臺灣博碩士論文加值系統

本研究探討銷管費用與公司當期及未來獲利能力之間的關係及是否會受到銷管費用所創造的未來價值及成本僵固性之影響。研究樣本為2010年至2019年期間的台灣上市、櫃公司。本研究實證結果發現，公司投入一般性銷管費用（不含研發費用）與公司獲利能力呈正相關，且在當期、一至二年會有所獲利，表示一般性銷管費用支出具有未來價值；銷管費用所創造的未來價值愈高與公司獲利能力正向關係更強，隨著時間延長正向關係強度逐漸減弱；具有成本僵固性之公司投入一般性銷管費用與公司獲利能力呈正相關，且在當期、一至二年會有所獲利。此外，公司投入研發費用與公司當期獲利能力不相關，需一至四年才會有所獲利；公司投入人事費用（含推銷及管理人事）與公司當期獲利能力呈正相關，僅在當期有所獲利。

This study examined the association between SG&A expenditures and the company's current and future profitability and whether it will be affected by the future value and Cost Stickiness created by SG&A expenditures. The research sample was the Taiwan's listed and OTC companies from 2010 to 2019. The results showed that the company’s general SG&A expenditures (excluding R&D expenses) are positively correlated with the company’s profitability. There will be profits in the current period and one to two years, which indicates that general SG&A expenditures have future value. The more the future value created by the SG&A expenditures increase, the stronger the positive relationship between high and the company’s profitability, and the strength of the positive relationship gradually weakens over time. The general SG&A expenditures of a company with Cost Stickiness are positively related to the company’s profitability, and in the current period, profits will be made in one to two years. In addition, the company’s investment in research and development expenses is not related to the company’s current profitability, and it takes one to four years to make a profit; the company’s personnel expenses (including sales and management personnel) are positively related to the company’s current profitability, which will result in profit in the current period.

目錄
摘要 i
ABSTRACT ii
誌謝 iii
表目錄 v
圖目錄 vi
壹、緒論 1
一、研究動機 1
二、研究目的 3
三、研究流程與架構 4
貳、文獻探討及假說發展 5
一、銷管費用與公司未來價值之相關文獻 5
二、銷管費用與成本僵固性之相關文獻 6
參、研究設計 9
一、樣本與資料來源 9
二、模型設計 11
三、變數定義 14
肆、實證結果 17
一、敘述性統計 17
二、相關係數 19
三、迴歸分析結果 21
四、敏感性測試 30
伍、結論與建議 39
一、結論 39
二、研究假設驗證結果 40
三、未來研究建議 40
參考文獻 41
表目錄
表1 銷管費用樣本篩選過程 10
表2 成本僵固性樣本篩選過程 10
表3 研究變數之敘述性統計 18
表4 迴歸分析各變數之Pearson相關係數 20
表5 銷管費用變數與公司獲利能力之關係 22
表6 銷管費用與公司獲利能力之關係與銷管費用所創造的未來價值 23
表7 銷管費用與公司獲利能力之關係與成本僵固性 26
表8 銷管費用與公司獲利能力之關係與未來價值及成本僵固性 28
表9 銷管費用變數與市場績效之關係 31
表10 銷管費用與市場績效之關係與銷管費用所創造的未來價值 32
表11 銷管費用與市場績效之關係與成本僵固性 35
表12 銷管費用與市場績效之關係與未來價值及成本僵固性 37
表13 實證結果總表 40
圖目錄
圖1 研究流程圖 4

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