中文摘要：

以2003—201l年沪深A股上市公司为样本，探析了费用粘性对公司投资效率的影响以及宏观货币政策对这种影响的中介作用。研究发现，上市公司的费用粘性特质越明显，越易导致公司投资不足，即费用粘性程度与投资不足呈正相关关系。在货币政策较为宽松的情形下，费用粘性与投资的正向关联有所减弱，这说明货币政策减轻了费用粘性对投资不足的影响。进一步研究发现，货币政策的影响仅存在于民营企业样本中。

英文摘要：

This paper focuses on the impact of firm＇s cost stickiness on investment efficiency based on China＇s listed firms from 2003 to 2011, and further examines the moderate effect of macro monetary policy on the relationship between cost stickiness and in- vestment efficiency. We find that there is a positive association between firm＇s cost stickiness and investment efficiency, and the loose monetary policy negatively moderates the positive association. Furthermore, the empirical results suggest that the moderation effect of monetary policy only exists in private firm samples.