| 摘要Abstract | 本研究探討臺灣上市、櫃公司的營業成本與銷管費用是否具有僵固性，影響 成本僵固性的因素為何，以及盈餘門檻與成本僵固性的關係。本文設立一個簡單的 模式，將營業成本和銷管費用各分為三個部分：上期成本、隨著銷貨收入的變動而 調整的變動成本、以及隨著銷貨收入的減少而產生僵固現象的成本。研究結果發現： (1) 上市、櫃公司的營業成本與銷管費用存在僵固性；(2) 營業成本僵固性程度與經 濟成長率以及資產強度呈顯著正相關，但與人力資本強度、材料強度以及銷貨需求 連續下跌呈負相關，銷管費用僵固性程度與資產強度呈顯著正相關，但與經濟成長 率、銷貨需求連續下跌、以及人力資本強度呈負相關；(3) 規模較大企業之營業成 本存在僵固性，而規模較小企業之銷管費用存在僵固性；(4) 當管理者面對目標盈 餘的壓力時，成本僵固現象會有所改變。本研究建立一個長期性的成本習性模式， 以實證探討臺灣上市、櫃企業管理決策對成本習性之影響，在控制過去決策的影響 後，研究結果顯示在銷貨衰退時，管理者有遞延處置產能的決策，但面對盈餘門檻 的壓力時，管理者會採取不同的決策，造成僵固現象之減緩。The purposes of this paper are to investigate whether cost stickiness exists in publicly traded corporations, to examine what the determinants of sticky costs are, and to explore the relationship between an earning threshold and cost stickiness. To this end, a simple model is developed which categorizes operating costs and M&A (market & administration) expenses into three components: cost from previous period, variable costs due to change in net sales, and cost stickiness due to decrease in net sales. Empirical results of the study are summarized as follows: (1) cost stickiness exists both in operating costs and M&A expenses of publicly traded corporations; (2) the degree of stickiness in operating costs is significantly positive associated with economic growth and asset intensity, whereas it is negatively associated with human capital intensity, material intensity and consecutive decrease in net sales. Stickiness of M&A expenses is positively associated with asset intensity, but negatively correlated with economic growth, consecutive decrease in net sales and human capital intensity; (3) Cost stickiness of operating costs exists in larger firms, whereas cost stickiness of M&A expenses is prevalent in smaller firms; (4) Cost behavior changes when managers face pressure on earning targets. The study establishes a long-term cost behavior pattern to empirically examine the effect of managers’ decisions on cost behavior. After controlling the effect of past decisions, we find that when sale demand declines, managers postpone disposing of the idle capacity; however, when faced with pressure to meet earnings threshold, managers will make different decisions and cost stickiness mitigates as a result. |