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題名 現金持有與成本僵固性之關聯
The Association between Cash Holdings and Cost Stickiness
作者 廖思宇
Liao, Si-Yu
貢獻者 潘健民
廖思宇
Liao, Si-Yu
關鍵詞 超額現金
現金持有
成本僵固性
Excess cash
Cash holdings
Cost stickiness
日期 2022
上傳時間 1-Aug-2022 17:07:49 (UTC+8)
摘要 　　本研究以東京證券交易所上市企業為對象，探討現金持有與成本僵固性之關聯。成本僵固性係指成本隨著成本動因不同方向的變動時，呈現不對稱比例變動的成本行為，而通常認為此一現象發生的主因是管理者對於成本投入決策之審慎態度以及調整成本的產生。與其他主要工業國家之企業相比，日本企業的現金持有一直以來比其他國家之企業還要高，而現金代表一個企業之資源的根本，企業可以產生虧損，但企業手頭上不能沒有現金，因此，企業之現金持有的多寡代表著企業面對經營環境變化時的韌性。
　　本研究之實證結果顯示，與過去的文獻一致，日本企業之銷管費用普遍存有成本僵固性之現象，然而，超額現金持有與成本僵固性並沒有關聯。
Using data from firms listed in the Tokyo Stock Exchange, this paper investigates whether corporate cash holdings affect cost stickiness. Cost stickiness refers to the asymmetric cost behaviors in relation to the change in sales. The main reason for the asymmetric cost behavior is generally considered as the cost decisions and the adjustment costs. Japanese firm have higher cash holdings compared to their counterparts in other major industrial countries. Cash is the essence resource of a firm. A firm can survive while reporting loses but may not survive without cash.
The empirical results find cost stickiness on Japanese firms but no association between cash holdings.
參考文獻 Anderson, M. C., R. D. Banker, and S. N. Janakiraman. 2003. Are selling, general, and administrative costs “sticky”? Journal of Accounting Research 41 (1): 47-63.
Anderson, M. C., R. D. Banker, R. Huang, and S. N. Janakiraman. 2007. Cost behavior and fundamental analysis of SG&A costs. Journal of Accounting, Auditing and Finance 22 (1): 1-28.
Balakrishnan, R., M.J. Petersen, and N. S. Soderstrom. 2004. Does capacity utilization affect the ”stickiness” of cost? Journal of Accounting, Auditing and Finance 19 (3): 283-300.
Balakrishnan, R., and T. S. Gruca. 2008. Cost stickiness and core competency: A note. Contemporary Accounting Research 25 (4): 993-1006.
Banker, R. D., D. Byzalov, and L. Chen. 2013. Employment protection legislation, adjustment costs, and cross-country differences in cost behavior. Journal of Accounting and Economics 55 (1): 111-127.
Banker, R. D., D. Byzalov, M. Ciftci, and R. Mashruwala. 2014. The moderating effect of prior sales changes on asymmetric cost behavior. Journal of Management Accounting Research 26 (2): 221-242.
Banker, R. D., D. Byzalov, and J. M. Plehn-Dujowich. 2010. Demand uncertainty and cost behavior. Accounting Review 89 (3): 839-865.
Banker, R. D., and L. Chen. 2006. Predicting earning using a model of cost variability and cost stickiness. Accounting Review 81 (1): 285-307.
Banker , R. D., R. Huang, and Y. Yan. 2022. Flexible or Rigid? Evidence on Managerial Ability and Cost Structure. Baruch College Zicklin School of Business Research Paper No. 2019-05-01, Available at SSRN: https://ssrn.com/abstract=3374478 or http://dx.doi.org/10.2139/ssrn.3374478
Basu, S., L. S. Hwang, T. Mitsudome, and J. Weintrop. 2007. Corporate governance, top executive compensation and firm performance in Japan. Pacific-Basin Finance Journal 15 (1): 56-79.
Bates, T., K. Kahle, and R. Stulz. 2009. Why do U.S. firms hold so much more cash than they used to? Journal of Finance 64 (5): 1985-2021.
Belghitar, Y., and J. Khan. 2013. Governance mechanisms, investment opportunity set and SMEs cash holdings. Small Business Economics 40 (1): 59-72.
Chen, C. X., H. Lu, and T. Sougiannis. 2012. The agency problem, corporate governance, and the asymmetrical behavior of selling, general, and administrative costs. Contemporary Accounting Research 29 (1): 252-282.
