本研究試圖探討行銷資源投入規模與公司未來績效之關聯性，以及探討分析師是否充分理解行銷投入對未來盈餘影響的意涵。本研究以 2001 年至 2019年間的所有美國上市公司為樣本，實證結果顯示行銷支出規模與公司次一年度獲利能力兩者間的關係並不顯著；但另一個結果顯示行銷資源投入規模對與分析師盈餘預測的樂觀偏誤有關，代表分析師高估了行銷資源投入規模所帶來的效益。本研究補充現有文獻證實分析師雖然是重要的資訊中介者，但對於行銷支出的解讀能力仍然有限。

This study investigates the relationship between a firm’s marketing expenditures and its future business performance by focusing on financial analysts' forecasting behavior. Empirical data for testing our hypotheses are collected from US listed companies during the period 2001 to 2019. The results find no evidence that marketing expenditures have direct impact on future profitability, however, financial analysts take into account marketing expenditures in forming their earnings prediction. That is, the findings also suggest that analyst forecasts do not fully reflect the implications of the effect of marketing expenditures on future earnings and this over-valuation might mislead investors.

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