本研究以台灣上市櫃企業贊助大型馬拉松賽事為研究情境，結合事件研究法與 Google Trends 搜尋量資料，檢驗投資人注意力與企業贊助之市場反應。研究樣本涵蓋 2023 年至 2025 年台灣大型馬拉松賽事之上市櫃企業贊助事件，並以賽事報名起始日作為事件日，透過市場模型衡量事件窗口內之異常報酬與累積異常報酬。本文進一步建構品牌異常搜尋聲量（Brand_ASVI）與賽事異常搜尋聲量（Event_ASVI），以分別捕捉品牌層次與賽事層次之投資人注意力。
實證結果顯示，企業贊助大型馬拉松賽事於賽事報名資訊釋放期間，平均而言並未產生顯著正向之累積異常報酬，表示市場並未一致地將此類贊助事件視為具立即性股東財富效果之資訊。進一步分析投資人注意力後發現，Brand_ASVI 對累積異常報酬雖呈正向但未達顯著；相對地，Event_ASVI 在主要迴歸模型中呈顯著正向，且於不同事件窗口與市場調整模型下仍維持顯著或邊際顯著，說明馬拉松賽事本身之市場關注度越高，贊助企業越可能獲得較佳之短期市場反應。
額外分析亦顯示，賽事注意力之外溢效果在金融保險、民生消費與服務及運輸與汽車等較具 B2C 屬性之產業中較為明顯。整體而言，本研究之核心發現為，企業贊助大型馬拉松賽事本身不必然直接帶來正向股價反應，關鍵在於賽事本身是否具備足夠市場能見度與注意力流量。當賽事受到高度關注時，注意力可能由賽事外溢至贊助企業，使市場投資人更容易將贊助活動解讀為具品牌曝光與商業價值之策略性投入。

This study examines the relationship between investor attention and the market reaction to corporate sponsorship in the context of Taiwan marathon events. Using an event study methodology, this study analyzes sponsorship events involving Taiwanese listed firms and major marathon races from 2023 to 2025. The event date is defined as the opening date of race registration, and cumulative abnormal returns（CAR） are estimated using the market model. Investor attention is measured using Google Trends search volume, including brand-level abnormal search volume (Brand_ASVI) and event-level abnormal search volume (Event_ASVI).
The empirical results show that, on average, corporate sponsorship of major marathon events does not generate significantly positive CAR, suggesting that the market does not uniformly view such sponsorship as an event with immediate shareholder wealth effects. However, the cross-sectional regression results indicate that Event_ASVI is significantly and positively associated with CAR, while Brand_ASVI is positive but insignificant. Robustness tests using alternative event windows and a market-adjusted model further support the positive role of event-level attention.
Additional analysis shows that the attention spillover effect is more evident among B2C-oriented industries, including financial services, consumer services, and transportation sectors. Overall, the findings suggest that sponsorship benefits depend not merely on whether a firm sponsors an event, but on whether the event itself generates sufficient visibility and attention flow.

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