行銷費用對銷售比率和企業營運績效之關聯

The Relationship between Marketing Expense to Sales Ratio and Firm Performance

張曼薇(Man-Wei Chang)

指導教授 ： 廖咸興

國立臺灣大學/管理學院/財務金融學研究所/碩士(2018年)

https://doi.org/10.6342/NTU201801166

摘要

本文以行銷費用對銷售比率作為行銷效率之代理變數，以此比率之變動作為行銷積極度之代理變數，並以營運現金流量、稅前息前折舊前攤銷前利潤以及資產報酬作為公司營運績效之代理變數；探討行銷效率、行銷積極度和公司營運績效之關聯性，而後也進一步檢驗行銷效率和行銷積極度對公司營運績效的影響是否有遞延效果。實證結果顯示，行銷效率和行銷積極度對公司營運績效具顯著影響，行銷效率越佳、行銷態度越積極者，公司營運績效會越好，且兩者對公司營運績效之影響不限於當期，均具有遞延效果，影響將顯著延續至下期。此外，由於行銷費用很可能收到盈餘管理的影響，故本研究也進一步將盈餘管理之相關變數納入控制項，進行穩健性檢定。實證結果顯示，在排除盈餘管理對行銷效率的影響後，行銷效率對公司營運績效仍有顯著影響，也具遞延效果，且排除盈餘管理的因素後，行銷效率對公司營運績效之影響具有更加明顯的長期效果。穩健性檢定的結果與先前的假說一致，再度驗證行銷效率對公司營運績效之重要性。

關鍵字

行銷費用對銷售比率 ； 公司營運績效 ； 營運現金流量 ； 稅前息前折舊前攤銷前利潤 ； 資產報酬率 ； 遞延效果

並列摘要

The purpose of this research is to investigate the relationship between marketing efficiency, marketing attitude, and firm performances. This study used firm’s marketing expense-to-sales ratio as the proxy variable for marketing efficiency, changes in such ratio as the proxy variable for marketing attitude, and operating cash flow, EBITDA, and ROA as proxy variables for firm performance. This study further examined whether or not there is a deferred effect of marketing efficiency and marketing attitude on firm performance. The empirical results showed that marketing efficiency and marketing attitude have a significant impact on company performance. The better the firm’s marketing efficiency and more active the firm is on marketing, the better the firm’s performance will be. Both of the effect will show in the current, and will also defer to the next period.
In addition, as marketing expenses are likely be affected by the company’s earnings management, this study has further included earnings management as a control variable and conducted a robustness test. The empirical results showed that after excluding the impact of earnings management on marketing efficiency, marketing efficiency still has a significant impact and deferred effect on the firm performance. The results of the robustness test are consistent with the previous hypothesis, reaffirming the importance of marketing effectiveness to the firm performance.

並列關鍵字

Marketing Expense to Sales Ratio ； Change of Marketing Expense to Sales Ratio ； Firm Performance ； Sales ； Operating Cash Flow ； ROA ； EBITDA

參考文獻

參考文獻

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