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

作　　者：陈有华[1] 聂普焱[2] 彭璧玉[3] 

机构地区：[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

出　　处：《中国管理科学》2015年第12期142-149,共8页Chinese Journal of Management Science

基　　金：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)

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。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 RS＆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.

关 键 词：负债 广告投入 R&D投入 互补性 刺激效应 

分 类 号：F062.9[经济管理—政治经济学]