Cooper, R. W., and R. S. Kaplan. 1998. The Design of Cost Management Systems: Text, Cases, and Readings (2nd ed.). Upper Saddle River, NJ: Prentice Hall.
Donaldson, G. 1961. Corporate Debt Capacity: A study of corporate debt policy and the determination of corporate debt capacity. Harvard Graduate School of Business Administration, Boston.
Jensen, M. C., and W. H. Meckling. 1976. Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics 3 (4): 305-360.
Jensen, M. C. 1986. Agency costs of free cash flow, corporate finance, and takeovers. American Economic Review 76 (2): 323-329.
Harford, J., S. Klasa, and W. F. Maxwell. 2014. Refinancing risk and cash holdings. Journal of Finance 69 (3): 975-1012.
He, D., J. Teruya, and T. Shimizu. 2010. Sticky selling, general, and administrative cost behaviour, and its changes in Japan. Global Journal of Business Research 4 (4): 1-10.
Kato, K., M. Li, and D. J. Skinner. 2017. Is Japan really a “buy”? The corporate governance, cash holdings and economic performance of Japanese companies. Journal of Business Finance and Accounting 44 (3): 480-523.
Kim, M., and J. P. Kinsey. 2010. An additional source of financial analysts’ earnings forecast errors: Imperfect adjustments for cost behavior. Journal of Accounting, Auditing and Finance 25 (1): 27-51.
Mikkelson, W. H., and M. M. Partch. 2003. Do persistent large cash reserves hinder performance? Journal of Financial and Quantitative Analysis 38 (2): 275-294.
Miller, M. H., and D. Orr. 1966. A model of the demand for money by firms. Quarterly Journal of Economics 80 (3): 413-435.
Modigliani, F., and M. H. Miller. 1963. Corporate Income Taxes and the Cost of Capital: A Correction. American Economic review 53 (3): 433-443.
Myers, S.C., and N. Majluf. 1984. Corporate financing and investment decisions when firm have information that investors do not have. Journal of Financial Economics 13 (2): 187-221.
Nakano, M., and P. Nguyen. 2012. Board size and corporate risk taking: Further evidence from Japan. Coporate Governance: International Review 20 (4): 369-387.
Noreen, E. 1991. Conditions under which activity-based cost systems provide relevant costs. Journal of Management Accounting Research 3 (4): 159-168.
Opler, T., L. Pinkowitz, R. M. Stulz, and R. Williamson. 1999. The determinants and implications of corporate cash holdings. Journal of Financial Economics 52 (1): 3-46.
Palazzo, B. 2012. Cash holdings, risk, and expected returns. Journal of Financial Economics 104 (1): 162-185.
Pinkowitz , L., R. M. Stulz, and R. Williamson. 2016. Do U.S. firms hold more cash than foreign firms do? Review of Financial Studies 29: 309-48.
Pinkowitz, L., and R. Williamson. 2001. Bank power and cash holdings: Evidence from Japan. Review of Financial Studies 14 (3-4): 1059-1082.
Rountee, B., J. P. Weston, and G. Allayannis. 2008. Do investors value smooth performance? Journal of Financial Economics 90: 237-251.
Shleifer, A., and R. Vishny. 1993. Liquidation values and debt capacity: A market equilibrium approach. Journal of Finance 47 (4): 1343-1366.
Sunder, L. S., and S.C. Myers. 1999. Testing static tradeoff against pecking order models of capital structure. Journal of Financial Economics 51 (2): 219-244.
Weiss, D. 2010. Cost behavior and analysts’ earnings forecasts. Accounting Review 85(4): 1441-1471.
