本研究主要對1990-2018年之美國公司探討成本僵固性與股票購回或股票分割之間的關係。先前研究指出成本僵固性為管理者傳達公司有利信號的方式之一，因此本研究將成本僵固性與公司其他行為結合探討，發現成本僵固性若與股票購回或股票分割搭配使用的話，成本僵固性會更加顯著。另外也檢視了在不同資訊環境下成本僵固性的現象有顯著之差異。本研究的實證結果顯示成本僵固性與股票購回或股票分割搭配使用會增強彼此信號效果的結論主要是由資訊不對稱之公司所驅動，此結果表示成本僵固性搭配股票購回或股票分割可以改善投資人與內部人士資訊不對稱的問題。

This study focuses on the relationship between sticky costs and stock repurchases or stock splits. Previous research points out that sticky costs can be used by managers to signal private information. Therefore, this paper combines sticky costs with other company behaviors and finds that sticky costs will be more significant if used in conjunction with stock repurchases or stock splits. This study also examines the significant differences in sticky costs under different information environments. The empirical results of this study show that a combination of sticky costs and stock repurchases or stock splits enhances the signal effects of each individually and that this effect is mainly driven by asymmetric information within firms. This result indicates that sticky costs combined with stock repurchases or stock splits can improve the problem of information asymmetry between investors and insiders.

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