以臺灣2019至2024年之上市櫃公司探討行銷投入對企業績效的影響

Abstract

近年來，企業對於如何在行銷資源配置與財務績效表現之間取得平衡，逐漸成為實務與學術領域共同關注的課題。儘管行銷投入對企業績效的影響已獲得一定程度的實證支持，但當中潛藏的內生性問題仍可能導致估計偏誤，進而影響分析結果的解釋與應用。另一方面，企業內部的員工特徵結構，可能影響行銷制定，但過往研究較少將其納入工具變數設計架構中加以探討。有鑑於此，本研究整合2019年至2024年間台灣上市櫃公司之財務與員工資料，並採用二階段最小平方法進行分析，嘗試以員工特徵變數作為工具，評估行銷投入與資產報酬率之間的關聯性。

實證結果顯示，總體而言，行銷投入與企業績效之間存在穩定的開口向下之非線性關係，說明企業在行銷支出方面可能存在一個最適化的投入水準，有助於績效最大化。進一步分析亦發現，員工特徵與行銷投入呈顯著相關，顯示其具備作為外生工具變數的統計合理性。此外，考量產業異質性後，本研究觀察到此非線性結構於部分產業中更為明顯，顯示最適投入水準與其邊際效益可能會受到外部產業環境差異性的調節與影響。

本研究以員工特徵變數為切入點，提出一套兼顧內部組織特性與外部環境異質性的分析架構，作為行銷投入與企業績效關聯性之探討工具。對於實務界而言，企業在進行行銷預算編列時，應將內部員工特徵納入決策依據，並同時關注外部產業環境的差異性，藉此更有效率地調整行銷投入水準，提升整體績效表現。

This study examines the relationship between marketing intensity and firm performance, addressing potential endogeneity concerns by employing employee characteristics as instrumental variables. Using panel data from publicly listed firms in Taiwan over the period 2019 to 2024, we apply a two-stage least squares (2SLS) estimation framework to assess how internal employee characteristics influence marketing intensity and, consequently, impact return on assets.

Our empirical results demonstrate an inverted U-shaped relationship between marketing intensity and firm performance, suggesting an optimal level of marketing investment that maximizes firm returns. Additionally, employee characteristics, such as education level, age, tenure, and turnover rate, exhibit significant explanatory power for marketing intensity, validating their effectiveness as instrumental variables. When industry heterogeneity is considered, the nonlinear relationship becomes more pronounced in certain sectors, indicating that optimal marketing intensity and its marginal returns are contingent on industry-specific environmental factors.

This research provides an integrated analytical approach that captures both internal organizational attributes and external industry differences in analyzing the marketing-performance nexus. Our findings offer practical insights for managers, highlighting the importance of incorporating employee characteristics and industry-specific conditions into strategic marketing budgeting to enhance resource allocation efficiency and improve overall firm performance.