本研究旨在探討成本僵固性與非 GAAP 盈餘的關聯性，研究公司的成本僵固性程度是否會影響管理者揭露非 GAAP 盈餘的意願與其排除規模之程度。非 GAAP 盈餘是經理人從 GAAP 盈餘中排除一些管理層認為的暫時性或非經常性費用來計算，用以補充公司核心盈餘的資訊，是經理人提供給投資者的另一項衡量績效的替代指標。本研究預期成本僵固反應的會是管理者對未來營收回復或成長的表現，但成本僵固伴隨的就是 較差 盈餘績效，但管理者對未來是有信心時，管理者會希望透過其他的自願揭露如發布非 GAAP 盈餘來傳遞對未來樂觀的展望，因此管理者傾向揭露非 GAAP盈餘。研究結果發現，成本僵固性越高越傾向揭露非 GAAP 盈餘，且成本越僵固之企業與排除項目的規模也呈現正相關。橫斷面測試採用依分析師 跟隨數來衡量企業的資訊透明度， 研究結果顯示成本僵固性高之企業揭露非 GAAP 盈餘會隨著資訊透明度降低而更加明顯。穩健性測試將樣本限縮在成本與收入連動性較高的製造業，以單一產業做測試，實證結果 仍 顯示成本僵固性越高之企業與揭露非 GAAP 盈餘以及排除項 目的規模皆呈現正相關。

This study aims to explore the association between cost stickiness and non-GAAP earnings.It investigates whether the degree of cost stickiness in companies affects managers' willingness to disclose non-GAAP earnings and the extent of exclusions from GAAP earnings. Non-GAAP earnings are calculated by managers excluding some temporary or non recurring expenses from GAAP earnings to supplement the company's core earnings information. It is another alternative performance measure communicated by managers to investors. The study expects that cost stickiness reflects managers' performance in future revenue recovery or growth, but cost stickiness will be accompanied by poorer earnings performance. However, when managers are confident about the future, managers will hope to other voluntary disclosures such as the release of non-GAAP earnings convey an optimistic outlook for the future, so managers tend to disclose non-GAAP earnings. The research findings indicate that firms with higher levels of cost stickiness are more inclined to disclose non-GAAP earnings , and the magnitude of exclusions correlates positively with the degree of cost stickiness. The cross sectional test uses analyst following as a proxy for corporate information transparency. The results show that companies with high cost stickiness will re veal non-GAAP earnings more pronounced as information transparency decreases. The robustness test confined the sample to manufacturing industries with higher cost revenue linkages. The results still show that companies with higher cost stickiness are positively related to the disclosure non-GAAP earnings and the magnitude of exclusions.

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