品牌竞争力、债务融资对广告竞争行为的影响研究

发布时间：2018-05-24 06:10

本文选题：品牌竞争力 + 债务融资　；参考：《重庆大学》2009年硕士论文

【摘要】： 自20世纪80年代中期开始,产业组织理论与公司财务理论相结合,关于融资决策对产品市场竞争行为的影响的文献不断涌现。然而,这些文献的研究角度基本上都是关于债务融资对产量竞争行为和价格竞争行为的影响。其实,产品市场竞争行为并不仅限于此,广告竞争行为也是企业产品市场竞争行为之一,并且广告竞争的效果最终体现在企业品牌的差异。本文对比分析强品牌企业、弱品牌企业的债务融资决策对广告竞争行为的影响的差异,深入探讨基于品牌竞争力影响下的企业的债务融资决策与广告竞争行为的互动关系。本文首先对研究品牌竞争力,债务融资与广告竞争行为互动关系的国内外文献进行比较全面的综述。然后,对品牌竞争力与广告竞争行为、债务融资决策与广告竞争行为的相关关系进行理论分析。最后,选取我国上市公司的样本数据,实证分析品牌竞争力、债务融资双重影响下的企业广告竞争行为。主要研究工作如下:①选定广告投入相对较多的行业作为研究对象,其中包括:医药及生物制品、酒精及饮料酒制造业、纺织业、交通运输设备制造业、房地产业等。②以是否获得中国驰名商标、中华老字号、中国最有价值房地产企业等殊荣,将样本企业分成两组:一组为强品牌企业,另一组为弱品牌企业。③运用单变量分析、多变量分析、稳定性检验等实证方法研究债务融资对广告竞争行为的影响,以及在品牌竞争力、债务融资双重影响下的企业广告竞争行为。实证研究结果表明:①强品牌企业的总资产负债率与广告投资收入比呈显著负相关。对强品牌企业来说,债务融资会减弱产品市场竞争力度,这表现为债务融资的“软承诺”作用。②弱品牌企业的总资产负债率与广告投资收入比呈显著正相关。对弱品牌企业来说,债务融资会增强产品市场竞争力,这表现为债务融资的“硬承诺”作用。③研究还发现不论强品牌企业的广告竞争策略存在与否,弱品牌企业的广告投资策略均不受影响。由此看出:我国上市公司债务融资对企业广告竞争行为的影响与企业的自身品牌竞争力密切相关。强品牌企业要利用自身品牌优势拓展新的融资渠道,弱品牌企业也应在经营中重视品牌建设,树立良好的品牌形象。该研究结果,对中国上市公司的经营决策实践具有一定的参考价值。
[Abstract]:Since the mid-1980s, with the combination of industrial organization theory and corporate finance theory, the literature on the influence of financing decision on the competitive behavior of product market has been emerging. However, the research angle of these literatures is mainly about the influence of debt financing on the competitive behavior of output and price. In fact, the product market competition behavior is not limited to this, advertising competition behavior is also one of the enterprise product market competition behavior, and the effect of advertising competition is ultimately reflected in the differences of enterprise brands. This paper compares and analyzes the differences between the debt financing decisions of strong brand enterprises and weak brand enterprises on advertising competition behavior, and probes into the interactive relationship between debt financing decisions and advertising competition behaviors under the influence of brand competitiveness. This paper firstly summarizes the domestic and foreign literature on the relationship between brand competitiveness, debt financing and advertising competition behavior. Then, the relationship between brand competitiveness and advertising competition behavior, debt financing decision and advertising competition behavior is analyzed theoretically. Finally, the sample data of listed companies in China are selected to analyze the competitive behavior of corporate advertising under the dual influence of brand competitiveness and debt financing. The main research work is as follows: 1 selected industries with relatively large advertising investment, including: pharmaceutical and biological products, alcohol and beverage wine manufacturing, textile industry, transportation equipment manufacturing, The sample enterprises are divided into two groups: one group is a strong brand enterprise, the other is the famous trademark of China, the old Chinese brand, the most valuable real estate enterprise in China, and so on, and the real estate industry and so on are divided into two groups: one group is a strong brand enterprise, The other group used univariate analysis, multivariate analysis, stability test and other empirical methods to study the impact of debt financing on advertising competition behavior and brand competitiveness. Corporate advertising competition under the dual influence of debt financing. The empirical results show that there is a significant negative correlation between the total asset-liability ratio and the ratio of advertising investment income. For strong brand enterprises, debt financing weakens the competition in product market, which shows that the "soft commitment" of debt financing has a significant positive correlation between the total asset-liability ratio of weak brand enterprises and the ratio of advertising investment income. For weak brand enterprises, debt financing can enhance the competitiveness of the product market, which is shown by the "hard commitment" role of debt financing. 3. The study also found that whether or not the advertising competition strategy of strong brand enterprises exists or not, Weak brand enterprises advertising investment strategies are not affected. It is concluded that the influence of debt financing on advertising competition is closely related to the brand competitiveness of Chinese listed companies. Strong brand enterprises should use their own brand advantages to expand new financing channels, weak brand enterprises should also pay attention to brand construction and establish a good brand image. The results of this study have certain reference value to the management decision making practice of listed companies in China.
【学位授予单位】：重庆大学
【学位级别】：硕士
【学位授予年份】：2009
【分类号】：F275

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