第三方組織背書獎項與市場價值：台灣資訊電子產業的實證

公司透過獲取第三方組織背書獎項（包含產品品質型獎項、公司整體形象型獎項）以提昇企業品牌權益，方興未艾；但研究上甚少探究這些獎項的存量密度與公司價值以及行銷與研發支已密度的關係。本文以國內相關類型獎項的主要得獎者，電子資訊產業之電腦週邊、通信網路、光電三大產業，共128家上市公司為主要研究對象。實證公司資料取自於台灣經濟新報資料庫、聯合知識庫、公開資訊觀測站等，蒐集2008-2010年3年期間的獎項累積存量與相關公開財報資料，檢驗這些上市公司獲得國內外重大的獎項數存量密度與其企業價值指標Tobin's q的關係。研究結果顯示，當公司第三方組織背書的整體形象型的獎項存量密度愈高，與投資市場對公司股價的正向判斷有關；但產品品質型的第三方組織背書獎項存量密度，則未能顯示其與公司市值前景的評價關係；公司行銷與研發支出密度交互作用，對形象型獎項存量密度具正向關係；此外，行銷與研發支出密度兩者均正向影響企業價值。

關鍵字

第三方組織背書；獎項；研發與行銷支出

並列摘要

Winning Third-Party Organization (TPO) endorsed awards including product quality type and corporate image type for a firm's brand equity has gained popularity in recent years. However, a few studies in the marketing literature have investigated the relationship between the density of TPO endorsed awards and a firm's market value measured by Tobin's q. This study uses a three-year (2008-2010) cross-sectional data from 128 stock listed companies in Taiwan's PC & Peripherals, Telecommunication and Photoelectric industries to examine this relationship. These companies are major winners of TPO awards in Taiwan. Data were collected from Market Observation Post System of Taiwan Stock Exchange, TEJ data bank and UDN data. The empirical results indicate that the density of TPO awards of the corporate image type positively correlates with a firm's Tobin's q, butthat of the product quality typedoes not demonstrate a positive correlation. The study further confirms that the interaction of a firm's intensity in marketing and R&D expenditureshas a positive impact on its density of TPO awards ofcorporate image type. In addition, both R&D and marketing expenditures positively affect the market value of the firm.