| Summary: | 碩士 === 國立臺北大學 === 會計學系 === 105 === This study focused on the financial services companies listed on the Taiwan Stock Exchange and explored the following topics: 1. Does stickiness exist in the operating expenses, that is, will the increase in operating expenses due to the increase in operating revenue be greater than the decrease in operating expenses due to the decrease in operating revenue? 2. Financial services have the human capital-intensive industrial characteristic, and is there the special phenomenon of cost stickiness in their salary cost behavior? 3. Have financial holding companies reduced the appearance of cost stickiness after applying the strategy of mergers and acquisitions?
What the empirical results of this study found is as follows:
1. As net operating revenue increases 1%, operating expenses will increase 0.5793%, whereas when net operating revenue decreases 1%, operating expenses decrease only 0.4037%. It is significantly less than the increase in operating revenue driven by the increase in operating costs, meaning that the operating costs see stickiness.
2. As net operating revenue increases 1%, salary costs will increase 0.7614%; however, as net operating revenue decreases 1%, salary costs decrease only 0.1393%. It is significantly less than the increase in salary costs as a result of the increase in operating revenue, meaning that the salary costs see stickiness.
3. When net operating revenue increases 1%, operating expenses of financial holding companies will increase 0.5927 %; nevertheless, as net operating revenue decreases 1%, operating expenses decrease only 0.1837%. The operating expenses of financial holding companies decrease by 0.6455%, and the rate of decline is even higher than the rate of rise, where a special phenomenon of "anti-stickiness" appears. Also, it is higher the decrease in operating expenses due to the decrease in operating revenue for the financial industry as a whole. As a result, it can be learned from the empirical results that financial holding companies can really bring a considerable degree of positive benefits to the individual firm in terms of operating expenses as a result of merger and acquisition synergy.
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