關係人交易與成本習性之關聯性分析

本文旨在探討關係人交易與成本習性間之關聯性。根據前人研究，關係人交易可分為效率交易及利益輸送兩種觀點，而成本習性可分為成本彈性及成本僵固性兩方面來討論。在成本彈性部分，本研究預期關係人交易比例越高的企業，其成本結構越為固定；此外，亦將關係人交易拆分為正常關係人交易及異常關係人交易，並檢視這兩者對成本彈性之影響。另一方面，由於成本僵固性的成因大多與管理者決策有關，故本研究主要探討異常關係人交易與成本僵固性之關聯，並且進一步分析不同情況下異常關係人交易對成本僵固性之影響。本研究以2012年至2021年之台灣上市櫃公司為研究樣本，實證結果顯示關係人交易確實與成本彈性呈現負向關係，且正常關係人交易相較於異常關係人交易使成本結構更偏向固定。在成本僵固性方面，具帝國建立動機的情況下，異常關係人交易與成本僵固性的關聯性不甚顯著；在盈餘目標壓力的情況下，異常關係人交易與成本僵固性有正向關係，與原先預期相反。另外，本研究以超額關係人交易與刪除航運業與觀光業後之樣本進行敏感性測試，發現當聚焦在超額關係人交易時，具帝國建立動機的情況下，異常關係人交易與成本僵固性有正向關係，與假說相符，其餘實證結果皆支持主要測試之結果。

關鍵字

關係人交易；成本習性；盈餘管理；異常關係人交易；成本彈性；成本僵固性

並列摘要

This paper discusses about the relationship between related party transactions (RPT) and cost behavior. Based on previous researches, there are two hypotheses about RPT─ Efficient transactions and Conflict of interest. Also, cost behavior could be separated into two parts─ Cost elasticity and Cost stickiness. Analyzing a sample of Taiwan’s listed firm from 2012 to 2021, this study finds that RPT has a negative relationship with cost elasticity. Moreover, comparing with abnormal RPT, normal RPT has a more negative relationship with cost elasticity. In terms of cost stickiness, in the case of empire-building motivation, the relationship between abnormal RPT and cost stickiness is not significant; in the case of earnings target pressure, abnormal RPT are positively related to cost stickiness, which is different from what was originally expected. In addition, this study conducts a few robustness test with two different samples of excess RPT and the removal of tourism and shipping industry, and finds that when the focusing on excess RPT, under the condition of empire-building motivation, abnormal RPT and cost stickiness are positively correlated. The other robustness test results are similar to the main test results.