成本僵固性對股價崩跌風險之影響

Cost Stickiness and Stock Price Crash Risk

本研究聚焦成本僵固性對股價崩跌風險影響，分析2008年至2020年間台灣資本市場共計9,182筆未包含個別成本僵固性之公司年觀察值發現，成本僵固性對股價崩跌風險具有正向顯著影響，並且在多種敏感性測試皆保持一致性結論。另外，考量具效率契約決策之關係人進貨以及銷貨交易發現，銷貨成本僵固性愈高，股價崩跌風險愈高。最後，在額外納入個別成本僵固性後，本研究也發現，銷貨成本僵固性正向顯著影響股價崩跌風險，但銷售成本僵固性與股價崩跌風險呈現負向顯著影響。上述結果說明了，企業存貨管理對資本市場投資者之認知存在重要影響；但對於必要成本支出所產生之僵固性，反而會減緩投資者在資本市場之反應。

This study examines the relationship between cost stickiness and stock price crash risk using 13 years of data (2008–2020) from the Taiwan capital market, covering 9,182 firm-year observations. The findings indicate that cost stickiness is positively and significantly associated with stock price crash risk; these results are robust after implementing several sensitivity tests. Additionally, higher COGS stickiness linked to efficient contracting decisions is associated with greater crash risk, suggesting that weaker inventory cost management under efficient contracts exacerbates this risk. Finally, we also consider the impact of individual cost stickiness with stock price crash risk; the stickiness of cost of goods sold (COGS) positively impacts crash risk, while selling cost stickiness has a negative impact. This evidence highlights the importance of inventory management in shaping investor perceptions, while necessary cost stickiness may dampen market reactions.