Abstract: Taking the A-share state-owned listed companies in Shanghai and Shenzhen stock exchanges during 2008-2017 as samples, this paper explores the relationship between policy burden, information transparency and the cost stickiness of state-owned enterprises. The findings show that the phenomenon of cost stickiness widely exists in state-owned enterprises. Under the conditions of asymmetric information, the heavier the policy burden on the state-owned enterprises, the stronger the cost stickiness will be; while under the conditions of different information transparency, the impacts of policy burden on the cost stickiness are significant different. To improve information transparency can reduce information asymmetry and the opportunistic behaviors of the management, which can effectively curb the negative impact of policy burdens on cost stickiness. Further analysis shows that the policy burden affects the cost stickiness of enterprises through the agency problem in the management.

Key words: policy burden; information transparency; cost stickiness