廣告、流動性與公司績效關係之研究 —台灣上市公司之實證—

Advertisement Expenditure, Liquidity and Tobin’s Q- Evidence of Taiwanese Listed Companies (1991-2006)

莊宗穎(TSUNG-YING CHUANG)

指導教授 ： 俞海琴

中原大學/商學院/國際貿易研究所/碩士(2008年)

https://doi.org/10.6840/cycu200900653

摘要

本研究在探討廣告支出是否會影響到投資者的投資行為，進而提高公司股票在股票市場的流動性(Liquidity)，最後導致公司績效(Tobin’s Q)的提升。使用的資料取自1991年至2006年，台灣上市公司總計9,394個觀測值。本研究以兩階段最小平方法聯立方程式模型 (2SLS Simultaneous Equation Model) 進行研究，並發現廣告支出的投入會對公司股票的流動性有正向且顯著的影響，顯示廣告的投入會增加公司的能見度，進而提高投資人的投資願意，降低股票的買賣價差，提升股票的流動性。另一方面，公司流動性的提升會提高公司的績效；而公司績效的提高也會提升公司股票流動性，顯示流動性和公司績效間互相影響。由此可知，上述結果支持投資人對公司的熟悉程度會影響到公司的流動性以及其最後的價值。

關鍵字

2SLS聯立模型 ； Tobin's Q ； 廣告費用 ； Liquidity

並列摘要

This paper investigates the relationships among advertisement expenditures, liquidity and corporate performance. Using two-stage least squares method simultaneous equation model (2SLS Simultaneous Equation Model) with Taiwanese listed companies over 1991-2006, two main results are found. First, advertisement expenditures can increase the stock liquidity. Advertising increase the visibility of the company and thus raise the willing of purchasing in the investors, reduce the spread of the ask-bid price, and then promote the stock liquidity. Second, liquidity has a positive impact on corporate performance; corporate performance also has a positive impact on liquidity. I also find that the increase of liquidity will increase the corporate performance, and the increase of corporate performance will also promote the liquidity of corporate stock. These results suggest that the investors’ degree of familiarity with a firm may affect its liquidity and consequently its value.

並列關鍵字

Two Stage Least Square Simultaneous Equation Model. ； Tobin's Q ； Liquidity ； Advertising

參考文獻

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