本研究主要在探討宣告公司在超級盃上播出廣告之宣告效果，以及此支出宣告對產業內其它競爭者所造成的影響。之前已有許多文獻探討過公司的不同支出或投資宣告對公司股價或是對競爭者的影響，但卻很少有關於公司廣告支出宣告對其本身或競爭者股價影響的相關文獻研究，因此本研究除了要檢視廣告支出宣告對公司本身股價的影響外，進一步還要探討此策略對同產業中其它競爭者的影響情形，以及分析此情形是否會因產業特徵的不同而有差異，希望能提供企業未來在廣告投資方面的參考與建議。

由於超級盃在美國往往是當年度收視率最高且廣告金額最龐大的電視節目。因此長久以來投資超級盃廣告是否符合財務的觀點便一直存有爭議。為了更進一步的瞭解爭議背後真正的廣告效果，本研究以歷年超級盃廣告為探討對象，採用事件研究法以探討超級盃廣告在市場投資人心中的價值。

研究結果發現，宣告公司在廣告播出後會有正的顯著異常股價報酬，而產業競爭者則會有負的顯著異常股價報酬。而進一步分析產業特徵差異與競爭效果後發現，競爭效果並不會因產業競爭程度的高低及公司與產業報酬之相關度高低而有差異。最後再從複迴歸分析得知，宣告公司之累積異常股價報酬的大小與產業內競爭者之累積異常股價報酬有顯著的正向關係，亦即當今天在超級盃播出廣告的宣告公司如果其累積異常股價報酬愈大時，則產業內競爭者的累積異常股價報酬也會愈大。這表示對宣告公司影響很大的訊息通常也會對競爭者產生很大的影響。

The stock price effects for announcing firms and rivals of different corporate payout announcements are well researched, but the topic of advertising expenditure announcement is not directly
investigated before. Thus, the main purpose of this study is to examine the announcing and intra-
industry effects of Super Bowl Ads. Further, we will also examine various industry characteristics that may influence the contagion and competitive effects.Super Bowl is generally considered to be the most influential, prestigious and costly advertising activity in the US. This research examines how announcing and intra-industry stock price corresponded to the Super Bowl advertising announcement of publicly listed companies of America from 1985 to 2001 by event study.

On average, although announcing firms experience a significantly positive stock price reaction at announcement, portfolios of rival firms in the same industry experience a significant and contemporaneous negative stock price reaction. This suggests that the competitive intra-industry effects of advertising announcement outweigh any contagion effects. In addition, regression results indicate that these competitive effects are indifferent in industry characteristics, such as degree of competition and degree of similarity. But we find that the magnitude of announcing firms’ abnormal returns is positively associated with rivals’.

【中文部分】
沈中華和李建然，民國89年9月，事件研究法，華泰文化事業公司。
沈鈞：超級盃--美國人狂歡的節日，民國91年2月，多維周刊總第89期。
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