在此份研究中，我們研究了在公司使用廣告在借貸市場所帶來的效果。此次樣本是由19627筆上市櫃借貸資料所組成，資料蒐集時間由1986年到2017年。我們的實證結果顯示，在產品市場中投放的廣告確實有外溢效果，能夠作為一種吸引銀行借貸方的方式並因此得到融資。此外，較高的廣告費用也會造成較高的負債比例因而造成融資成本的上升。實證結果也顯示了透過廣告進行融資時，財務狀況不佳或是相對規模較小的企業也會因此有較高的融資成本。最後，我們發現不同產業間的廣告效果在借貸市場並不一致，此項議題可成為未來研究發展的方向。

This paper examines the effect of advertising in lending market. Our sample consists of 19,627 listed companies’ loan data from 1986 to 2017 in Taiwan. Our empirical results show that firms with higher advertising expense could be a manner to get debt financing from financial institutions through drawing the creditor’s attention. In addition, higher advertising expense could make the loan cost higher because of the higher debt ratio. Furthermore, our results point out that firms with rather poor financial status or rather small size would enjoy a higher debt cost when it comes to debt financing through advertising. Finally, we find that advertising effect on lending market would differ across industries.

論文審定書...........................................................................................i
摘要......................................................................................................ii
Abstract...............................................................................................iii
1. Introduction.....................................................................................1
2. Literature Review and Hypothesis Development..........................4
2.1 Advertising effect in product market...........................................5
2.2. The relationship between advertising expense and debt ratio.6
2.3. Advertising in lending market.....................................................7
3. Research Design.............................................................................10
3.1. Sample construction...................................................................10
3.2. Debt Ratio and Loan Cost...........................................................11
3.3. Advertising Expense...................................................................12
3.4. Control Variables........................................................................12
4. Model..............................................................................................13
4.1. Simultaneous equation:..............................................................14
5. Empirical results and discussion..................................................16
5.1. Summary statistics.....................................................................16
5.2. Pearson correlation matrix.........................................................17
5.3 Univariate analysis of AD level and the Loan cost.....................17
5.4 The effect of AD on Debt ratio and AD on Loan cost.................18
5.5. Simultaneous equation model...................................................20
5.6.1. The effect of advertising on loan cost with different firm’s sizes................21
5.7.1. The effect of advertising on loan cost of revenue growth and Tobin’s Q....21
5.7.2. The effect of advertising on loan cost on cash dividend.............................22
5.8. The effect of advertising on loan cost across different industries.................23
6. Conclusion.............................................................................................................23
References.................................................................................................................26
Appendix....................................................................................................................29

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