由於上下游供應鏈關係中，焦點公司(供應商)與主要客戶雙方會以對方之財務狀況作為短期經營決策分析之績效衡量的一種方式。本文主要探討當主要客戶的議價能力愈高是否供應商的成本僵固性越低。其次，分析當供應商公司的現金持有越高時，以及當供應商公司的公司治理越高時，供應商的成本僵固性與主要客戶的議價能力之負向關係是否將減弱。本研究使用之資料取用台灣經濟新報資料庫(TEJ)，企業樣本變數資料之研究期間係取自2004年至2018年，共計15年。實證模型採用最小平方迴歸模式。為了控制主要客戶的議價能力之內生性，本研究也採用二階段最小平方迴歸模式來檢測相關假說。研究結果為，供應鏈關係中，主要客戶的議價能力愈高，供應商的成本僵固性越低。其次，公司的現金持有越高，其成本僵固性與主要客戶的議價能力之負向關係愈弱。另外研究顯示，供應商的經理人兼任董事長，其成本僵固性與主要客戶的議價能力之負向關係愈弱；供應商的經理人持股比率愈高，其成本僵固性與主要客戶的議價能力之負向關係愈弱。 Due to the relationship in supply chain, both the focus company (supplier) and its main customer will use the other party's financial status as a way of performance measurement for short-term business decision analysis. This paper mainly explores whether the cost rigidity of suppliers is lower when the bargaining power of major customers is higher. Secondly, it is analyzed whether the negative relationship between the supplier's cost rigidity and the main customer's bargaining power will weaken when the supplier's cash holdings are higher and when the supplier's corporate governance is higher.The data used in this study was obtained from the Taiwan Economic Times Database (TEJ). The study period of the variable data of the enterprise sample is from 2004 to 2018, a total of 15 years. The empirical method adopts the ordinary least square regression. To control for endogeneity, this study also adopts two-stage regression to test the related research hypotheses. The results show that in the supply chain relationship, the higher the bargaining power of major customers, the lower the cost rigidity of suppliers. Second, the higher the company's cash holdings, the negative relationship between its cost rigidity and the bargaining power of major customers, the weaker the relationship. Third, the supplier's manager also serves as the chairman, the weaker the negative relationship between its cost stickiness and the bargaining power of the main customer. Also, the higher the supplier's manager shareholding ratio, the weaker the negative relationship between cost stickiness and the bargaining power of major customers.
