理论分析表明,广告支出、研发支出与企业绩效正相关,并且广告和研发支出的作用会受到企业规模和控股股东的影响。基于中国上市公司样本的实证研究发现,研发支出与企业绩效显著正相关,而广告支出与企业绩效没有统计上显著的关系。就规模而言,研发支出与企业绩效之间显著的正相关关系仅存在于小企业中;在大企业里,广告支出与企业绩效显著正相关。就控股股东而言,在非控股企业里,研发支出与企业绩效显著正相关;在控股企业里,广告支出与企业绩效显著正相关。稳健性检验进一步证实了这些结论。
Abstract
Theory analysis suggests that firm performance is positively related to advertising expenditure and R&D expenditure, and the relationship is influenced by corporate size and controlling shareholders. Based on a sample of Chinese listed corporations, empirical results show that the relationship between R&D expenditure and firm performance is statistically significant positive, however the relationship between advertising expenditure and firm performance is statistically insignificant. In terms of corporate size, the significantly positive relationship between R&D expenditure and firm performance exists only in small firms, and for the big firms, advertising expenditure is significantly positive related to firm performance. In terms of controlling shareholders, the relationship between R&D expenditure and firm performance is significantly positive for the firms without a controlling shareholder; and the relationship between advertising expenditure and firm performance is significantly positive for the firms with a controlling shareholder. These conclusions are further confirmed by robust test.
关键词
广告支出 /
研发支出 /
企业绩效
Key words
advertising expenditure /
R&D expenditure /
firm performance
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基金
教育部人文社会科学研究规划基金项目,项目编号(12YJA790050);起止时间(2012-2014)。
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