Fair Competition Review System and Enterprise Cost Management Decision

Abstract

Abstract: The fair competition review system is an important measure to accelerate the construction of a national unified large market. This paper takes the fair competition review system as a quasi-natural experiment, and selects the A-share listed companies in Shanghai and Shenzhen stock exchanges from 2011 to 2021 as research samples to test the influence of the fair competition review system on the cost stickiness of enterprises. The findings show that the fair competition review system has effectively reduced the cost stickiness of enterprises. The mechanism test shows that the fair competition review system has effectively reduced the stickiness of enterprise costs by reducing the adjustment cost of enterprises, alleviating the agency problem of enterprises and adjusting the management's optimistic expectations. The heterogeneity analysis shows that when an enterprise belongs to a monopolistic industry and is located in an area where the implementation of fair competition review system is stronger, the fair competition review system can better reduce the cost stickiness of the enterprise. To this end, it is necessary to further strengthen the enforcement of the fair competition review system and enhance the construction of its supervision mechanism.

Key words: fair competition review system, cost management decision, cost stickiness, national unified large market

CLC Number:

F275.3

Hong Jiao, Wang Jian-xin, Zhou Zhi-yuan. Fair Competition Review System and Enterprise Cost Management Decision[J]. Contemporary Finance & Economics, 2025, 0(10): 140-152.

References

[1] 白重恩, 杜颖娟, 陶志刚, 等. 地方保护主义及产业地区集中度的决定因素和变动趋势[J]. 经济研究, 2004, (4): 29-40.
[2] 林毅夫. 新结构经济学——重构发展经济学的框架[J]. 经济学 (季刊), 2010, (1): 1-32.
[3] 刘斌, 赖洁基. 破行政垄断之弊能否去产能过剩之势?——基于出台《公平竞争审查制度》的准自然实验[J]. 财经研究, 2021, (9): 34-47.
[4] 刘冰冰, 刘戒骄. 竞争政策对企业技术创新的影响——基于公平竞争审查制度的准自然实验[J]. 经济管理, 2023, (6): 62-78.
[5] 刘慧, 綦建红. “竞争友好型”产业政策更有利于企业投资效率提升吗——基于公平竞争审查制度的准自然实验[J]. 财贸经济, 2022, (9): 101-116.
[6] 刘慧, 綦建红, 孙小雨. 公平竞争审查制度何以畅通国内大循环?——基于区域间贸易的证据[J]. 经济评论, 2023, (3): 14-30.
[7] 罗宏, 黄婉, 王治. 贸易政策不确定性与企业成本黏性[J]. 会计研究, 2023, (2): 149-162.
[8] 沈璐, 向锐. 公平竞争审查制度能否促进企业跨地区投资?[J]. 产业经济研究, 2024a, (1): 129-142.
[9] 沈璐, 向锐. 公平竞争审查制度能否促进企业异地并购[J]. 财贸经济, 2024b, (2): 72-86.
[10] 宋岩, 吴佳璇. 数字化转型与企业ESG表现——基于媒体关注度与高管过度自信的双重视角[J]. 重庆社会科学, 2024, (1): 88-100.
[11] 孙铮, 刘浩. 中国上市公司费用“粘性”行为研究[J]. 经济研究, 2004, (12): 26-34+84.
[12] 谭瑾, 徐光伟. 企业数字新基建与成本黏性:新质生产力的微观基础[J]. 当代财经, 2025, (5): 154-164.
[13] 田高良, 施诺, 刘晓丰. 智能制造与劳动力成本粘性——基于工业机器人应用的视角[J]. 经济管理, 2023, (9): 28-49.
[14] 王菁华, 毕超. 公平竞争审查制度如何影响企业全要素生产率?——基于去行政垄断的视角[J]. 外国经济与管理, 2024, (1): 48-61.
[15] 王小鲁, 胡李鹏, 樊纲. 中国分省份市场化指数报告(2021)[M]. 北京: 社会科学文献出版社, 2021.
[16] 王彦超, 赵婷婷, 纪宇. 反垄断、竞争强度与高管激励[J]. 财贸经济, 2022, (3): 67-81.
[17] 肖土盛, 靳庆鲁, 陈信元. 行业竞争与公司成本黏性: 基于实物期权视角[J]. 管理科学学报, 2016, (3): 48-63.
[18] 杨国超, 胡艺泽. 生产制造背景CEO与企业成本管理决策——基于制造业上市公司的经验证据[J]. 会计研究, 2023, (7): 132-145.
[19] 杨国超, 邝玉珍, 梁上坤. 基础设施建设与企业成本管理决策:基于高铁通车的证据[J]. 世界经济, 2021, (9): 207-232.
[20] 杨兴全, 张可欣. 公平竞争审查制度能否促进企业创新?——基于规制行政垄断的视角[J]. 财经研究, 2023, (1): 63-78.
[21] 于良春, 姜娜娜. 公平竞争审查制度能否缩小企业内部薪酬差距?[J]. 财经问题研究, 2024, (1): 44-56.
[22] 袁淳, 李超颖, 梁上坤. 数字金融发展与企业费用黏性[J]. 南开管理评论, 2025, 28(6): 149-161.
[23] 翟淑萍, 贾瑞敏, 赵玉洁. 公平竞争审查制度与企业商业信用融资分化[J]. 当代财经, 2025, (4): 153-164.
[24] 翟淑萍, 赵玉洁, 范润. 公平竞争审查制度与地方国企债券融资成本——基于行政垄断规制的视角[J]. 证券市场导报, 2024, (3): 37-50.
[25] 张亮亮, 黄诗梦, 柴紫谦. 中国上市公司存货投资黏性研究[J]. 管理学报, 2024, (2): 278-286+316.
[26] Anderson M C, Banker R D, Janakiraman S N.Are selling, general, and administrative costs“sticky”?[J]. Journal of Accounting Research, 2003, 41(1): 47-63.
[27] Banker R D, Byzalov D, Chen L T.Employment protection legislation, adjustment costs and cross-country differences in cost behavior[J]. Journal of Accounting and Economics, 2013, 55(1): 111-127.
[28] Chen C X, Lu H, Sougiannis T.The agency problem, corporate governance, and the asymmetrical behavior of selling, general, and administrative costs[J]. Contemporary Accounting Research, 2012, 29(1): 252-282.
[29] Chen J R, Wang Z Z.How do ex ante review systems improve firms' labor income shares: Empirical evidence from the fair competition review system[J/OL]. International Review of Financial Analysis, 2024, 96(Part A): 103646.
[30] Dixit A.The role of investment in entry-deterrence[J]. The Economic Journal, 1980, 90(357): 95-106.
[31] Untaru E N, Han H.Protective measures against COVID-19 and the business strategies of the retail enterprises: Differences in gender, age, education, and income among shoppers[J/OL]. Journal of Retailing and Consumer Services, 2021, 60: 102446.