一般性銷管費用與公司獲利能力、成本僵固性間之關係

The Association of SGA Expenditures with Company’s Profitability Cost Stickiness

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 SGA expenditures and the company's profitability and whether it will be affected by the future value and Cost Stickiness created by SGA expenditures. The research sample was the Taiwan's listed and OTC companies from 2010 to 2019. The results showed that the company’s general SGA 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 SGA 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 SGA 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.