财经问题研究

在数字经济时代，从成本管理视角探讨数字化转型的价值创造作用，对企业优化资源配置、实现高质量发展具有重要意义。本文以2010—2023年中国A股上市公司为样本，实证检验了数字化转型对企业成本粘性的影响及作用机制。研究发现，数字化转型能够抑制企业成本粘性，该结论在经过一系列内生性检验和稳健性检验后仍然成立。数字化转型通过降低企业资源调整成本和纠正管理者乐观预期抑制企业成本粘性。数字化转型对企业成本粘性的抑制作用在高能力管理者企业、非国有企业、低信息透明度企业、高行业竞争度企业中更显著。同时，数字化转型对非劳动力成本粘性的抑制作用显著。此外，数字化转型对企业成本粘性的抑制作用有助于企业当期及未来价值的提升，具有长期价值创造作用。本文研究丰富了数字化转型的价值创造研究，为企业数字化转型提供了启示。

In recent years, with the rapid development of the digital economy and the increasingly complex and volatile market landscape, the issue of value creation through digital transformation has become a topic of widespread concern in both practical and academic circles. Cost management is a critical aspect of enterprise operations, closely linked to resource allocation efficiency and value creation capabilities, with cost stickiness being a key manifestation of cost management behavior. Existing literature has explored the influencing factors of cost stickiness from macro-level institutional environments, meso-level industry characteristics, and micro-level enterprise perspectives, yet few studies have examined how digital transformation, a significant strategic change, affects cost stickiness.Based on this, this paper investigates the value creation mechanism of digital transformation from the perspective of cost stickiness, using data from Chinese A-share listed companies from 2010 to 2023. The findings reveal that digital transformation can effectively mitigate enterprise cost stickiness. Mechanism tests indicate that digital transformation achieves this by reducing resource adjustment costs and correcting managerial optimism. Heterogeneity analysis shows that the inhibitory effect of digital transformation on enterprises cost stickiness is more pronounced in enterprises with higher managerial capabilities, non-state-owned enterprises, highly competitive industries, and enterprises with lower information transparency. Additionally, this inhibitory effect is not reflected in labor cost stickiness but is realized by reducing non-labor cost stickiness. Moreover, the suppression of cost stickiness through digital transformation ultimately enhances both current and future enterprise value, demonstrating a long-term value creation effect.This paper contributes to relevant literature in three key aspects. First, from the perspective of cost stickiness, it enriches research on the economic consequences of digital transformation. Existing studies on the value creation of digital transformation have primarily focused on its impact on operational efficiency, enterprise governance, and innovation, with limited attention to whether and how digital transformation affects cost management behavior. By examining cost stickiness, this paper expands research on value creation through digital transformation. Second, it reveals that reducing resource adjustment costs and correcting managerial optimism are important mechanisms through which digital transformation affects cost stickiness. Third, it broadens the research framework on the influencing factors of cost stickiness. By incorporating digital transformation, a crucial strategic shift in the digital economy era, into the analysis, this paper provides a new perspective for understanding cost stickiness and offers valuable insights for enterprises to optimize resource allocation and promote high-quality development.This paper elucidates the internal logic of how digital transformation influences enterprises cost management behavior. It provides empirical evidence for government regulators to create a targeted institutional environment conducive to enterprises digital transformation and offers significant implications for enterprises seeking to optimize cost management decisions and enhance resource allocation efficiency through digital transformation.