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.

摘要： 人民币汇率波动对进出口商品价格具有显著传导效应，由此对进出口型企业成本、销售及收入造成影响，继而经过相关传导机制与路径作用于诸多行业与非进出口型企业，而此是否导致成本粘性特质，是否对企业现金流运行产生作用，且企业现金流经过成本粘性因素作用在企业中又将展现怎样特性，研究发现，当企业销售量下降时，营业收入减少时，企业成本粘性增强，企业自由现金流下降明显，表明我国上市公司确实存在成本粘性行为，基于成本粘性特质，并在人民币升值情形下企业自由现金流又将呈现出何种特征，研究发现，当企业收入呈负增长，在人民币升值幅度较快时，成本粘性加剧，企业自由现金流下降趋势更加显著。