Cost stickiness reflects the risk factors in the role of industry attributes, asset characteristics and the executive decision making behavior in the case of macro-economic uncertainty. High cost stickiness will reduce operating efficiency, increase the risk of enterprises. Taking China’s A-share manufacturing listed companies from 2005 to 2012 as samples, this paper makes an empirical test of the relationship between cost stickiness and enterprise risk and the impact of different investment efficiency on the above relationships. The main conclusions are as follows: under the external economic risks and internal operating risks, the cost stickiness significantly increases the level of the enterprise risk; when companies carry on overinvestment, the positive relationship between the cost stickiness and enterprise risk is more significant; when firms have insufficient investment, the relationship significantly weakened.