本研究主要探討公司執行股票購回與成本僵固間的關聯性。過去文獻顯示股票購回具有傳遞管理階層私有訊息的功能，且會搭配輔佐性工具以增強其傳訊功能，因此本研究檢驗成本僵固性是否亦為公司釋放訊息的工具之一，並與股票購回互相增強彼此的傳訊功能，以改善投資人和管理階層間資訊不對稱的關係。本研究以1985年至2014年美國上市公司為研究對象，探討股票購回與成本僵固間的關係，以迴歸分析方法進行實證。實證結果顯示，執行固定價格股票購回的企業，成本僵固性程度較高。

This paper focuses on the relationship between share repurchase and cost stickiness. The prior literature commonly suggests that managers use stock repurchase to signal private information, and also use these along with other actions to reinforce such signals. In this study we examine whether managers use cost stickiness prior to stock repurchase to strengthen the credibility of signal, using a sample of U.S. publicly traded companies over the period 1985-2014. The empirical results show that cost stickiness prior to a fixed-price tender offer is an indicator of managerial intent to signal favorable private information.

一、 中文部分
林有志、傅鍾仁、陳筱平(2011)，「成本僵固性之實證研究」，當代會計，第12卷第2期，頁191-220。
高世隆(2010)，「成本僵固性之堆疊品牌效用關聯性之研究-以筆記型電腦相關產業為例」，國立台北大學會計研究所碩士論文。
郭冠汝(2007)，「產品多角化與產能利用率對成本習性之影響：成本黏滯性之檢測」，國立中正大學會計與資訊科技研究所碩士論文。
曾聯洲(2003)，「銷管費用僵固性之研究」，國立政治大學會計研究所碩士論文。
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