投資者認同對廣告影響公司價值之中介效果

Abstract

本文首度納入投資者認同之中介效果，以LISREL方法分析廣告對公司價值的影響。本文先驗證「廣告對投資者認同」與「廣告對公司價值」的直接影響關係，結果顯示廣告對於投資者認同與公司價值兩者皆具有正向影響，與預期相符，顯示台灣企業可藉由廣告來提高投資者對於公司的認同度，亦有助於公司價值的提升。在納入投資者認同為中介變數後，廣告對公司價值的影響雖仍顯著，但影響程度已明顯減弱，顯示投資者認同對於「廣告影響公司價值」具有部份中介的效果。亦即，提升投資者認同是廣告影響公司價值的重要途徑之一。本文連結行銷與財務領域的重要變數，點出投資者認同所扮演的關鍵中介角色，有助於釐清過去文獻關於廣告與公司價值之間的模糊關係。

This is the first research investigating the mediating effect of investor recognition on the association between advertising and firm value. In the LISREL setting, we first examine the direct effect of advertising on investor recognition and on firm value. The results indicate the positive effects of advertising on both investor recognition and firm value. We then treat investor recognition as a mediating variable, and the results show that the impact of advertising on firm value remains positive but less significant. This evidence suggests that investor recognition plays a partial intermediary role in the relation between advertising and firm value. Specifically, improving investor recognition is one of the important gateways for advertising to upgrade firm value. Our finding of the mediating role of investor recognition is helpful to clarify the inconclusive relationship between advertising and firm value, and thus contributes to the literature by linking fields of marketing and finance.