描述 碩士
國立政治大學
會計學系
109353024
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0109353024
資料類型 thesis
dc.contributor.advisor 潘健民zh_TW
dc.contributor.author (Authors) 廖思宇zh_TW
dc.contributor.author (Authors) Liao, Si-Yuen_US
dc.creator (作者) 廖思宇zh_TW
dc.creator (作者) Liao, Si-Yuen_US
dc.date (日期) 2022en_US
dc.date.accessioned 1-Aug-2022 17:07:49 (UTC+8)-
dc.date.available 1-Aug-2022 17:07:49 (UTC+8)-
dc.date.issued (上傳時間) 1-Aug-2022 17:07:49 (UTC+8)-
dc.identifier (Other Identifiers) G0109353024en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/140986-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 會計學系zh_TW
dc.description (描述) 109353024zh_TW
dc.description.abstract (摘要) 　　本研究以東京證券交易所上市企業為對象，探討現金持有與成本僵固性之關聯。成本僵固性係指成本隨著成本動因不同方向的變動時，呈現不對稱比例變動的成本行為，而通常認為此一現象發生的主因是管理者對於成本投入決策之審慎態度以及調整成本的產生。與其他主要工業國家之企業相比，日本企業的現金持有一直以來比其他國家之企業還要高，而現金代表一個企業之資源的根本，企業可以產生虧損，但企業手頭上不能沒有現金，因此，企業之現金持有的多寡代表著企業面對經營環境變化時的韌性。
　　本研究之實證結果顯示，與過去的文獻一致，日本企業之銷管費用普遍存有成本僵固性之現象，然而，超額現金持有與成本僵固性並沒有關聯。		zh_TW
dc.description.abstract (摘要) Using data from firms listed in the Tokyo Stock Exchange, this paper investigates whether corporate cash holdings affect cost stickiness. Cost stickiness refers to the asymmetric cost behaviors in relation to the change in sales. The main reason for the asymmetric cost behavior is generally considered as the cost decisions and the adjustment costs. Japanese firm have higher cash holdings compared to their counterparts in other major industrial countries. Cash is the essence resource of a firm. A firm can survive while reporting loses but may not survive without cash.
The empirical results find cost stickiness on Japanese firms but no association between cash holdings.		en_US
dc.description.tableofcontents 壹、緒論 　1
第一節 研究動機與目的　　1
第二節 研究架構 4
貳、文獻探討與假說　　5
第一節 成本僵固性　　5
第二節 現金持有　　8
第三節 研究假說　　12
參、研究方法　　13
第一節 實證模型　　13
第二節 資料來源與樣本取樣　　17
肆、實證結果與分析　　20
第一節 敘述性統計　　20
第二節 相關係數檢定　　23
第三節 現金持有與成本僵固性之實證結果　　26
伍、追加測試　　30
陸、結論　　40
參考文獻　　44
附錄　　47		zh_TW
dc.format.extent 1537685 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0109353024en_US
dc.subject (關鍵詞) 超額現金zh_TW
dc.subject (關鍵詞) 現金持有zh_TW
dc.subject (關鍵詞) 成本僵固性zh_TW
dc.subject (關鍵詞) Excess cashen_US
dc.subject (關鍵詞) Cash holdingsen_US
dc.subject (關鍵詞) Cost stickinessen_US
dc.title (題名) 現金持有與成本僵固性之關聯zh_TW
dc.title (題名) The Association between Cash Holdings and Cost Stickinessen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) Anderson, M. C., R. D. Banker, and S. N. Janakiraman. 2003. Are selling, general, and administrative costs “sticky”? Journal of Accounting Research 41 (1): 47-63.
Anderson, M. C., R. D. Banker, R. Huang, and S. N. Janakiraman. 2007. Cost behavior and fundamental analysis of SG&A costs. Journal of Accounting, Auditing and Finance 22 (1): 1-28.
Balakrishnan, R., M.J. Petersen, and N. S. Soderstrom. 2004. Does capacity utilization affect the ”stickiness” of cost? Journal of Accounting, Auditing and Finance 19 (3): 283-300.
Balakrishnan, R., and T. S. Gruca. 2008. Cost stickiness and core competency: A note. Contemporary Accounting Research 25 (4): 993-1006.
Banker, R. D., D. Byzalov, and L. Chen. 2013. Employment protection legislation, adjustment costs, and cross-country differences in cost behavior. Journal of Accounting and Economics 55 (1): 111-127.
Banker, R. D., D. Byzalov, M. Ciftci, and R. Mashruwala. 2014. The moderating effect of prior sales changes on asymmetric cost behavior. Journal of Management Accounting Research 26 (2): 221-242.
Banker, R. D., D. Byzalov, and J. M. Plehn-Dujowich. 2010. Demand uncertainty and cost behavior. Accounting Review 89 (3): 839-865.
Banker, R. D., and L. Chen. 2006. Predicting earning using a model of cost variability and cost stickiness. Accounting Review 81 (1): 285-307.
Banker , R. D., R. Huang, and Y. Yan. 2022. Flexible or Rigid? Evidence on Managerial Ability and Cost Structure. Baruch College Zicklin School of Business Research Paper No. 2019-05-01, Available at SSRN: https://ssrn.com/abstract=3374478 or http://dx.doi.org/10.2139/ssrn.3374478
Basu, S., L. S. Hwang, T. Mitsudome, and J. Weintrop. 2007. Corporate governance, top executive compensation and firm performance in Japan. Pacific-Basin Finance Journal 15 (1): 56-79.
