上市公司广告支出效果研究

发布时间：2018-05-02 06:07

本文选题：广告支出 + 销售收入　；参考：《华中科技大学》2015年硕士论文

【摘要】：本文以2010年至2014年上海证券交易所和深圳证券交易所中A股上市公司的样本数据,运用多元线性模型,运用财务报表中销售费用下二级科目广告费为广告支出的指标、分别以销售收入、非流动性因子和股票回报率作为公司收入,股票流动性和股票回报的指标,研究了广告支出是如何影响公司的销售额、股票流动性和股票回报的。模型检验结果表明,公司的广告支出对公司销售收入有明显的正向影响,即广告支出的增加引起企业收入的增加。运用非流动性因子衡量股票的流动性,结果发现广告支出与非流动性因子存在显著的正相关关系,这表示公司的广告支出对股票流动性有正方向的影响。回归结果显示,广告支出与公司股票回报率呈负相关关系。根据研究结果,我们认为公司可以通过提高广告支出来提高公司收入,吸引消费者和投资者的注意,提高认可度,但是公司不能单纯通过广告支出增加收入,忽视自身产品。本文的研究有着清晰的理论和现实意义,为企业的广告支出决策提供证据支持和建议。
[Abstract]:Based on the sample data of A-share listed companies in Shanghai Stock Exchange and Shenzhen Stock Exchange from 2010 to 2014, this paper applies the multivariate linear model and the advertising expenses of the secondary subjects under the sales expenses in the financial statements as the target of advertising expenditure. Taking the sales income, the illiquidity factor and the stock return rate as the indexes of the company's income, stock liquidity and stock return respectively, this paper studies how advertising expenditure affects the company's sales, stock liquidity and stock return. The results of model test show that the company's advertising expenditure has a significant positive impact on the company's sales income, that is, the increase of advertising expenditure leads to the increase of enterprise's income. Using the illiquidity factor to measure the stock liquidity, the results show that there is a significant positive correlation between the advertising expenditure and the illiquidity factor, which indicates that the company's advertising expenditure has a positive impact on the stock liquidity. The regression results show that advertising expenditure is negatively related to the return on stock. According to the research results, we think that the company can increase its revenue by increasing its advertising expenditure, attract the attention of consumers and investors, and enhance its recognition, but it cannot simply increase its revenue through advertising expenditure and ignore its own products. The research in this paper has clear theoretical and practical significance and provides evidential support and advice for advertising expenditure decision.
【学位授予单位】：华中科技大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：F832.51;F275

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