中文摘要：

货币政策作为政府调控经济的重要手段，会对宏观经济和微观企业运行产生重要而深远的影响。以2004--2012年沪、深两市A股制造业上市公司为研究样本，本文探索了货币政策对公司成本粘性的影响。研究发现：（1）紧缩货币政策对上市公司的成本粘性有显著的抑制作用，政策变化发挥了一定的调控作用；（2）区分公司面临融资约束的不同程度，抑制作用在融资约束程度高的公司中更为明显，政策执行效果存在个体层面的差异；（3）区分公司成本的不同组成，紧缩货币政策对非人力成本粘性存在明显的抑制作用，对人力成本粘性作用则不明显，即紧缩货币政策下公司会选择优先调整非人力成本。本文的研究为中国背景下成本粘性的管理层预期动因提供了经验检验和支持，并从融资约束角度拓展和深化了宏观经济政策对微观企业行为的影响研究。

英文摘要：

As an important means of government＇s economic regulation, monetary policy will have a significant and far-reaching impact on both the macro and the micro economy operation. Usinga sample of Chinese A-share manufacturing companies listed on Shanghai and Shenzhen stock exchan- ges from 2004--2012, this paper studies the effects of the monetary policy on cost stickiness. The re- suits show that： （1） Tight monetary policy has a remarkable inhibition action on the listed companies＇ cost stickiness, which means the policy changes play a role in the regulation; （2） The inhibition effects always exists in situations where the financing constraints is high, which means the effects of policy implementation are different in individual level; （3） The inhibition effects exists on- ly on labor cost stickiness but not on non-labor cost stickiness, which means that companies will ad- just the non-labor cost first under tight monetary policy. This paper supports the empirical testing of the management optimism of cost stickiness in China, and extends the consequence of macro-economy policies on the behavior of micro-enterprise from the channel of financing constraints.