企业广告投入如何影响违约风险:“言多而实”抑或“言多而虚”?  

How Does Corporate Advertising Investment Influence Default Risk?

作　　者：秦蓁 强皓凡 章君瑶 ZHEN QIN;HAOFAN QIANG;JUNYAO ZHANG(Shanghai University;Fudan University,Renmin University of China;Jiangxi University of Finance and Economics)

机构地区：[1]上海大学经济学院 [2]复旦大学经济学院 [3]中国人民大学国际货币研究所 [4]江西财经大学会计学院

出　　处：《产业经济评论》2023年第3期163-181,共19页Review of Industrial Economics

基　　金：国家自然科学基金面上项目“流动性压力、信息交互与价格联动——基于中国股票和债券市场多层复杂网络的风险交叉传播机制与控制修复策略研究”(71873039);“基于耦合网络的“企业—银行”系统性风险的传播机制及控制策略研究”(71573051)的阶段性成果。

摘　　要：学术界关于企业广告投入对其能否健康发展、良性经营存在“言多而实”与“言多而虚”的意见分歧。基于沪深A股上市企业2012—2020年的数据实证研究发现,企业广告投入强度越高,其违约风险越低,即企业广告投入发挥了“言多而实”的积极作用,且该结论通过了一系列稳健性检验。机制分析表明,企业广告投入能通过债务替代效应减少短期债务融资需求,能通过信息传递效应缓解企业内外部信息不对称,并能通过监督治理效应降低企业代理成本,从而改善企业财务境况、提升企业治理水平、降低违约风险。进一步的异质性分析表明,企业广告投入在经济政策确定性强、法律制度完善、社会信任度高的环境下,在国有企业、税法遵从度高、客户集中度低的企业中能够更好地发挥违约风险降低作用。以上结果拓展了广告投入的研究范畴,丰富了相关领域文献,并为政府部门防范违约风险、企业管理者制定广告营销战略提供了重要建议。There are different opinions in the academic circles about whether corporate advertising investment can contribute to its healthy operation and development.Based on the 13,514“firm-year”observations of A-share listed companies in China from 2012 to 2020,this paper finds that the higher the intensity of corporate advertising investment is,the lower the default risk is,which means corporate advertising investment plays a positive role in“talking more and telling the truth”and the conclusion has passed a series of robustness tests.Mechanism analysis shows that corporate advertising investment can shrink short-term debt financing needs through debt substitution effect,alleviate internal and external information asymmetry through information transmission effect,and reduce agency costs through governance supervision effect,thereby improving the financial situation and governance level of enterprises and reducing default risk.Further heterogeneity analysis shows that corporate advertising investment plays a better role in reducing default risk in the environment of strong economic policy certainty,sound legal system and high social trust,as well as in nationalized enterprises,enterprises with high tax law compliance and low customer concentration.This paper expands the research scope of advertising investment,enriches the literature in related fields and provides important suggestions for government workers to prevent default risks and enterprise managers to formulate advertising strategies.

关 键 词：广告投入 违约风险 债务替代 信息传递 监督治理 

分 类 号：F274[经济管理—企业管理] F713.8[经济管理—国民经济] F832.51