned nature and Cost Stickiness level of state-owned agricultural listed companies;The dynamic perspective shows that the relationship between supplier concentration and firm cost stickiness is an inverted U-shaped non-linear structure,that is,supplier concentration increases cost stickiness at first,and then reduces cost stickiness with the increase of concentration and the tightness of supplier relationship.Moreover,the causal relationship of first rising and then depressing is more significant in non-state-owned enterprises.The Cost Stickiness of the company is also an inverted U-shaped non-linear structural relationship.That is to say,it is forced to establish close ties with customers and increase the input of relational resources,so it aggravates the cost stickiness.Then,with the establishment of stable relationship and mutual trust,the corresponding input is released,which alleviates the Cost Stickiness of the company to a certain extent.Similarly,in non-state-owned enterprises,the above-mentioned increase and then decrease.Causality is more significant;through further empirical analysis of four industry segments of agricultural listed companies,combined with comparative analysis,it shows that in the agricultural and sideline food processing industry,the concentration of suppliers and customers plays a mitigating role in cost stickiness,while the concentration of suppliers and customers in the planting,animal husbandry and fishery sectors has no obvious effect on cost stickiness.