人民币汇率波动、成本粘性与企业自由现金流--来自A股上市公司2003－2011年经验证据

人民币汇率波动对进出口商品价格具有显著传导效应，研究发现，当企业销售量下降、营业收入减少时，企业成本粘性增强，企业自由现金流下降明显，这表明我国上市公司确实存在成本粘性行为，宏观经济政策调控是导致企业成本粘性行为之一。当企业存在成本粘性特质时，研究发现，企业收入呈负增长，人民币升值幅度较快，成本粘性加剧，企业自由现金流下降趋势更加显著，人民币汇率波动作用于微观企业现金流或通过成本粘性机制来实现。

RMB Exchange Rate Fluctuations,Cost Stickiness and Free Cash Flow of Corporations

Fluctuations of RMB exchange rate have a significant conductive effect against the import and export commodi-ty prices, and generate impact on the cost, sales and income of export-oriented enterprises.In this study it is found that when business sales falls and operational income decreases, corporate free cash flow decreases significantly and corporate costs stick-iness is enhanced.This demonstrates that there are indeed cost sticky behaviors in companies in China.The study finds that in businesses with a cost sticky quality, corporate free cash flow declines quickly and cost stickiness intensifies significantly when the corporate income shows negative growth during rapid appreciation of RMB.