Empirical Study On Cost Stickiness Of Real Estate Listed Companies And Its Impact On Corporate Performance

In the 21 st century,China's real estate industry developing rapidly,has become an important part of national economy,after a fierce competition in the market and the government,the game between the buyer and the seller,real estate development and gradually tend to be more rational in waves,but the pressure of competition and the challenge is still severe.higher quality of connotative development has become an inevitable trend,the cost leadership is the ijmportant strategic choice for the enterprise,enhance core competitiveness.It is of strategic significance for real estate enterprises to understand the cost stickiness of real estate industry objectively,effectively control cost and improveperformance.On the basis of summarizing the research status and theories at home and abroad,this paper defines the meaning of cost stickiness and enterprise performance.ABJ model is used to analyze the existence,reversal and volatility of the cost stickiness of Chinese real estate listed companies.The influence of cost stickiness on short-term and long-term performance of real estate enterprises is theoreticafly analyzed,and research hypotheses are put forward.ROA and Tobin'Q were selected as the explained variables,capital structure,enterprise size,GDP,growth and executive compensation as the control variables,and cost stickiness based on Weiss model as the explanatory variables.The quadratic regression models of the influence of cost stickiness on short-term and long-term performance were constructed respectively.Taking real estate companies listed in Shanghai and shenzhen a-share markets as research objects and data of listed companies from 2008 to 2017 as research samples,empirical regression analysis is conducted on cost stickiness and sh,ort-term performance ROA,cost stickiness and long-term performance Tobin'Q.The results show that:(1)China's real estate listed companies have the phenomenon of cost stickiness,and has the characteristics of reversal and volatility;(2)the cost stickiness of real estate listed companies has a weak inverted u-shaped relationship with the short-term performance of enterprises,and the determination of the cost stickiness interval as[-0.242,0.242]can improve the short-term performance of real estate listed companies.(3)the cost stickiness of real estate listed companies has an inverted u-shaped relationship with the short-term performance of enterprises,and the intensity is more obvious than the short-term performance.The determination of the cost stickiness interval[-0.198,0.198]can promote the long-term performance of real estate listed companies.