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系統識別號 U0026-0102201613493100
論文名稱(中文) 廣告績效對股價的影響
論文名稱(英文) The Influence of Advertising Award on Stock Performance
校院名稱 成功大學
系所名稱(中) 企業管理學系
系所名稱(英) Department of Business Administration
學年度 104
學期 2
出版年 105
研究生(中文) 游勛涵
研究生(英文) Hsun-Han Yu
學號 R46021366
學位類別 碩士
語文別 英文
論文頁數 41頁
口試委員 指導教授-張紹基
口試委員-林軒竹
口試委員-李振宇
口試委員-林玟君
中文關鍵字 網路廣告  股價  得獎 
英文關鍵字 internet advertising  stock price  Webby award 
學科別分類
中文摘要 廣告是公司提升品牌形象與知名度重要方法,也因此廣告預算正逐年增加,而隨著網際網路的便利性及上網人數的驟增,公司也開始越趨重視網路廣告。歷年文獻利用廣告得獎來評估廣告績效,以消費者為研究對象並指出好廣告可以成功吸引較多關注,但在廣告得獎宣告上是否亦可以為公司創造價值及吸引投資者青睞等相關議題,研究較少且結果也不顯著。故本研究以目前備受關注的網路廣告為研究對象,以號稱廣告界奧斯卡獎項-「Webby Award」來評判廣告的優劣性,並試著分析公司執行良好績效的網路廣告時,在短期與長期投資人對於此訊息的態度會如何反應在公司股價的異常報酬上。
本研究最大特色是以投資市場角度,分析網路廣告實際為公司創造的價值,針對短期日報酬予以事件分析法探討,以CAR觀察獎項宣告的短期股價反應,且利用BHARs觀察績效良好的廣告長期對公司股價的影響,蒐集2007年至2014年間公布於Webby Award 官網上得獎公司資料,最後再搭配複迴歸分析法觀察其他可能影響之變數。
英文摘要 Advertising is a good way to help a company to boost its image so that we can observe the increase tendency of advertising budget each year. Furthermore, because of the convenience of internet and the large number of people on surfing the internet, firms begin reducing advertisement on traditional medium and increasing online advertising. Previous literatures judged advertisement by winning awards and pointed out that the outstanding advertisements are significant on attracting customers’ attention. However, stock market did not react obviously about award-winning announcement of advertising. Therefore, in this study, we focus on the internet advertising and collect the sample firms, which won the Webby awards. Through observing abnormal returns, we can know investors’ attitude toward outstanding internet advertising.
This study observes the relationship between outstanding internet advertising and firm value. We use event study methodology to analyze the cumulative abnormal return (CAR) for award announcement and see buy-and-hold abnormal return (BHAR) to check the stock performance with outstanding advertisements. The samples are the firms, which won the Webby awards from 2007 to 2014 and use their stock price to measure their CARs and BHARs. Finally, we look over other control variables, which may affect our result by the regression analysis.
論文目次 Chapter 1 Introduction 1
1.1 Research Background and Motivation 1
1.2 The Webby Awards 3
1.3 Research Objective 4
Chapter 2 Literature Review and Hypotheses 5
2.1 Internet Advertising 5
2.2 Investors’ Attitude toward Advertising 6
2.3 Hypotheses 7
Chapter 3 Methodology 10
3.1 Sample Selection 10
3.2 Event Study 10
3.3 Model 11
3.4 Variables Definition 14
3.4.1 Dependent Variables 14
3.4.2 Independent Variables 14
3.4.3 Control Variables 15
3.5 Cross-Sectional Regression Analysis 16
Chapter 4 Empirical Analysis 20
4.1 Sample Description 20
4.2 Cumulate Abnormal Return Analysis 22
4.3 Buy-and-Hold Abnormal Return Analysis 27
4.4 Regression Model 30
Chapter 5 Conclusion 34
References 37
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