广告对资本市场投资行为的影响研究——以A股上市公司为例  

Research on the Influence of Advertising on Capital Market Investment Behavior:Taking A-Share Listed Enterprises as an Example

作　　者：王平[1] 洪爱珍 惠瑜添 WANG Ping;HONG Ai-zhen;HUI Yu-tian(Anhui University of Finance and Economics,Bengbu Anhui 233030,China)

机构地区：[1]安徽财经大学,安徽蚌埠233030

出　　处：《铜陵学院学报》2021年第1期3-8,共6页Journal of Tongling University

基　　金：安徽省高校优秀青年人才支持计划项目(gxyqZD2017044)。

摘　　要：广告是企业与大众沟通的桥梁,不但能够影响消费者态度和购买决策,也能影响资本市场投资行为进而影响企业价值。以沪深两市A股企业为研究对象,探究广告对资本市场投资行为的影响,并考虑行业差异及行业与规模交互的调节作用。研究发现:广告对资本市场当期投资行为有显著的促进作用,对股票流动性的影响有一定的滞后效应;广告对股票分散度的影响在制造业和非制造业有显著差异;企业规模越大,广告对企业股权分散度和股票流动的促进作用更显著,而企业规模较小时,广告对投资行为的影响不显著。Advertising is a communication bridge between enterprises and the public.It can not only influence consumers'attitude and purchase decision,but also influence capital market investment behavior and enterprise value.This paper takes A-share enterprises in Shanghai and Shenzhen stock markets as the research object to explore the impact of advertising on capital market investment behavior with considering the moderate effect of industry differences and the interactive moderate of industry and enterprises scale.The results show that:advertising has a significant promoting effect on the current investment behavior of the capital market,and has a certain lag effect on the stock liquidity;the impact of advertising investment on the equity dispersion is significantly different between manufacturing and non manufacturing enterprises;the larger the enterprise scale,the more significant the promotion effect of advertising on the equity dispersion and stock liquidity,while the smaller the enterprise scale,the impact of advertising on capital market investment behavior is not significant.

关 键 词：广告 股权分散度 股票交易量 股票流动性 

分 类 号：F830.59[经济管理—金融学]