Cost Stickiness means that costs increase more rapidly with an activity increase than they decrease with an activity decrease. This paper focus style="font-family:Verdana;">es style="font-family:Verdana;"> on Chinese A-shares listed companies, which implement private equity placement from 2007 to 2016, to study the impact of earnings management motivation of private equity placement on listed companies’ cost stickiness. The results show that the listed companies implementing private equity placement have positive motivation of earnings management, and will cut more costs when the operating income declines, thus weakening their cost stickiness. Further tests find that this weakened effect is more obvious in the state-owned enterprises, and less obvious in the enterprises audited by the big-four.
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机译：成本粘性是指随着活动的增加，成本的增加比随着活动的减少而降低的速度更快。本文将 style =“ font-family：Verdana;”> es style =“ font-family：Verdana;”>集中于中国A股上市公司，这些公司从2007年开始实施私募股权融资2016年，研究私募股权配售的收益管理动机对上市公司成本粘性的影响。结果表明，实施私募配售的上市公司具有积极的盈余管理动机，当营业收入下降时将削减更多成本，从而削弱了其成本粘性。进一步的测试发现，这种减弱的影响在国有企业中更为明显，而在由四大会计师事务所审计的企业中则不那么明显。
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