Bates, T., K. Kahle, and R. Stulz. 2009. Why do U.S. firms hold so much more cash than they used to? Journal of Finance 64 (5): 1985-2021.
Belghitar, Y., and J. Khan. 2013. Governance mechanisms, investment opportunity set and SMEs cash holdings. Small Business Economics 40 (1): 59-72.
Chen, C. X., H. Lu, and T. Sougiannis. 2012. The agency problem, corporate governance, and the asymmetrical behavior of selling, general, and administrative costs. Contemporary Accounting Research 29 (1): 252-282.
Cooper, R. W., and R. S. Kaplan. 1998. The Design of Cost Management Systems: Text, Cases, and Readings (2nd ed.). Upper Saddle River, NJ: Prentice Hall.
Donaldson, G. 1961. Corporate Debt Capacity: A study of corporate debt policy and the determination of corporate debt capacity. Harvard Graduate School of Business Administration, Boston.
Jensen, M. C., and W. H. Meckling. 1976. Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics 3 (4): 305-360.
Jensen, M. C. 1986. Agency costs of free cash flow, corporate finance, and takeovers. American Economic Review 76 (2): 323-329.
Harford, J., S. Klasa, and W. F. Maxwell. 2014. Refinancing risk and cash holdings. Journal of Finance 69 (3): 975-1012.
He, D., J. Teruya, and T. Shimizu. 2010. Sticky selling, general, and administrative cost behaviour, and its changes in Japan. Global Journal of Business Research 4 (4): 1-10.
Kato, K., M. Li, and D. J. Skinner. 2017. Is Japan really a “buy”? The corporate governance, cash holdings and economic performance of Japanese companies. Journal of Business Finance and Accounting 44 (3): 480-523.
Kim, M., and J. P. Kinsey. 2010. An additional source of financial analysts’ earnings forecast errors: Imperfect adjustments for cost behavior. Journal of Accounting, Auditing and Finance 25 (1): 27-51.
Mikkelson, W. H., and M. M. Partch. 2003. Do persistent large cash reserves hinder performance? Journal of Financial and Quantitative Analysis 38 (2): 275-294.
Miller, M. H., and D. Orr. 1966. A model of the demand for money by firms. Quarterly Journal of Economics 80 (3): 413-435.
Modigliani, F., and M. H. Miller. 1963. Corporate Income Taxes and the Cost of Capital: A Correction. American Economic review 53 (3): 433-443.
Myers, S.C., and N. Majluf. 1984. Corporate financing and investment decisions when firm have information that investors do not have. Journal of Financial Economics 13 (2): 187-221.
Nakano, M., and P. Nguyen. 2012. Board size and corporate risk taking: Further evidence from Japan. Coporate Governance: International Review 20 (4): 369-387.
Noreen, E. 1991. Conditions under which activity-based cost systems provide relevant costs. Journal of Management Accounting Research 3 (4): 159-168.
Opler, T., L. Pinkowitz, R. M. Stulz, and R. Williamson. 1999. The determinants and implications of corporate cash holdings. Journal of Financial Economics 52 (1): 3-46.
Palazzo, B. 2012. Cash holdings, risk, and expected returns. Journal of Financial Economics 104 (1): 162-185.
Pinkowitz , L., R. M. Stulz, and R. Williamson. 2016. Do U.S. firms hold more cash than foreign firms do? Review of Financial Studies 29: 309-48.
Pinkowitz, L., and R. Williamson. 2001. Bank power and cash holdings: Evidence from Japan. Review of Financial Studies 14 (3-4): 1059-1082.
Rountee, B., J. P. Weston, and G. Allayannis. 2008. Do investors value smooth performance? Journal of Financial Economics 90: 237-251.
Shleifer, A., and R. Vishny. 1993. Liquidation values and debt capacity: A market equilibrium approach. Journal of Finance 47 (4): 1343-1366.
Sunder, L. S., and S.C. Myers. 1999. Testing static tradeoff against pecking order models of capital structure. Journal of Financial Economics 51 (2): 219-244.
Weiss, D. 2010. Cost behavior and analysts’ earnings forecasts. Accounting Review 85(4): 1441-1471.		zh_TW
dc.identifier.doi (DOI) 10.6814/NCCU202200614en_US