本篇主要探討公司成本僵固性是否影響銀行貸款合約之條件。結果顯示成本愈僵固之公司，放款銀行給予的貸款成本較高，代表當放款人在衡量貸款合約時，企業之成本行為將被納入考量。此外發現，未來企業遠景愈好之的公司，會降低其成本僵固性與銀行貸款合約間之關係，使放款銀行較不會因為公司的成本僵固性較高而給予貸款合約較差之條件。此篇結合管理會計研究主題與財務會計主題，藉由對成本僵固性之深入研究，探討其是否會對銀行貸款合約的經濟結果產生影響。

Motivated by recent literature regarding that firm’s asymmetric cost behavior brings to several economic effects. This paper offers the evidence that banks will take firm’s sticky costs into consideration when pricing bank loans. To be more specific, firms with stickier cost are charged at higher loan spreads. This finding is consistent with the argument that greater decrease in cash flows due to sticky costs (when sales decline) increases the downside distribution of profit streams, thereby resulting in higher default risk. The results also indicate that the impact of cost stickiness is weaker in situations where there is a positive growth prospect about a firm’s future. Since bank loan is a major source of corporate financing for publicly traded firms, the results have important implications on our understanding of the economic consequences of asymmetric behavior of costs.

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