债务约束下的企业广告与R&D投资研究

doi:10.16381/j.cnki.issn1003-207x.2015.12.017

中国管理科学 ›› 2015, Vol. 23 ›› Issue (12): 142-149.doi: 10.16381/j.cnki.issn1003-207x.2015.12.017

债务约束下的企业广告与R&D投资研究

陈有华¹, 聂普焱², 彭璧玉³

1. 华南农业大学经济管理学院, 广州 510642;
2. 广东财经大学, 广州 510320;
3. 华南师范大学经济与管理学院, 广州 510006

收稿日期:2013-12-13 修回日期:2014-07-09 出版日期:2015-12-20 发布日期:2015-12-31
作者简介:陈有华(1984-),男(汉族),江西瑞昌人,华南农业大学经济管理学院讲师,研究方向:产业组织理论、食品安全.
基金资助:
国家自然科学基金资助项目(71271100);国家社科基金重点项目(14AJY020);广东省软科学项目(2014A070704008);广东省社会科学基金资助项目(GD13YLJ02)

Advertising and R&D Innovation under Debt Constraint

CHEN You-hua¹, NIE Pu-yan², PENG Bi-yu³

1. College of Economics and Management, South China Agricultural University, Guangzhou 510642, China;
2. Guangdong University of Finance & Economics, Guangzhou 510320, China;
3. School of Economics and Management, South China Normal University, Guangzhou 510006, China

Received:2013-12-13 Revised:2014-07-09 Online:2015-12-20 Published:2015-12-31

摘要/Abstract

摘要： 本文以Brander和Lewis的资本结构产业组织理论为基础,结合资本市场与产品市场,分析了企业负债与广告投资、R&D投资之间的关系。通过模型推导提出理论命题,并运用我国沪深两市A股上市公司数据进行验证得到相关结论。研究结果显示负债对企业广告投入存在刺激作用而对R&D投资存在抑制效应。企业广告投入与R&D投入行为存在明显的行业差异,制造业企业两种投入相对均衡,非制造业企业通常偏好于二者之一。企业广告与R&D投入之间相互影响,制造业两种投资之间存在互补关系,而非制造业两种投资之间存在替代关系。负债对企业广告与R&D投资行为的影响存在差异,并且不同债务类型的影响同样存在差异。本研究可进一步促进资本结构产业组织理论的发展,同时为企业改善广告与R&D投资策略提供理论和经验依据。

关键词: 负债, 广告投入, R&, D投入, 互补性, 刺激效应

Abstract: Combining output market with capital market and based on the capital structure industrial organization theory, how debt affects firm's advertising and R&D investment behavior along with what are the relationships between advertising and R&D innovation are studied in this paper. After theoretical and empirical analyzing, the following conclusions are achieved. Firstly, debt increases firm's advertising but inhibits R&D investment and different kinds of debts have different effects. Besides, firm's advertising and R&D behavior are different between different industries and manufacturing firms invest both of them while non-manufacturing firms only perform one of them. Moreover, advertising investment is complementary with R&D investment in manufacturing firms but it is competitive with R&D innovation in non-manufacturing firms. This study is valuable for the improving of capital structure industrial organization theory and helpful for firm's advertising as well as R&D competition strategy.

Key words: debt, advertising investment, R&D investment, complementary, stimulating effect

中图分类号:

F062.9

陈有华, 聂普焱, 彭璧玉. 债务约束下的企业广告与R&D投资研究[J]. 中国管理科学, 2015, 23(12): 142-149.

CHEN You-hua, NIE Pu-yan, PENG Bi-yu. Advertising and R&D Innovation under Debt Constraint[J]. Chinese Journal of Management Science, 2015, 23(12): 142-149.

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债务约束下的企业广告与R&D投资研究

Advertising and R&D Innovation under Debt Constraint

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