在不完全競爭市場中，多數廠商常同時使用研究發展與廣告作為非價格競爭手段。本文主要目的在探討研究發展與廣告之間的交互作用對於股東價值所產生的影響力。研究結果顯示公司投入之研究發展活動能夠有效提升公司股東價值。研究發展活動有助於技術能力的改良，提升公司的競爭力，進而增進公司股東價值。此外，研究發展與廣告之交互作用與股東價值間呈現正向影響。公司研發初創新產品或服務之後，必須靠廣告宣傳，讓消費者瞭解新產品的發佈，進而提供消費者一個新的購買選擇，對公司價值造成正面影響。再者，廣告與研發對股東價值的效用會隨著公司規模與所處產業之產業密集度而有所不同。

Both advertising and research and development (R&D) can be viewed as two
factors crucial to long-term corporate growth. The purpose of this study is to
investigate the effects of the advertising, R&D and interaction between advertising
and R&D on shareholder value concerning economic scale and industry concentration.
The empirical results show R&D investments may generate innovative products
which enhance shareholder value. Moreover, the interaction between advertising and
R&D is significantly and positively related to shareholder value. In practice,
advertising plays a role to build brand awareness for innovative products. Additionally,
we examine how economic scale and industry concentration influence the effects of
advertising and R&D on shareholder value individually. With the respect to economic
scale, advertising and R&D strategies may increase shareholder value more
significantly for firms with high economic scale (large firms). The synergy between
advertising and R&D is only significant and positive for firms with low economic
scale (small firms). This implies that small firms should invest in advertising to build
brand awareness and promote new products while large firms have already developed
brand awareness, so the large firms should specialize in core competences. Firms in
competitive industry rely more on successful advertising campaigns to increase sales.
Moreover, economic scale and industry concentration significantly moderate the
effectiveness of advertising and R&D. Under the limited firm sources, managers
should decide the appropriate mix of advertising and R&D to maximize shareholder
value significantly according to economic scale and industry concentration.

1. Introduction ............................................................................................................. 1
2. Literature Review ................................................................................................... 5
2.1. Effect of Advertising ........................................................................................ 5
2.2. Effect of R&D .................................................................................................. 7
2.3. Synergy between Advertising and R&D .......................................................... 8
2.4. Moderator of Economic Scale and Industry Concentration ............................ 9
2.5. Hierarchical Linear Model ............................................................................. 11
3. Methodology ......................................................................................................... 13
3.1. Database Overview ........................................................................................ 13
3.2. Shareholder Value Measure ........................................................................... 16
3.3. Model Formulation ........................................................................................ 17
4. Empirical Results .................................................................................................. 21
4.1. Effect of Economic Scale .............................................................................. 25
4.2. Effect of Industry Concentration ................................................................... 27
4.3. Moderator Effects of Economic Scale and Industry Concentration .............. 29
5. Conclusions ........................................................................................................... 32
References ............................................................................................................. 36
Appendix 1 ............................................................................................................ 44
Appendix 2 ............................................................................................................ 45
Appendix 3 ............................................................................................................ 46

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