本文旨在分析廣告投入及研發投資對廠商訂價能力的影響。採用台灣經濟新報資料庫，2000年至2017年台灣上市、上櫃之食品及飲料製造業廠商資料作為實證分析之對象。除了分析廠商兩項投資對訂價能力的影響，本研究欲延伸分析廠商廣告投入及研發投資對商品價格及邊際成本的影響。本文訂價能力根據De Loecker and Warzynski的研究方法估計；並以Levinsohn and Petrin的研究方法估計廠商生產函數，進而獲得估計廠商訂價能力所需之生產要素投入的產出彈性。實證結果顯示廠商僅可透過前期研發投資提升本期的訂價能力；而前期廣告投入在增進本期訂價能力上較沒幫助。

This research aims to analyze the impact of advertising and R&D expenditures on firm markup. We use the data from the TEJ database and focus on the food and beverage manufacturing industry in Taiwan during the period from 2000 to 2017. Besides, we disentangle markup into price and marginal cost, and investigate the effect of advertising and R&D expenditures on price and marginal cost. We adopt De Loecker and Warzynski’s (2012) method to estimate the firm markup. The empirical results show that firms can improve their markup through R&D but not advertising expenditures.

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