現金流量對研發、廣告關係之影響

The Impact of Cash Flow on the Relationship between R&D and Advertising

10.29963/TOJEB.200506.0003

陳振銘(Chen-Ming Chen)

MES ； 研發 ； 廣告 ； 現金流量 ； MES ； R&D ； advertising ； cash flow

真理財經學報

12期（2005 / 06 / 01）

53 - 92

繁體中文

本文利用台灣製造業資料，以Morishima (1967)之替代彈性定義式，衡量研發與廣告關係；並以縱橫資料(Panel data)分析法，建立「廣告對研發」關係、「研發對廣告」關係迴歸實證模型，進行及比較OLS、LSDV及GLS估計。研究結果發現，製造業全產業「廣告對研發」關係為互補，「研發對廣告」則呈現替代關係；主要實證結果指出，在其他情況不變下，現金流量波動愈大，資金取得成本提高，廠商以研發取代廣告之意願增強；然而，面對既定研發活動，為確保研發投入及其成果，廠商同時搭配廣告之意願提高。此一結果呼應文獻「研發與廣告決策受現金流量波動影響」之論點外，進一步指出研發與廣告關係亦受現金流量波動程度之影響。

The paper performs a firm-level panel data model to estimate the impact of cash flow on the relationship between R&D and advertising. The relationship between R&D and advertising measured by Morishima (1967) approach for Taiwan's manufacturing data shows that the relationship of advertising to R&D is complementary, but the relationship of R&D to advertising is substitute. The impact of cash flow volatility on the relationship between R&D and advertising is studied. For isolating the effect of cash flow volatility, the various non-cash flow factors that affect the R&D and advertising incentive is taken into account. The empirical results show that higher cash flow volatility is associated with higher complementary degree of advertising to R&D and higher substitute degree of R&D to advertising.

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