政府控制與公司成本決策關聯性之分析

在會計學中，我們常依照成本習性大致將成本區分為變動成本以及固定成本兩類。變動成本在總成本中所佔比例較高者，其成本結構較具有彈性，反之則稱其成本結構較不具彈性。另外近年來有越來越多的實證研究指出，成本會因為成本動因變動之方向不同，而有變動幅度不對稱的現象，此現象被稱作為「成本僵固性」。本研究欲探討公股作為一個背景特殊的機構投資人，在其所投資的公司做成本決策時，究會扮演什麼角色。而成本決策於本研究中會分為成本彈性以及成本僵固性兩類做探討。本研究以2010年至2019年之台灣上市櫃公司做為研究對象，並以Anderson et al. (2003)之研究為基礎建立研究模型。實證結果顯示支持本研究對於公股參與程度與成本彈性呈現反向關係之預期，但與成本僵固性呈現正向關係之預期。本研究之額外測試則進一步發現，在同為公股控制的公司當中，當公股控制力與成本僵固性則會呈現反向關係，但若在政府機構直接控制以及處於競選年度的情況下則依然會與成本僵固性呈現正向關係。

關鍵字

成本決策；成本結構；成本僵固性；公營事業；公股；競選年度

並列摘要

In accounting, we often divide costs into variable costs and fixed costs according to cost behavior. The variable cost accounts for a higher proportion of the total cost, the cost structure is more flexible, otherwise the cost structure is said to be less flexible. In addition, in recent years, more and more empirical researches have indicated that the cost will be asymmetric due to the different change directions of cost drivers, and this cost behavior is called "stickiness of cost". This study intends to explore the role of public shares as an institutional investor with a special background in the invested companies when they made cost decisions. The cost decisions will be divided into two types: cost elasticity and stickiness of cost. This research took Taiwan listed and over-the-counter companies from 2010 to 2019 as the research object, and builds a research model based on the research of Anderson et al. (2003). The empirical results show that this research supports the expectation that the degree of public shares participation and cost elasticity have an inverse relationship, but the expectation of a positive relationship with stickiness of cost. The additional tests in this study further found that among companies that are controlled by public shares, there will be an inverse relationship between the degree of public shares control and stickiness of cost, but if they are directly controlled by government agencies and in the election year, they will still have a positive relationship with stickiness of cost.