异质信念在广告与企业价值关系间的调节作用研究

发布时间：2018-02-13 04:01

本文关键词： 广告异质信念企业价值调节作用　出处：《哈尔滨工业大学》2015年硕士论文　论文类型：学位论文

【摘要】：互联网的应用已经在国际上普及开来,随之产生了诸多的广告方法与手段,广告的作用也受到了更普遍的认同。广告能够提升品牌和企业的知名度这个观点在现实中是被大多数人所认同的,也有不少学者做过这一方面的研究,并取得了出色的成就,肯定了广告在企业营销中的地位。但广告的投入是否会在影响公司销售绩效的同时也影响公司在金融市场方面的表现?目前来说关于这一领域的研究还并不广泛,西方学者曾进行过一些相关的关于广告对企业价值影响的研究,但并未能得出一致的结论,因此对于该影响是否真的显著存在,以及其具体牵连机制目前还不存在权威的看法。本文旨在延续并完善前人的研究,西方学者们已经利用不同的数据验证了广告投入与企业金融市场表现的关系,本文首先将验证我国制造业企业广告投入对企业金融市场表现的影响,其次,本文将引入异质信念(包括投资者异质信念、投资者-管理者异质信念)这一因素,将其与广告进行结合研究,探讨其对广告与企业价值关系的作用,以期为企业的管理者们提供决策依据,并进一步地完善广告与企业价值之间的作用机制。本文采用了实证研究的方法。所有的数据来源于万得数据库(WIND)、锐思金融咨询数据库(RESSET)、国泰安金融数据库(CSMAR)、巨灵金融服务平台(GENIUS FINANCE)和公司年报。以沪深A股上市公司在2011-2013年之间的广告支出作为数据样本,利用STATA11软件进行回归分析,最终通过理论与实证研究,证实了在国内制造业,广告投入的增加会引起企业价值的增加,而这一关联受到投资者异质信念和投资者-管理者异质信念的负向调节影响。
[Abstract]:The application of the Internet has been popularized in the world, with which many advertising methods and means have emerged. The role of advertising has also been recognized more generally. The idea that advertising can enhance the popularity of brands and enterprises has been recognized by most people in reality, and many scholars have done research in this area and have made outstanding achievements. It affirms the position of advertising in enterprise marketing. But will the investment of advertising affect the performance of the company in the financial market as well as the performance of the company? At present, the research on this field is still not extensive. Western scholars have carried out some relevant studies on the influence of advertising on enterprise value, but they have not come to a consistent conclusion, so whether the influence really exists or not. This paper aims to extend and perfect the previous studies. Western scholars have used different data to verify the relationship between advertising investment and corporate financial market performance. This paper will first verify the impact of advertising investment on the financial market performance of Chinese manufacturing enterprises. Secondly, this paper will introduce heterogeneity belief (including investor heterogeneity belief, investor-manager heterogeneity belief), and then, this paper will introduce heterogeneity belief (including investor heterogeneity belief, investor-manager heterogeneity belief). In order to provide the decision basis for the managers of the enterprise, the paper studies the relationship between advertising and enterprise value by combining it with advertising, and discusses the effect of advertising on the relationship between advertising and enterprise value. And further improve the mechanism of action between advertising and enterprise value. This paper adopts the method of empirical research. All the data come from Wanda database, Rex financial consulting database, Cathay tai an financial database, CSMARX, and Juling. The financial services platform, Genius FINANCEE, and the company's annual report. A sample of advertising spending by companies listed in Shanghai and Shenzhen between 2011 and 2013 is used as a data sample. The regression analysis using STATA11 software, through theoretical and empirical research, proves that in domestic manufacturing industry, the increase of advertising investment will lead to the increase of enterprise value. This association is influenced by the negative regulation of investor heterogeneity belief and investor-manager heterogeneity belief.
【学位授予单位】：哈尔滨工业大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：F425;F274;F713.8

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