銷管費用對公司績效之延遲效果研究

Time Lag Effect of SG&A Expenditures on Firm Performance

陳佩霖(PEI-LIN CHEN)

指導教授 ： 王明昌

國立中正大學/管理學院/企業管理學系/碩士(2015年)

摘要

本文主要目的為探討銷管費用對公司績效是否具有延遲效果。以2001年至2012年期間台灣具有專利產出的上市電子、生技公司為研究樣本。實證結果發現，電子和生技產業投入的廣告費用、推銷費用和研發費用對公司績效具有延遲效果。研究結果顯示，生技和電子公司所投入的廣告和研發費用，需二至三年才能對公司績效有正面效益；而電子產業所投入的推銷費用在當年度具有延遲效果，生技產業的推銷費用對公司績效則有三年的延遲效果，最後，電子和生技產業每期所產出的專利數量多寡對企業績效皆無延遲效果之影響。

關鍵字

生技產業 ； 電子產業 ； 延遲效果 ； 公司績效 ； 銷管費用

並列摘要

The purpose of the firm performance and S&GA expenditures whether the time lag effect from 2001 to 2012. The study sample is the Taiwan listed electronics and biotechnology industry with patents output. The result of this study indicated that advertising expenditures, sell expenditures, R&D expenditures are positively associated and the time lag effect on firm performance. We find that electronics and biotechnology industry invested advertising expenditures and R&D expenditures have time lag effect 2 to 3years. Besides, the electronics industry invested sell expenditures have positively associated and time lag effect in this year. However, sell expenditures have the time lag effect 3 year in biotechnology industry. Finally, we also find that patents have not time lag effect on firm performance.

並列關鍵字

electronics industry ； time lag effect ； firm performance ； S&GA expenditures ； biotechnology industry

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