| Summary: | 碩士 === 國立交通大學 === 管理科學系所 === 97 === Selling, General & Administrative Expenses（SG&A）can help company to enhance brand awareness and brand loyalty of company which can develop intangible assets. In this study we discuss the effects of capitalizing and expensing SG&A expenses with stock return and choose the high SG&A intensity of S&P 500 to be the sample. The major finding of this study is that the companies with high SG&A intensity which capitalizing SG&A is more related to stock return than expensing SG&A. Then we separate the sample by industry and sales to find out whether each dimension affects the correlation between SG&A and stock return. The nonmanufacturing firms and high sales firms are more related to stock return. To further discuss the cross between industry and sales, we find high sales and nonmanufacturing firm have higher explanatory power to stock return as compared to the low sales and manufacturing firms. Therefore base on resource-based theory, the company should according to the characteristic and the conditions of environment to identify its core competence, and then allocate resource properly to get the competitive advantage and profit.
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