近年來，企業行銷活動已由傳統廣告與促銷，延伸至品牌經營、顧客關係管理、數據應用與市場成長管理等層面。然而，行銷支出在財務報表中多被列為當期費用，其對企業價值的影響可能受到投入效率、無形資產累積與時間遞延等因素影響，未必能以單純線性關係加以解釋。因此，本研究以台灣上市櫃公司為研究對象，探討行銷強度與企業價值之關係，並進一步檢驗兩者是否存在非線性效果。
實證研究結果發現，在同時納入當期、前一期與前兩期行銷強度及其平方項後，前一期行銷強度與當期 Tobin’s Q 之間呈現顯著 U 型關係，顯示行銷強度與企業價值之間存在非線性關係，且其影響具有一期遞延效果。
行銷強度分組分析則顯示，高行銷強度組在敘述統計上具有較高 Tobin’s Q，但在控制產業、年度與主要企業特徵後，其市場評價並未顯著高於低行銷強度組；以 ROA 觀察時，高行銷強度組則呈現較低之會計績效。
進一步檢驗調節效果後，發現研發強度在部分產業中較為明顯，顯示行銷投入效果受到研發能力與產業特性影響。

In recent years, corporate marketing activities have expanded beyond traditional advertising and promotion to include brand management, customer relationship management, data application, and market growth management. However, marketing expenditures are generally treated as current expenses in financial statements, while their impact on firm value may involve intangible asset accumulation and time-lag effects. Accordingly, this study examines the relationship between marketing intensity and firm value using Taiwan-listed and over-the-counter firms as the research sample, and further investigates whether a nonlinear relationship exists between the two.
The empirical results show that, after simultaneously including current, one-period lagged, and two-period lagged marketing intensity and their squared terms, one-period lagged marketing intensity exhibits a significant U-shaped relationship with current Tobin’s Q. This finding indicates that marketing intensity has a nonlinear impact on firm value with a one-period lagged effect.
The marketing intensity group analysis shows that high marketing intensity firms have higher Tobin’s Q in descriptive statistics, but not after controlling for industry, year, and major firm characteristics. When ROA is used as the performance measure, high marketing intensity firms show lower accounting performance.
Further analysis shows that the moderating effect of R&D intensity is more evident in certain industries, suggesting that the effect of marketing investment may be influenced by R&D capability and industry characteristics.

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