【作者】 陈有华；

【导师】 聂普焱； X.Henry Wang；

【作者基本信息】 暨南大学 ， 产业经济学， 2013， 博士

【副题名】基于债务有限责任效应的理论与实证研究

【摘要】 广告与R&D投资是两种联系非常紧密的企业投资行为，企业通过R&D投资提升企业产品质量，通过广告宣传向消费者传递产品信息。广告与R&D投资都是企业提升无形资产的主要手段。基于资本市场同产品市场存在必然联系的事实可推知，企业债务融资行为会影响其广告与R&D投资。因此本文以布莱德、莱维斯和萨顿的产业组织理论为基础，深入系统地研究了企业负债对其广告与R&D投资行为的影响以及广告与R&D投资行为之间的关系。通过文献分析，梳理研究脉络、概括研究理论、提炼研究主题并形成研究思路。本文的研究思路是，依据理论建立模型，通过模型推导和分析得出研究命题，随后用我国A股上市公司数据对理论命题进行经验验证，得出最终研究结论。研究结果显示：（1）企业负债影响其广告与R&D投资行为。总体而言，负债对基于短期效益的广告投资产生刺激效应，对基于长期效益的R&D投资产生抑制效应；（2）流动性负债对广告投入刺激效应更明显，而非流动性负债对R&D投资的刺激效应更明显；（3）制造业与非制造业企业广告与R&D投资者行为存在明显差异。制造业企业广告与R&D投资替代弹性低，因而两者之间存在互补关系。非制造业企业广告与R&D投资替代弹性高，因而两者之间存在替代效应；（4）制造业行业内企业广告与R&D投资行为较为均衡，非制造业企业广告与R&D投资行为差异大。制造业企业更倾向于R&D投资，说明其R&D投资边际收益率高，非制造业更偏好于广告投入，说明其广告投资边际收益率高。本研究补充和发展了布莱德、莱维斯和萨顿等人的产业组织理论，一方面将布莱德和莱维斯的理论拓展至广告与R&D投资行为，另一方面细化了萨顿关于广告与R&D投资的理论，并且所得研究结论对企业发展具有重要参考价值和指导意义。更多还原

【Abstract】 As Sutton (1991) told us that there is interrelation between advertising investment and R&Dinvestment and both of them elevate intangible assets of the firm. Firm invests R&D to improvethe quality of its products and then uses advertising to send the information of its products to theconsumers. Besides, Brander and Lewis (1986) argued that product markets and financialmarkets have significant linkage. So based on Brander and Lewis (1986) and Sutton’s (1991)theory, this study investigates the relationships between debts, advertising and R&D investment.We establish our framework after reading and researching other studies carefully. Firstly, weframe our theory model based on the theory of Brander, Lewis (1986) and Sutton (1991). Then,we obtain our propositions by model analysis. After that, we employ China’s A-share listedcompanies’data to test and verify the propositions and acquire our final conclusions.The main conclusions of this study are summarized as follows. Firstly, debt both hasstimulating and inhibitory effects, which stimulates advertising investment while inhibits R&Dinvestment for the different targets of advertising and R&D investment. Secondly, currentliability motivates advertising and Nun-current liability heightens R&D investment, generally.Thirdly, advertising is complementary with R&D in manufacture industrial but substitute withR&D in non-manufacture because the investment elasticity of advertising and R&D is low inmanufacture industries while high in non-manufacture industries. Fourthly, manufacture firmhighlights R&D investment but non-manufacture firm prefer to advertising investment whichmeans the marginal profit ratio of R&D investment is high in manufacture industriesbut the marginal profit ratio of advertisement investment is high in non-manufacture industries.Furthermore, the difference of advertising and R&D investment is large between manufacturefirms but small between non-manufacture firms.This study both has theoretical and practical values. The conclusions of this paper promotethe development of the theory of industrial organization and they can also be regarded asguideline for firms.更多还原