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从成本费用粘性角度探讨“宏观经济波动→微观企业行为和产出”影响机制,首先通过中国远洋案例提出了“宏观经济波动→管理者预期→企业成本费用粘性”的传导机制命题,然后利用我国历年产出缺口数据和上市公司财务数据,通过面板数据随机效应回归和二值响应回归模型进行了实证分析。研究发现企业成本费用粘性程度与宏观经济增长速度呈负相关关系并且管理者预期在宏观经济波动对微观企业费用粘性影响过程中起到了传导作用。
From the perspective of cost and stickiness, we discuss the mechanism of macroeconomic volatility → micro-enterprise behavior and output. First, we propose the transmission mechanism proposition of “Macroeconomic Fluctuations → Manager Expectations → Firm Cost Costs Sticky” through China COSCO’s case , And then make use of the output gap data of our country and the financial data of the listed companies in the past, and do the empirical analysis through the panel data random effect regression and the binary response regression model. The research finds that the degree of firm cost stickiness is negatively correlated with the macroeconomic growth rate and managers expect to play a conductive role in the macroeconomic volatility on micro-enterprise cost stickiness.