以注意力基礎觀點論廣告投資與美國交叉上市之股票報酬

An Attention-Based View of Advertising Investment and Stock Return of Cross-Listings

本研究以注意力觀點理論來探討廣告投資如何影響股票報酬。廣告投資不僅能創造無形資產亦能同時吸引投資人的目光。實證結果中，首先，廣告投資確實能吸引投資人的注意力進而創造正向股票投資報酬。其次，從開發中國家至美國交叉上市的公司及高科技至美國交叉上市公司亦能擁有正向的股票報酬。最後，若開發中國家至美國交叉上市的公司及高科技至美國交叉上市的公司，若投入越多的廣告支出，則能得到更高的正向股票報酬。尤其，那些來自開發中國家的高科技公司至美國交叉上市，經由廣告投資更能獲得更高的正向股票報酬。從管理意涵的角度，本研究建議經理人應該增加廣告投資來建立無形資產，降低資訊不對稱問題，進而吸引投資者。

This study uses an attention-based view (ABV) to investigate how advertising investment influences stock returns. The advertising expenditures can not only create the intangible investment but also to catch the attention of investors. In these empirical results, first, the advertising investment can engage the investor's attention to create the positive stock return. Secondly, the cross-listing firms from emerging countries and high-tech cross-listing firms bring the positive performance. Finally, cross-listing firms from emerging countries and high-tech cross-listing firms with more advertising expenditures own the positive impact on stock return. In particular, the high-tech cross-listing firms from the emerging countries have the positive stock return through advertising investments. For the managerial implication, the manager should increase advertising investments to build intangible assets and attract the attention of investors since less asymmetric information.