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研究生:游昇龍
研究生(外文):YU, SHENG-LUNG
論文名稱:成本僵固性之實證研究-以台灣上市金融業為例
論文名稱(外文):An Empirical Study on Cost Stickiness - A Case Study on the Financial Services Companies listed on the Taiwan Stock Exchange
指導教授:楊清溪楊清溪引用關係
指導教授(外文):YANG, CHING-HSI
口試委員:沈大白張仲岳楊清溪
口試委員(外文):SHEN, DA-BAICHANG, CONRAD-C.YANG, CHING-HSI
口試日期:2017-06-29
學位類別:碩士
校院名稱:國立臺北大學
系所名稱:會計學系
學門:商業及管理學門
學類:會計學類
論文種類:學術論文
論文出版年:2017
畢業學年度:105
語文別:中文
論文頁數:34
中文關鍵詞:成本習性成本僵固性併購綜效
外文關鍵詞:Cost BehaviorCost StickinessMerger and Acquisition Synergy
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本研究主要針對台灣上市金融業公司探討下列問題:第一、營業費用是否具有僵固性,即因營業收入增加所導致營業費用增加之幅度是否會大於營業收入減少所導致營業費用減少之幅度;第二、金融業具有人力資本密集之產業特性,其薪資費用成本習性具否有成本僵固性之特殊現象;第三、金控業透過併購營運策略後是否降低成本僵固性之現象產生。

以下為本研究實證結果發現:

一、營業收入淨額每增加1%時,營業費用會增加0.5793%,然而營業收入淨額減少1%時,營業費用僅減少0.4037%,明顯小於營業收入增加時所帶動之營業費用上升之幅度,代表營業費用具有僵固性。

二、營業收入淨額每增加1%時,薪資費用會增加0.7614%,然而營業收入淨額減少1%時,薪資費用僅減少0.1393%,明顯小於營業收入增加時所帶動之薪資費用上升之幅度,代表薪資費用具有僵固性。

三、營業收入淨額每增加1%時,營業費用會增加0.5927%,然而營業收入淨額減少1%時,營業費用僅減少0.1837%,金控業營業費用減少0.6455%,其下跌的幅度甚至高於上漲的幅度,出現了「反僵固性」的特殊現象,也高於金融產業整體因營業收入減少時所帶動之營業費用下降之幅度,故從實證結果得知金控業公司確實能因併購綜效為企業個體的營業費用帶來相當程度的正面效益。

This study focused on the financial services companies listed on the Taiwan Stock Exchange and explored the following topics: 1. Does stickiness exist in the operating expenses, that is, will the increase in operating expenses due to the increase in operating revenue be greater than the decrease in operating expenses due to the decrease in operating revenue? 2. Financial services have the human capital-intensive industrial characteristic, and is there the special phenomenon of cost stickiness in their salary cost behavior? 3. Have financial holding companies reduced the appearance of cost stickiness after applying the strategy of mergers and acquisitions?

What the empirical results of this study found is as follows:

1. As net operating revenue increases 1%, operating expenses will increase 0.5793%, whereas when net operating revenue decreases 1%, operating expenses decrease only 0.4037%. It is significantly less than the increase in operating revenue driven by the increase in operating costs, meaning that the operating costs see stickiness.

2. As net operating revenue increases 1%, salary costs will increase 0.7614%; however, as net operating revenue decreases 1%, salary costs decrease only 0.1393%. It is significantly less than the increase in salary costs as a result of the increase in operating revenue, meaning that the salary costs see stickiness.

3. When net operating revenue increases 1%, operating expenses of financial holding companies will increase 0.5927 %; nevertheless, as net operating revenue decreases 1%, operating expenses decrease only 0.1837%. The operating expenses of financial holding companies decrease by 0.6455%, and the rate of decline is even higher than the rate of rise, where a special phenomenon of "anti-stickiness" appears. Also, it is higher the decrease in operating expenses due to the decrease in operating revenue for the financial industry as a whole. As a result, it can be learned from the empirical results that financial holding companies can really bring a considerable degree of positive benefits to the individual firm in terms of operating expenses as a result of merger and acquisition synergy.

