公司經理人的最終目標是使股東利益極大化，因此，企業內各部門主管甚至是高階經理人，都必須透過此一原則來檢視其策略能否使公司股東受益。廣告、顧客滿意度和研究發展是近年來企業所重視的投入要素，但這些投入要素卻也經常被質疑是否真能為公司帶來實質利益，意即使股東受益。據此，本文以美國和台灣股票市場的上市公司為研究對象，探討廣告、顧客滿意度和研究發展對公司股價風險之影響。

實證結果發現，不論在美國或台灣，廣告、顧客滿意度皆能顯著降低公司股價之總風險、系統風險和非系統風險。至於研究發展對公司股價風險之影響則較不一致，在美國方面，研究發展會增加公司股價之總風險、系統風險和非系統風險；而在台灣，研究發展會增加公司股價的系統風險，但卻降低非系統風險。

對於公司經理人而言，本研究提供控管公司風險的新方向，讓不同部門間的經理人可以用共同的財務語言溝通，更進而帶給高階主管分配公司資源與風險控管之新思維。

There is a growing consensus that senior management in either marketing or finance department should not evaluate the marketing performance only by marketing metrics, e.g. market share, sales growth, customer satisfaction, and etc., but focusing on maximizing shareholder value because they do not understand how or even whether those marketing metrics benefit shareholders. To follow this trend, this article investigates whether a firm’s advertising expenditure, customer satisfaction, and research-and-development (R&D) expenditure have effects on total risk, systematic risk, and unsystematic risk of its common stock. After examining American and Taiwan stock market in the period from 2001 to 2005, the study finds that, conforming to the hypotheses in the study, advertising and customer satisfaction can significantly lower all a firm’s total risk, systematic risk, and unsystematic risk of its common stock. The result of R&D, however, rejects the hypotheses in the study and even previous research and states that R&D would increase a firm’s total risk, systematic risk, and unsystematic risk of its common stock in American stock market, yet increase systematic risk and decrease unsystematic risk in Taiwan stock market. The implication of this study may offer senior managers an alternative thinking of controlling business risk and resource allocation.

1. Introduction
2. Literature Review
2.1. Review of Systematic Risk and Unsystematic Risk
2.2. Stock Volatility and Unsystematic Risk
2.3. Advertising
2.4. Consumer Satisfaction
2.5. R&D
3. Hypotheses and Methodology
3.1. Hypotheses
3.2. Data
3.3. Method
4. Results
4.1. American case
4.2. Taiwan case
5. Conclusion
5.1. Conclusion
5.2. Research constrains
5.3. Suggestion for Further research
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