本文主要研究目的為:以景氣低迷之模式探討前期研發與廣告增加對企業績效之影響,以及何種決策(同時增加研發與廣告或只增加研發或廣告任一項)能幫助企業度過景氣低迷的難關,並兼論研發與廣告長期投入之累積效果。 本研究將企業績效分為兩類,包括營運績效(營業淨利率、修正資產報酬率、修正權益報酬率)與市場績效(Tobin’s Q)。並將研發與廣告之增額投入區分為長期(5年)與短期(3年),探討其是否具有累積遞延效果。另考量本研究之結果可能會因不同景氣而有所差異,故額外以景氣熱絡年度與全研究年度樣本作進一步之分析,試圖去驗證、歸納出一研發與廣告投入之通則。 實證結果發現,研發支出增加與累積對公司之整體績效(營運績效與市場績效)呈正相關,而廣告增加與累積只有在短期正向影響市場績效,另以研發之增加對整體績效的影響優於廣告之增加對整體績效之影響,且同時投入之效果優於只投入其中一項。因此,若是企業資金充足可多增加研發投資並適度輔以廣告投資,如此一來不僅可以增加公司整體績效更可以對抗景氣低迷,不過公司若有短期資金需求,或短期內有提升公司市場績效之必要,可適度增加廣告刺激市場。
This study examines whether the increase in R&D and advertising affects firm performance during an economic downturn and which strategy (i.e., increasing both R&D and advertising or increasing either one) helps firms survive an economic downturn. The cumulative effect of R&D and advertising is also addressed in this study. Firm performance, in this study, includes operating performance (i.e., operating margin, return on assets, and return on equity) and market performance (i.e., Tobin’s Q). To further explore the cumulative lag effect of R&D and advertising, the incremental investment is dug into in terms of long term (5 years) and short term (3 years). Additionally, taking the changing economic condition into account, this study analyzes the sample drawn from fiscal years during the economic boom to generate applicable strategies of R&D and advertising investment. The empirical results show that the increase in R&D and the accumulation of R&D positively affect firm performance while the increase in advertising and the accumulation of advertising only positively affect market performance in the short run. In comparison, R&D increase has more positive effect on firm performance than that of advertising. Besides, firms investing in both R&D and advertising outperform those investing in only R&D or advertising. Therefore, increasing R&D, coupled with advertising investment, is conducive to boosting performance and managing an economic downturn. Firms with short-term financial needs or with needs of market performance improvement may consider increasing advertising to stimulate the market.