Research On The Impact Of Cost Stickiness On Enterprise R&D Investment

Cost management and R&D investment are important foundations and guarantees for companies to improve their competitiveness.Innovation investment is the foundation of the company's core competitiveness,and cost management is the management of enterprise resources.As a result of enterprise cost management,cost stickiness generates residual resources that can provide resource conditions for innovation inputs,which in turn affects enterprise R&D investment.Therefore,the study of the relationship between the two can incorporate the enterprise's cost management and R&D investment into the same resource decision framework,which can better reveal the enterprise's micro-decision behavior and resource allocation efficiency.This paper uses agency theory,organization theory,resource-based theory,and cost sticky motivation theory to analyze the impact of cost stickiness on R&D investment,and the difference between the impact of cost stickiness on R&D investment in financially constrained and non-financially constrained companies.On this basis,we selected China's 2012-2018 A-share manufacturing companies in Shanghai and Shenzhen as research samples,and conducted an empirical test using multiple regression analysis methods.The results of the study show that there is an inverted U-shaped relationship between cost stickiness and R&D investment.At a certain level of cost stickiness,cost stickiness promotes R&D investment,but when cost stickiness exceeds this level,it inhibits R&D investment.The effect,that is,the economic consequences of cost stickiness,has an interval effect.Compared with nonfinancially constrained companies,the inverted U-shaped relationship between cost stickiness and corporate R&D investment in financially constrained companies is not significant.Moreover,in non-financially constrained enterprises,state-owned property rights have an inhibitory effect on the relationship between cost stickiness and R&D investment.Based on the research conclusions,this article puts forward relevant suggestions on correctly understanding the economic consequences of cost stickiness,comprehensively considering the influencing factors of R&D investment,improving the supervision and balancing mechanism for managers,and increasing the supervision of state-owned enterprises by regulatory agencies.This paper broadens the research horizon of the economic consequences of cost stickiness and enriches the research literature on the influencing factors of enterprise R&D investment.From the perspective of enterprise cost decision-making,incorporating cost management and R&D investment into the same decision-making framework reveals more deeply the impact of cost management decision-making on enterprise resource strategic arrangements,verifies the interval effect of the economic consequences of cost stickiness,Economic consequences,it is of great significance to comprehensively examine the strategic arrangement of enterprise resources and resource allocation efficiency,and help investors better understand and analyze the relationship between enterprise cost management behavior and R&D investment.This paper has2 pictures,11 tables,and 196 references in this paper.