本研究主要探討成本僵固性作為公司未來績效預測因子之可行性。過往文獻顯示成本僵固性會與公司管理者對未來市場的正向預期有關，若對市場未來持樂觀態度，公司管理者可能會選擇於銷貨收入下降期間保留閒置資源，為公司未來創造競爭優勢或取得發展契機預作準備，雖然成本僵固性在一定程度上反映了企業的經營狀況與風險，但本研究認為成本僵固性是可以很好傳遞公司管理者對未來市場樂觀態度的私有訊號。本研究遵循Weiss（2010）研究設計進行公司成本僵固性衡量，並延伸Jung, Wong, Franco and Zhang（2012）之研究建立分析模型，於建構的公司基本面預期模型中加入成本僵固性變數，驗證成本僵固性是否具有預測未來公司基本面變化之能力。本研究使用2012年至2017年間台灣證券交易所之上市、上櫃公司作為樣本，依實證結果有二項研究發現，第一，成本僵固性愈高的公司，未來的銷貨收入成長率愈高。第二，成本僵固性與未來股價報酬率具有關聯性，買進並持有一年至三年之成本僵固性愈高的公司股票，未來股價報酬率愈高。

This study explores the feasibility of using cost stickiness as a future performance predictor for companies. Company managers’ optimism about future prospects can lead to cost stickiness. Therefore, this study believes that cost stickiness can serve as a private signal to convey corporate managers’ optimism for future prospects. This study follows the study design of Weiss (2010) to measure the cost stickiness of companies and extends Jung, Wong, Franco and Zhang (2012) to construct a empirical model by adding cost stickiness variables to future performance model. This study uses the TWSE/TPEx-listed companies between 2012 and 2017 as samples, and the empirical results show two findings. First, the higher the company’s cost stickiness, the greater the future sales revenue growth rate. Second, cost stickiness is related to future share price returns. Buying and holding stocks with higher cost stickiness for one to three years will result in higher future share price returns.

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