本研究主要針對台灣上市公司探討下列問題:第一、銷管費用是否具僵固性,即因銷貨收入增加所導致銷管費用增加之幅度是否會大於因銷貨收入減少所導致銷管費用減少之幅度;第二、銷管費用僵固性是否會因產業不同而有所差異;第三、銷管費用僵固性與股價波動間之關聯。 實證結果發現,銷貨收入淨額每增加1%時,銷管費用會增加0.5591%,然而銷貨收入淨額減少1%時,銷管費用僅會減少0.4733%,代表銷管費用具僵固性。但銷管費用僵固性現象並非存在於所有產業中,可能是因為不同產業間之成本習性會因產業特性而有所不同所致。同時,本研究亦發現具僵固性與股價波動兩者之間存有正向關係,亦即具有僵固性之企業股價波動程度會大於不具僵固性之企業。
The research mainly studied the following issues of public companies in Taiwan. First of all, are selling, general, and administrative (SG&A) costs sticky? That is, whether SG&A costs increase more when sales rise than they decrease when sales fall by an equivalent amount. Second, is the degree of stickiness changed from different industries? Third, in this study we also investigated the relationship between cost stickiness and stock price volatility. The test results are shown above. SG&A costs increase on average 0.5591% per 1% increase in sales but decrease only 0.4733% per 1% decrease in sales, which means stickiness of SG&A costs truly existed in Taiwan public companies. However, this phenomenon does not appear in every industry. We thought it could be probably caused by different industry characteristics. Moreover, we also found the positive relationship between SG&A costs and stock price volatility. In other words, stock price fluctuation of a company which is sticky in SG&A costs is more obvious.