本文旨在分析廣告投入及研發投資對廠商訂價能力的影響。採用台灣經濟新報資料庫，2000年至2017年台灣上市、上櫃之食品及飲料製造業廠商資料作為實證分析之對象。除了分析廠商兩項投資對訂價能力的影響，本研究欲延伸分析廠商廣告投入及研發投資對商品價格及邊際成本的影響。本文訂價能力根據De Loecker and Warzynski的研究方法估計；並以Levinsohn and Petrin的研究方法估計廠商生產函數，進而獲得估計廠商訂價能力所需之生產要素投入的產出彈性。實證結果顯示廠商僅可透過前期研發投資提升本期的訂價能力；而前期廣告投入在增進本期訂價能力上較沒幫助。

This research aims to analyze the impact of advertising and R&D expenditures on firm markup. We use the data from the TEJ database and focus on the food and beverage manufacturing industry in Taiwan during the period from 2000 to 2017. Besides, we disentangle markup into price and marginal cost, and investigate the effect of advertising and R&D expenditures on price and marginal cost. We adopt De Loecker and Warzynski’s (2012) method to estimate the firm markup. The empirical results show that firms can improve their markup through R&D but not advertising expenditures.

目錄
第一章 緒論 1
第一節 研究背景與動機 1
第二節 研究目的 4
第三節 研究流程 5
第二章 文獻回顧 6
第三章 研究方法 10
第一節 估計訂價能力 10
第二節 估計廠商生產要素投入的產出彈性 11
第四章 資料來源與估計結果 14
第一節 資料來源 14
第二節 變數定義與估計結果 15
4.2.1 廠商勞動投入的產出彈性 15
4.2.2 廠商訂價能力 16
第五章 實證分析 17
第一節 實證模型 17
第二節 實證結果 20
第三節 延伸分析 23
5.3.1 廣告投入金額及研發投資金額對商品價格的影響 26
5.3.2 廣告投入金額及研發投資金額對邊際成本的影響 29
第六章 結論 32
參考文獻 34
附錄 37

圖目錄
圖1-1：台灣上市櫃食品及飲料製造業2000年至2017年歷年產值 1
圖1-2：台灣上市櫃食品及飲料製造業2000年至2017年廣告投入金額 2
圖1-3：台灣上市櫃食品及飲料製造業2000年至2017年研發投資金額 3
圖1-4：研究流程圖 5
圖5-1：廠商前一期廣告投入金額對本期訂價能力之邊際效果 22
圖5-2：廠商前一期研發投資金額對本期訂價能力之邊際效果 22
圖5-3：廠商前一期廣告投入金額對本期商品價格之邊際效果 28
圖5-4：廠商前一期研發投資金額對本期商品價格之邊際效果 28
圖5-5：廠商前一期廣告投入金額對本期邊際成本之邊際效果 31
圖5-6：廠商前一期研發投資金額對本期邊際成本之邊際效果 31

表目錄
表2-1：廠商廣告投入與研發投資對廠商表現的相關文獻 9
表4-1：生產函數估計結果 15
表4-2：廠商訂價能力估計結果 16
表5-1：廠商前一期廣告投入及研發投資金額對本期訂價能力之影響 21
表5-2：廠商前一期廣告投入及研發投資金額對本期商品價格之影響 27
表5-3：廠商前一期廣告投入及研發投資金額對本期邊際成本之影響 30
附錄表1：Translog生產函數估計結果 37
附錄表2：Translog生產函數估計出勞動投入的產出彈性結果 37

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