中小企業廣告支出與經營績效之因果關聯分析

廣告行銷一直是企業發展中最重要的一環，好的廣告行銷不僅可以讓顧客對品牌留下正面的印象，更可以增加銷售量與知名度，但成效不佳的廣告行銷，不僅顧客對品牌的印象沒有提升，銷售量與知名度可能也沒有起色。正因為廣告行銷活動的執行成效有不如預期的風險存在，且預算金額的要求偏高，因此成功的廣告行銷常常侷限於資本雄厚的大型企業，且也多聚焦在傳統的電視及報紙等管道。目前國內外對於廣告支出效益的相關研究多著重在大型企業及上市櫃公司，台灣對於中小企業之廣告支出相關研究相對較少，主要是國內中小企業的廣告支出預算相對有限，且其經營績效也缺乏公開數據所致。但隨著數位廣告行銷的普及，中小企業的廣告行銷支出也漸漸受到重視，加上中小企業一直是台灣的經濟根基，因此本研究試圖以中小企業作為研究對象，探討中小企業在廣告支出的增加是否對於企業的經營績效具正向效果。本研究將設計實證方法檢驗中小企業在廣告支出的增加是否對於企業的經營績效具有正向的效果。實證研究結果發現，國內中小企業廣告支出佔營業費用比重與營業收入成長率具有顯著的正相關，亦即廣告費用投入愈大，營業收入成長性愈高，顯示廣告對於中小企業的業績確實有正面的挹注效果；至於在獲利方面，同一期間廣告支出佔營業費用比重與股東權益報酬率及營業利益率也呈現正相關，但不顯著，此一結果代表中小企業對於廣告支出的投入僅能激勵營業收入的成長，在獲利方面並未能有及時的挹注效果。從遞延效果來看，當廣告支出佔營業費用比重與營業收入成長率、股東權益報酬率同時遞延一期來看，都呈現負相關，但不顯著；而與遞延一期的營業利益率則呈現正相關，但也不顯著；此一結果顯示，中小企業廣告支出對於經營績效的遞延效果可能會是更長的時間。

關鍵字

廣告支出；經營績效；因果關聯分析；中小企業

並列摘要

Advertising in marketing is always one of the most significant aspects of business development. Good advertising in marketing not only gives customers a positive impression of the brand but also increases sales and awareness. On the other hand, ineffective advertisements not only fail to enhance the brand image but might also have no positive effect on the product's sales and popularity. Due to the risk of under-performing advertising campaigns and the requirements of high cost, most of the companies that can successfully conduct advertising in marketing are large and well-funded, and their channels are mostly traditional television and newspapers. Nowadays, the relevant studies on the effectiveness of advertising expenditures around the world mostly focus on large enterprises and listed companies. There are relatively fewer studies on the advertising expenditures of these enterprises in Taiwan at present. It is mainly because the advertising budget of SMEs (Small and Medium-sized Enterprises) is limited, and the operational performance of SMEs is not made public. However, with the popularity of digital advertising in marketing, the advertising expenditures of SMEs, the foundation of the Taiwan industry, have gradually received attention. Therefore, the aim of this thesis was to take SMEs as the research vehicle to explore whether the increase in advertising expenditures by SMEs has a positive impact on operational performance. Empirical research is designed and conducted to examine whether the increase in advertising expenditures of SMEs has a positive effect on the business performance of enterprises. The result shows that there was a significant and positive correlation between the proportion of domestic SMEs' advertising expenditures in operating expenses and the growth rate of operating income, i.e., the greater the investment in advertising expenses, the higher the growth rate of operating income. This finding shows that advertising had a positive impact on the performance of SMEs. As for profit, the proportion of advertising expenditures in operating expenses during the same period also showed a positive but insignificant correlation with return on equity and operating profit margin. This outcome indicates that the investment of SMEs in advertising expenditures could only encourage the growth of operating income without promoting the profit in time. From the perspective of deferred effect, the proportion of advertising expenditures in operating expenses and the growth rate of operating income, and the return on equity are negatively correlated but insignificant. As for the correlation of advertising expenditures with the operating profit margin deferred for one period, the result shows a positive but insignificant correlation. These findings show that the deferred effect of SMEs’ advertising expenditures on business performance might take a longer time.