臺灣博碩士論文加值系統

廣告一直以來都是公司行銷手法的方式之一，透過打廣告的方式不僅可以增加公司品牌及產品的曝光率，亦能增加消費者對於公司品牌的信賴感和其產品的忠誠度，也因此公司願意將資金投入於廣告費。根據Xueming Luo 和Pieter J. de Jong 在2010的研究確實也驗證了廣告費能提升公司價值的說法。過往文獻大多研究廣告費的投入對其公司本身，如盈餘或收入的影響；亦或探究一段期間內廣告費支出的變化與公司未來盈餘或市值的相關性等。較少從同業競爭者的競爭程度的角度出發去探討競爭者投入廣告費的多寡是否也是影響企業的銷貨收入的因素。因此，本研究延伸現有的研究範圍分別探討（1）競爭者當期及過去年度的廣告費支出是否會影響公司的銷貨收入；（2）依照競爭公司不同的特性，分別去探討其廣告費的投入對於觀測公司銷貨收入的影響力；（3）依照觀測公司不同的特性，分別探討其銷貨收入受到競爭者廣告費的影響程度。實證結果顯示，公司的銷貨收入會受到競爭者當期以及過去的廣告費支出影響。本研究也發現，競爭力強與弱的競爭者對於觀測公司之銷貨收入有不同的影響。另外，當競爭力強的競爭者增加廣告費時，競爭力較強的觀測公司其銷貨收入影響幅度比競爭力弱的觀測公司來的小。

Firms are willing to invest in advertising, because they believe advertising may create firm value. This concept is consistent with the result of Luo and Jong (2010) find that advertising indeed enhances firm value and that high-advertising portfolio can lead to higher returns and lower risk across the time periods. There are plenty of studies on associations between firm’s advertising and its own value performance, but still little research focuses on the relationship of competitors’ advertising strategy and firms’ performance. Thus, my study aims to examine how competitors’ advertising strategies influence individual sales revenues. I extend prior literature by (1) analyzing the interaction of competitors’ fiscal and previous advertising expenditure and firms’ sales revenue; (2) separating different characteristic of competitors to analyze their influential intensity to individual firms; (3) separating different characteristic of individual firms to analyze their sensitiveness to different characteristic of competitors’ advertising influential intensity. The empirical result indicates both fiscal and previous advertising expenditure of competitors’ have carry-over and positive spillover effects on firms’ sales. In addition, I find competitors with different strength of competitiveness, its advertising intensity have different impact on individual firms’ sales. Also, individual firms with stronger competitiveness are less sensitive to competitors advertising interference.

摘要 2
Abstract 3
Contents 5
List of Tables 6
1 Introduction 7
2 Literature Review and Hypothesis 10
2.1 Carry-over and Spillover effect 10
2.2 Differential Carry-over and Spillover effect 13
3 Research Design 15
3.1 Sample Selection 15
3.2 Empirical Models 18
4 Empirical Results 22
4.1 Descriptive Statistics 22
4.2 Correlation Matrix 24
4.3 Empirical Analyses and Results 27
5 Robust Test 34
6 Conclusion 38

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