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本文研究了地区要素市场发育对中国上市公司成本和费用粘性的影响及其在不同产权性质公司之间的差异。结果发现,公司所在地要素市场发育水平越高,国有控股公司和非国有控股公司的成本粘性都会越小,但对国有控股公司的影响更大;国有控股公司费用粘性越小,非国有控股公司费用粘性则不显著。结果表明,相对于非国有控股公司而言,由于受政府干预和地区市场分割的限制较多,国有控股公司的要素配置和调整更大程度上受制于当地要素市场发育,因而使得公司所在地要素市场化程度对其成本和费用粘性具有显著影响。本文的研究结论对深化企业成本和费用粘性的形成机制、特点以及中国市场化进程和产权改革的经济后果方面的认识,具有重要的理论价值。
This paper studies the impact of regional factor market development on the cost and cost stickiness of Chinese listed companies and the differences between companies with different property rights. As a result, it was found that the higher the level of development of the company’s location, the smaller the cost stickiness of state-owned holding companies and non-state holding companies, but the greater the impact on state-owned holding companies; the smaller the stickiness of state-owned holding companies, the lower the cost of non-state-owned holding companies. The stickiness is not significant. The results show that compared to non-state-owned holding companies, due to government intervention and regional market segmentation, the allocation and adjustment of state-owned holding companies are more subject to the development of local factor markets, which makes the company’s location factor market. The extent of its use has a significant impact on its cost and cost stickiness. The conclusions of this paper have important theoretical values for deepening the understanding of the formation mechanism and characteristics of corporate cost and cost stickiness, and the economic consequences of China’s marketization process and property rights reform.