臺灣博碩士論文加值系統

廣告可以帶來正向的品牌態度、品牌權益與增加單位售價，也是廠商與消費者及投資人溝通的重要工具，可以釋放與公司有關的訊息。然而，廣告也必須要花費公司鉅額的資金。在效益與成本之間的考量之下，廣告是否具備正向的市場價值，是本文研究的重點所在。因為超級盃廣告具備高收視率與高成本的特性，無疑為公司帶來高獲利機會與高資金風險，故本研究以超級盃廣告為實證對象。
本研究最大的特色在於使用超級盃廣告歷史性的資料，以事件研究法探討公司在超級盃播出廣告，對公司股價報酬的影響，也就是衡量超級盃廣告對於公司未來現金流量的影響。採用此研究法的優點在於股價資料客觀、具有前瞻性，可以用於分析單一事件對股價的影響。
研究的結果指出，在股票市場中，投資人對公司在超級盃播出廣告的行為，平均而言持有正面的看法，因此造成正向的顯著股價異常報酬。此外，由於影響廣告效果的因素眾多，同樣都是在電視播出廣告，但不是每支廣告對觀眾的影響力均一致，故本研究加入影響廣告效果的因素，進一步衡量公司播出廣告所花費的金額大小、播出頻率及比賽的激烈程度，是否會使股價漲跌方向及波動幅度有所不同。結果指出廣告花費金額高者相較於金額低者，有較顯著的正向股價異常報酬。而播出的頻率高者，及播出時比賽激烈程度較低時，股價的正向異常報酬較顯著。

Advertising serves as one of the most important tools in communicating with consumers and investors. An effective advertisement helps create positive brand attitude and brand equity to achieve marketing strategy. Nevertheless, advertising is a costly investment. Consequently, whether advertising is able to add value is an important issue for both academic research and business practice. This topic, however, is not directly investigated before.
This study examines the market value creation by advertising in Super Bowl. This study chooses this event because Super Bowl is generally considered to be the most influential, prestigious and costly advertising activity in the US. Building on existing theory, this research studies the economic impact of advertising signals. To investigate the value creation of advertising in Super Bowl, we employ event study analysis, a technique common to the finance discipline.
Results show that firms advertising in Super Bowl experience significantly positively stock market reaction on the following day. We also find the advertising costs and time are positively associated with the magnitude of market value creation. Finally the result indicates that advertising is less effective when the games at Super Bowl are close.

摘 要 I
英文摘要II
誌 謝 III
目 錄 IV
表 目 錄 VI

第一章 緒論.......................................1
第一節 研究動機...................................1
第二節 研究目的...................................4
第二章 文獻探討...................................5
第一節 超級盃廣告.................................5
第二節 廣告效果的衡量.............................8
第三節 廣告效果對股價的影響......................10
第四節 影響廣告效果的因素........................17
第三章 研究方法..................................22
第一節 事件分析法................................22
第二節 資料蒐集..................................26
第四章 研究結果..................................31
第一節 整體超級盃廣告之股價異常報酬..............31
第二節 廣告金額大小與股價異常報酬之關係..........34
第三節 廣告次數多寡與股價異常報酬之關係..........35
第四節 廣告時段與股價異常報酬之關係..............36
第五節 比賽激烈程度與股價異常報酬之關係..........37
第五章 結論與建議................................38
第一節 研究結論..................................38
第二節 實務上的貢獻..............................41
第三節 理論上的貢獻..............................42
第四節 研究限制..................................44
第五節 未來研究方向..............................45
參考文獻.........................................48

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