WHAT IS RELATED TO COST, PRODUCT OR SERVICE - EMPIRICAL DATA AND MARKET SENTIMENT REGULATION ANALYSIS OF SERVICE-ORIENTED LISTED COMPANIES IN CHINA'S MANUFACTURING INDUSTRY
Authors: Xu Liwen , Wei Lin 
Published: July 2022

Abstract

Background
There is a “service-oriented paradox”, which inhibits the performance in the process of service-oriented due to the rise of operating costs and other problems. There are few studies on how service-oriented affects the cost of manufacturing enterprises. The analysis of the potential market emotional micro behavior under the service-oriented paradox is also one of the contents of this article.

Subjections and Methods
Non ST manufacturing companies listed on A-shares in Shanghai and Shenzhen, China from 2007 to 2019 were selected as samples, and the OLS method was used to study the impact of service level on cost stickiness, as well as the two impact mechanisms of management psychological expectation and resource adjustment cost in the sample of 4826 company years, and the intermediary effect test was used for analysis. In addition, a questionnaire survey is also used to investigate the emotional micro behavior of non ST manufacturing companies listed on A-shares in China. The Chinese version of cognitive emotion regulation scale revised by Wei Yimei in 2008 was used in this study. The scale is a self-report scale, which requires individuals to self-evaluate the cognitive emotion regulation methods used in experiencing negative life events. The scale has 32 items, including 8 cognitive coping strategies, including self-blame, tolerance, reflection, positive adjustment, positive imagination, self-comfort, disaster and blaming others. This scale is divided into adaptive and non adaptive cognitive emotion regulation methods. Adaptive strategies are tolerance, positive adjustment, positive imagination and self-comfort. Non adaptive strategies are self-blame, reflection, disaster and blaming others. The questionnaire adopts the 5-point scoring method (1-5, from “almost never” to “almost always”). The higher the score on a subscale, the more likely the subjects are to use this cognitive strategy. The internal consistency coefficient of the total scale is 0.89, of which the internal consistency coefficients of the eight sub scales are 0.72, 0.68, 0.70, 0.66, 0.81, 0.60, 0.81 and 0.76 respectively. The internal consistency coefficient of the scale in this study is 0.839.

Results
the research shows that with the improvement of service level, the Cost Stickiness of manufacturing enterprises first decreases and then increases, that is, first according to product stickiness and then according to service stickiness. Mechanism research shows that in the early stage of service-oriented, managers' psychological expectations tend to be cautious and optimistic, unwilling to hold more resources, so as to reduce cost stickiness; In the later stage of service-oriented, managers' psychological expectations are often too optimistic and tend to hold more resources, which increases the Cost Stickiness; Under this psychological effect, managers tend to allocate lower adjustment costs in the early stage of service-oriented, so as to reduce cost stickiness; In the later stage of service-oriented, they tend to allocate high adjustment cost resources and enhance the Cost Stickiness in the later stage of service-oriented. Further research shows that made in China 2025 and state-owned enterprises strengthen the relationship between service level and cost stickiness. In addition, in the process of the impact of financial events on anxiety, emotional response plays an intermediary role, and psychological elasticity plays a regulatory role. Financial events are regulated by psychological elasticity through the intermediary effect of emotional response on anxiety. That is, the higher the psychological elasticity, adjust the impact of financial events on anxiety through coping styles and reduce it; On the contrary, the lower the level of psychological elasticity, adjust the impact of financial events on anxiety through coping styles, and increase it.

Conclusion
under the influence of managers' psychological expectation and resource adjustment cost, there is a U-shaped relationship between the service level of manufacturing enterprises and cost stickiness. The study also lacks the impact of different service types on Cost Stickiness. The research results help manufacturing enterprises understand the change law of cost allocation in the process of service-oriented, and have strategic value in promoting the implementation of made in China 2025. At the same time, the scientific use of different enterprise strategies according to the emotional micro changes in different regions should also become the scope of consideration of the manufacturing industry.

Acknowledgements
Tianjin Municipal Philosophy and Social Science Planning Project Youth Project: “Research on the Impact of Servitization on Cost Stickiness in Chinese Manufacturing Enterprises” (TJGLQN18-006); Tianjin Municipal Education Commission Social Science Major Project: “Research on Cost Sharing Mechanism of Postgraduate Training” (2020JWZD05).