中文摘要 今日,對許多活動,如體育、藝術、公益等來說,贊助已經成為大部份資金來源。2001年全球贊助經費也估計達到220億美元。在美國,1989年到1994年間,企業投資在運動、音樂、娛樂、節慶和藝術等贊助上的金額已從兩千一百萬美元增加至四千兩百五十萬美元。 本研究主要目的在探討企業贊助運動比賽對企業經營績效之關聯性分析。以有贊助中華職棒之上市公司為樣本,研究期間自民國92至93年9月,研究方法以橫斷面與時間序列合併的資料模型(Panel Data)進行研究,其結果如下: 在企業贊助中華職棒前和贊助後的結果顯示,無論在資產報酬率、Tobin′s Q及權益報酬率均未產生正面顯著影響,原因可能在於企業贊助無法在短期內表現於企業的財務績效上。 在同一產業中,有贊助的企業比沒有贊助的企業之正面影響來得顯著。汽車業方面,在有贊助的企業中,存貨週轉率及營收週轉率分別與資產報酬率、Tobin′s Q和權益報酬率呈正向關係;在橡膠業方面,有贊助的企業利息保障倍數呈正向,沒贊助的企業呈負向。
Abstract Nowadays, Sponsorship has already become the most funding sources of the sport, art and philanthropy. During the period of 1989 to 1994, total sponsorship expenditures in the United States across the categories of sports, music, entertainment, festivals and the arts, increasing from $2.1 billion to $4.25 billion. Sponsorship expenditures for the global activities reached US$22 billions in 2001. This study attempts to analyze the impact of sport sponsorship on the financial performance of the company. The sample of this work is the sponsorship of Chinese Professional Baseball which had been listed in the TSE. Panel data is used and the study period starts from January 2003 to September 2004. The empirical results are summarized as follows: The results before and after corporate sponsoring Chinese Professional Baseball show that the ROA, Tobin’s Q and ROE do not significantly affect the financial performance of the company. The possible explanation is that the sponsorship could not reflect the effect on the financial performance of the company during a short period. This work also finds that, in a specific industry, the company having sponsorship produces better performance than the company not having sponsorship. For example, in the automobile industry, average inventory turnover ratio and operating growth ratio have significantly positive relationship with the ROA, Tobin’s Q and ROE. While in the rubber industry, Times Interest Earned Ratio has a significantly positive relationship with the company which has sponsorship and has a significantly negative relationship with the company which does not have sponsorship.