摘要 I
ABSTRACT II
目錄 IV
圖目錄 V
表目錄 V
第一章 緒論 1
第一節 研究背景與動機 1
第二節 研究目的 2
第三節 論文架構 3
第二章 文獻探討 5
第一節 成本習性 5
第二節 成本僵固性 6
第三節 併購綜效 11
第三章 研究方法 13
第一節 研究假說之建立 13
第二節 研究模型與變數之衡量 15
第三節 研究期間及樣本選取 20
第四節 統計分析與方法 21
第四章 實證結果與分析 22
第一節 敘述性統計與相關分析 22
第二節 實證結果 23
第五章 結果與建議 29
第一節 研究結果 29
第二節 研究限制 30
第三節 研究建議 30
參考文獻 31
一、中文部分 31
二、外文部分 33



一、中文部分
王淑慧,2011,金融控股公司多次併購綜效之探討,天主教輔仁大學會計學系在職專班碩士論文。
戎良琦,1986,統計方法在成本習性分析上之應用研究,國立政治大學會計研究所碩士論文。
林佑昶,2011,併購對經營效率之影響-以台灣產險業為例,南華大學財務金融學系財務管理碩士班研究所碩士論文。
林旻毅,2004,銷管費用僵固性之額外證據,天主教輔仁大學會計學系碩士論文。
高世隆,2010,成本僵固性之堆疊與品牌效用關聯性之研究-以筆記型電腦相關產業為例,國立台北大學會計學系碩士論文。
郭冠如,2007,產品多角化與產能利用率對成本習性之影響:成本黏滯性之檢測,國立中正大學會計與資訊科技研究所碩士論文。
陳諦,2012,美國、東亞航空公司成本僵固性比較之研究,國立台北大學會計學系碩士論文。
曾珀芳,2014,金融合併綜效之實證研究-以台北富邦銀行為例,國立雲林科技大學財務金融系研究所碩士論文。
曾淑玲,2005,營業成本、銷管費用之成本習性研究-以某筆記型電腦公司為例,天主教輔仁大學會計學系在職專班碩士論文。
曾聯洲,2003,銷管費用僵固性之研究,國立政治大學會計研究所未出版碩士論文。
謝佳倫,2014,獨立董事與銷管費用成本僵固性之關聯,國立臺灣大學管理學院會計研究所碩士論文。
嚴友廷,2010,銷管費用僵固性及股價波動關聯性之研究-以台灣上市公司為例,國立台北大學會計學系碩士論文。
二、外文部分
Anderson, M. C., Rajiv D. Banker, and S. N. Janakiraman. 2003. Are Selling, General, and Administrative Cost “Sticky” ? Journal of Accounting Research 41(March):pp.47-63.
Anderson, Shannon W., and William N. Lanen. 2007. “Understanding Cost Management:What Can We Learn from the Evidence on “Sticky Costs?” Working paper. Rice University and University of Michigan.
Balakrishnan, R., M. Peterson, and N. Soderstrom. 2004. Does Capacity Utilization Affect the “Stickiness” of Cost? Journal of Accounting, Auditing & Finance. 19(3):pp.283-299.
Calleja, Kenneth., Michael Steliaros, and Dylan C. Thomas. 2006. “A Note on Cost Stickiness:Some International Comparisons”. Management Accounting Research 17(2006):pp.127-140.
Cooper, R., and R. Kaplan. 1998. The Design of Cost Management System:Text, Cases, and Readings. (2nd Edition) Upper Saddle River, NJ:Prentice Hall: pp.341-342.
Horngren, C.T.,S. M. Datar, and G. Foster. 2003. Cost Accounting:A Managerial Emphasis. (11th Edition) Upper Saddle River, NJ:Prentice Hall.
Lewellen, W.G. 1971. A Pure Financial Rationale for the Conglomerate Merger. Journal of Finance (May):pp.521-537.
Noreen, E. 1991. Conditions under which activity-based cost systems provide relevant costs. Journal of Management Accounting Research 3:pp.159-168.
Noreen, E., and N. Soderstrom. 1994. Are Overhead Costs Strictly Proportional to Activity? Evidence form Hospital Service Departments. Journal of Accounting and Economics 17(January):pp.255-78.
Noreen, E., and N. Soderstrom. 1997. The Accuracy of Proportional Cost Model:Evidence form Hospital Service Departments. Review of Accounting Studies 2:pp.89-114.
Otavio Ribeiro de Medeiros and Patricia de Souza Costa. 2004. “Cost Stickiness in Barzilian Firms”. 4th USP Congress of Managerial Control and Accounting, held in Sao Paulo, Brazil. October,2004.
Schmidt, D.R., and K.L. Fowler. 1990. Post-Acquisition Financial Performance and Executive Compensation. Strategic Management Journal 11:pp.559-569.
Silhan, P., and H. Thomas.1986. Using Simulated Mergers to Evaluate Corporate Diversification Strategies. Strategic Management Journal 7:pp.523-534.
Singh, H., and C.A. Montgormery. 1987. Corporate Acquisition Strategies and Economic Performance, Strategic Management Journal 8:pp.377-386.
Subramaniam, C., and Marcia L. Weidenmier. 2003. Additional Evidence the Sticky Behavior of Costs. Working paper, Texas Christian University.
Turney, P.B.B. 1991. Common Cents:The ABC Performance Breakthrough Hillsboro, Oregon, Cost Technology Published, pp.40-45.

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