债务约束下的企业广告与R&D投资研究

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。

Advertising and R&D Innovation under Debt Constraint

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.