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Title:	研究發展、廣告支出與企業經營績效關聯性之研究
Authors:	許戍
Contributors:	林宛瑩許戍
Keywords:	研發支出廣告支出經營績效研發廣告投入強度研發廣告投入持續性 R&D outlays advertising outlays performance magnitude longitude
Date:	2002
Issue Date:	2016-05-09 16:22:10 (UTC+8)
Abstract:	研究發展與廣告活動是市場上常見的非價格之差異化訴求，且投入與產出間皆具有未來之遞延效益。Sougiannis(1994)認為在衡量研發支出與企業價值之關聯性時應同時考量對盈餘的影響，方能真正衡量研發活動的效益。本研究延續這樣的觀念，不直接將研發、廣告活動與企業價值予以聯結，而試圖找尋存在兩者間的中介績效變數，透過這些績效變數與研發、廣告活動之投入關係來衡量無形資產生產力及對企業的績效貢獻。　　異於過去之研究，本研究除探討研發、廣告投入的強度之外，尚考量投入的持續性對企業經營績效之影響。依據投入強度與持續性兩項標準將研發、廣告投入區分為高、低群組，檢定不同群組下研發、廣告投入與四項績效指標（市場佔有率、營收成長率、營業利益率及資產報酬率）的關聯性，並以其中最能代表企業本業營運活動的營業利益率為經營績效變數，分析在不同產業下企業研發、廣告支出與經營績效間之關聯性。　　本研究之主要結論，就單變量之分析結果顯示，以研發投入強度及持續性為區分要素，塑化業、紡織業、機電業、資訊電子業樣本中高研發群組之營業利益率顯著優於低研發群組；以廣告投入為區分要素下則以食品業較具顯著性。同時以研發、廣告投入為區分要素時，塑化業、資訊電子業樣本中高群組之營業利益率顯著優於低群組。迴歸分析結果顯示，塑化業、紡織業、機電業、資訊電子業樣本之研發投入強度及持續性愈高，其營業利益率愈大，食品業、塑化業樣本的廣告投入愈大，其營業利益率愈高。　　本研究之實證結果隱喻，研發、廣告活動之支出效益具產業差異，而此處資源耗用與預期經營績效具產業差異性之實證發現，或可提供各企業評估是否投入研發或廣告支出決策時之參考。　　Featured with differed and uncertain future economic benefits, investments in research and development (R&D) and advertising activities have been concerned as two major means for non-price competition. Sougiannis (1994) argues that without an understanding in how R&D activity contributes to firm value, the relationship found between R&D intensity and stock price could be spurious. Based on Sougiannis’ perspective, this thesis attempts to explore the productivity of these two long-term or asset-like expenditures. Specifically, this thesis examines the relation between R&D (Advertising) outlays and financial performance measures. 　　This thesis differs from previous studies in that this research considers not only the magnitude of R&D and advertising outlays but also the continuity in term of time horizon of such outlays. Based on the magnitude and longitude of R&D and advertising expenditures, the sample firms are divided into high and low groups by both criteria. The thesis first tests the correlation between R&D and advertising outlays and some performance measures. The thesis then examines in regression analysis the benefits of R&D and advertising expenditures to operating income in different industries. 　　The empirical results show that the operating income of high group is significant different from that of low group in Plastics and Chemicals, Textiles, Machineries, Electrical and Electronics. When the grouping is classified by advertising, the operating income is significant different in Foods industry only, while the grouping is based on both R&D and advertising, the significant difference exits in Plastics and Chemicals, Electrical, and Electronics industries. The regression results indicate that R&D outlays displays a significantly positive effect on operating income in Plastics and Chemicals, Textiles, Machineries, Electrical and Electronics industries, while the influence of advertising expenditure is found in Plastics and Chemicals, and Foods industries only. These findings may serve as a basis for strategic decision as to whether to invest heavily on R&D and advertising activities, since the productivity of R&D and advertising outlays, measured as the relationship between the related expenditures and firm operating income, differs across industries.
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Description:	碩士國立政治大學會計學系
Source URI:	http://thesis.lib.nccu.edu.tw/record/#A2010000433
Data Type:	thesis
Appears in Collections:	[Department of Accounting] Theses

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