智慧資本與企業經營績效之關聯性研究 —以食品業廣告支出為例—

An Association Research Of the Intellectual Capital and Operational Performance －On The Cases of Food Industry’s Advertising Expense－

陳怡伶(Eling Chen)

指導教授 ： 王敏茹 ； 胡為善

中原大學/商學院/會計研究所/碩士(2006年)

https://doi.org/10.6840/cycu200600313

摘要

摘 要
本研究探討食品業之廣告支出對於經營績效之影響，利用經濟附加價值及營業利益兩個績效指標，檢視當期及落後一期之廣告支出是否會對於績效有正面的影響，以瞭解廣告支出對企業之重要性，俾作為企業策略之執行、創造企業價值之依據。本研究選取1998至2003年之台灣上市櫃食品業17家公司，共計102筆樣本，進行實證研究，結果分別說明如下：
一、 食品業之當期廣告支出與經濟附加價值間及營業利益皆呈正相關，與假說一致。顯示食品業可藉由大量的投入廣告，創造產品的差異化，取得市場領導者之地位；亦即，食品業可增加廣告活動，追求企業價值與營收之極大化。
二、 食品業之落後一期廣告支出與經濟附加價值間呈現正相關，與預期方向相同，但未達統計上之顯著水準；落後一期廣告支出與營業利益間呈現顯著正相關，與假說一致。結果指出食品業之廣告支出確實有遞延的效果，落後一期的廣告支出會讓企業的營收增加，卻無法增加企業之價值，推測可能原因是食品業之經濟附加價值多半為負，其帳面上雖有賺取利潤但卻未能賺取超額報酬，故投入廣告已無法使得食品業的價值上升。
三、 將食品業之EVA 區分正負群組公司後，在 EVA＞0的公司群組中，當期與落後一期廣告支出皆與經濟附加價值間皆呈現顯著正相關；在 EVA＜0的公司群組中，當期與落後一期廣告支出與經濟附加價值間則皆呈現顯著負相關，與預期符號相反，從實證結果中發現 EVA＜0的公司群組之當期廣告支出無法使得其企業價值增加。

關鍵詞：廣告支出、經濟附加價值、經營績效

關鍵字

經濟附加價值 ； 經營績效 ； 廣告支出

並列摘要

Abstract
Probe into the advertising expenditure of the food industry to the influence of managing performance in this research, using Economic Value Added and operating income two performance index, is it act as current and lagged advertising expenditure can have influence of front to performance to inspect, in order to find out about advertising expenditure to the importance of enterprises , in order to be regarded as the execution of enterprise's tactics, basis of enterprise's value of creation. Choose 1998 listing 17 companies of cupboard food industry of Taiwan until 2003, it is 102 samples altogether in this research, carry on the positive research, the result is explained as follows respectively:
First, food industry's current advertising expenditure and Economic Value Added, operating income all present positive correlation, keep the same with hypothesis. Show that the food industry can create the difference of the products with a large number of input advertisements, make the status of the market leader; Namely, the food industry can increase the advertising activity, pursue the maximization that enterprise's value and operating income.
Second, Positive correlation appears between lagged advertising expenditure and Economic Value Added of food industry, the same as expectancy direction, but has not reached significant; It is positive correlated with the operating income to lagged advertising expenditure, keep the same with hypothesis. The result points out that the advertising expenditure of the food industry really has a deferred result, lagged advertising expenditure will let the operating income of enterprises increase, but can't increase the value of enterprises, infer that perhaps the reason is the Economic Value Added of the food industry in order to shoulder mostly, earns profits to fail to earn the excess return, so be unable to make the value of the food industry rise to invest the advertisement on its book.
Third, is it differentiates the positive and negative EVA group company of after food industry, between one group of company of EVA> 0 to distinguish, act as one and all show positive correlation with Economic Value Added with lagged advertising expenditure; another of EVA<0 company groups , act as current and lagged advertising expenditure and Economic Value Added appear apparent to shoulder relevant all, contrary to expectancy symbol , find one group of company of EVA<0 unable to make its enterprise value increase in an advertising expenditure from the real example result.

Keyword: Advertising expenditure, Economic Value Added, operational performance

並列關鍵字

operational performance ； Economic Value Added ； Advertising expenditure

參考文獻

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