中華職棒冠軍賽事對母企業巿場價值之影響

The impact of championship events of the professional baseball league on parent company's market value

目的：本文探討中華職棒冠軍賽事對球團母企業巿場價值的影響。方法：研究樣本取自臺灣經濟新報資料庫，及中華職棒大聯盟全球資訊網，研究期間為1990年（職棒元年）至2008年（職棒十九年）。根據球隊企業上市櫃與否，最終取三家球團母公司味全、統一、興農，以結構式PanelData迴歸分析進行實證。結果：研究結果顯示，冠名球隊進入冠軍賽比未進入冠軍賽年度的母公司之市場價值（Tobin’s q）較高；亦即，職棒球隊的奪冠賽事與母企業品牌經營的市場績效具相關性。結論：因此，球團之贊助經營者母公司，應正視球隊實力的培育、賽事結果的激勵、與相關商品行銷活動在賽事過程中的搭配，以期球隊與企業互蒙其利；此外，市場投資者能將此奪冠賽事，視為一種市場訊號，供投資決策參考。Purpose: This paper examined the impact of professional baseball teams' championship events on the market value of the parent companies. Methods: Empirical data was collected from the financial reports of publicly traded companies in the Taiwan Economic Journal database as well as from the game results of the teams owned by these companies on the Chinese Professional Baseball League's (CPBL) website. Three companies (Wei-Chuan, Uni-President and Sinon) were analyzed for the period from 1990 to 2008. The structuralized panel data was then employed to test the proposed hypotheses using regression analysis. Results: The results showed that winning a professional baseball champion has a positive effect on the parent company's market value (Tobin's q) when compared to the years of no champion awarded. That is, this championship event is positively correlated with the branding performance of the parent company. Conclusion: Our study suggests that the parent company of a professional team should put adequate resources in building a champion team and offer a related incentive program for the players. This is because companies that leverage a championship event appear to be more successful in launching product marketing programs. Furthermore, market investors in their investment decision may regard a championship event as a signal of a company's future marketing performance.