廣告支出對公司營運績效和公司價值之影響：考量消費者情緒指數

Abstract

本研究主要探討廣告支出或者廣告密集程度對於公司營運績效以及公司價值的影響。除此之外，本研究更進一步探究廣告支出或密集程度與營運績效及價值是否在以消費者情緒指標做為區分標準下，仍然和前面結果具有一致性。我們假設當面臨市場普遍低迷的期間時，消費者購買商品的意願會大幅降低，因此廣告則成為了維持公司營運的必要支出。本研究的結果顯示，當面臨”低消費者情緒”期間時，廣告支出對於公司之營運績效相較於”高消費者情緒”期間有更為顯著的影響。然而，本文探究廣告密集度與公司市場價值是否也如同前者有高低情緒期間的效果差異時，我們並沒有發現之間具有統計上顯著的結果。最後本研究部份證實了當面臨”低消費者情緒”期間時，廣告支出對於刺激其產業或公司之銷售額或獲益能力有顯著的助益。

This study examines whether advertising expenditure or advertising intensity has any impact on either operating performance or firm value. Moreover, we further investigate if this relationship is affected by consumer sentiment index. The empirical results show that the intensity of advertising has much greater influence on operating performance or firms’ value. In addition, we confirm that adverting has stronger effects on stimulating operating performance of firms during pessimistic consumer sentiment period than the optimistic consumer sentiment period. However, there is no significant difference of impact of advertising intensity on firm value between two different sentiment periods.