Abstract: Exchange rate fluctuations of the RMB have a significant effect conduction against the import and export commodity prices , the resulting will impact on the export-oriented enterprises cost, sales and income. Then the consequence will transmit many industries and non-export-oriented enterprises through some mechanism or path soon afterwards . And whether this leads to cost sticky characteristics, or not effect on cash flow of firms? And how properties will cash flow turn to show through cost stickiness factors in the enterprise? The study found that corporate free cash flow will decrease significantly when business sales fell, and reducing operating income, while corporate costs sticky will enhance.So this demonstrate that cost sticky behavior exist in companies in China indeed, Based on the cost of sticky qualities, and in the case of RMB appreciation free cash flow of corporate showing what features, the study found that free cash flow of corporate will decline quickly and cost sticky will increase promptly when the corporate income show negative growth During the rapid appreciation of the RMB.