本文選題：品牌競爭力 + 債務(wù)融資��； 參考：《重慶大學(xué)》2009年碩士論文

【摘要】： 自20世紀(jì)80年代中期開始,產(chǎn)業(yè)組織理論與公司財(cái)務(wù)理論相結(jié)合,關(guān)于融資決策對產(chǎn)品市場競爭行為的影響的文獻(xiàn)不斷涌現(xiàn)。然而,這些文獻(xiàn)的研究角度基本上都是關(guān)于債務(wù)融資對產(chǎn)量競爭行為和價(jià)格競爭行為的影響。其實(shí),產(chǎn)品市場競爭行為并不僅限于此,廣告競爭行為也是企業(yè)產(chǎn)品市場競爭行為之一,并且廣告競爭的效果最終體現(xiàn)在企業(yè)品牌的差異。本文對比分析強(qiáng)品牌企業(yè)、弱品牌企業(yè)的債務(wù)融資決策對廣告競爭行為的影響的差異,深入探討基于品牌競爭力影響下的企業(yè)的債務(wù)融資決策與廣告競爭行為的互動(dòng)關(guān)系。 本文首先對研究品牌競爭力,債務(wù)融資與廣告競爭行為互動(dòng)關(guān)系的國內(nèi)外文獻(xiàn)進(jìn)行比較全面的綜述。然后,對品牌競爭力與廣告競爭行為、債務(wù)融資決策與廣告競爭行為的相關(guān)關(guān)系進(jìn)行理論分析。最后,選取我國上市公司的樣本數(shù)據(jù),實(shí)證分析品牌競爭力、債務(wù)融資雙重影響下的企業(yè)廣告競爭行為。主要研究工作如下:①選定廣告投入相對較多的行業(yè)作為研究對象,其中包括:醫(yī)藥及生物制品、酒精及飲料酒制造業(yè)、紡織業(yè)、交通運(yùn)輸設(shè)備制造業(yè)、房地產(chǎn)業(yè)等。②以是否獲得中國馳名商標(biāo)、中華老字號、中國最有價(jià)值房地產(chǎn)企業(yè)等殊榮,將樣本企業(yè)分成兩組:一組為強(qiáng)品牌企業(yè),另一組為弱品牌企業(yè)。③運(yùn)用單變量分析、多變量分析、穩(wěn)定性檢驗(yàn)等實(shí)證方法研究債務(wù)融資對廣告競爭行為的影響,以及在品牌競爭力、債務(wù)融資雙重影響下的企業(yè)廣告競爭行為。 實(shí)證研究結(jié)果表明:①強(qiáng)品牌企業(yè)的總資產(chǎn)負(fù)債率與廣告投資收入比呈顯著負(fù)相關(guān)。對強(qiáng)品牌企業(yè)來說,債務(wù)融資會減弱產(chǎn)品市場競爭力度,這表現(xiàn)為債務(wù)融資的“軟承諾”作用。②弱品牌企業(yè)的總資產(chǎn)負(fù)債率與廣告投資收入比呈顯著正相關(guān)。對弱品牌企業(yè)來說,債務(wù)融資會增強(qiáng)產(chǎn)品市場競爭力,這表現(xiàn)為債務(wù)融資的“硬承諾”作用。③研究還發(fā)現(xiàn)不論強(qiáng)品牌企業(yè)的廣告競爭策略存在與否,弱品牌企業(yè)的廣告投資策略均不受影響。由此看出:我國上市公司債務(wù)融資對企業(yè)廣告競爭行為的影響與企業(yè)的自身品牌競爭力密切相關(guān)。強(qiáng)品牌企業(yè)要利用自身品牌優(yōu)勢拓展新的融資渠道,弱品牌企業(yè)也應(yīng)在經(jīng)營中重視品牌建設(shè),樹立良好的品牌形象。該研究結(jié)果,對中國上市公司的經(jīng)營決策實(shí)踐具有一定的參考價(jià)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.
【學(xué)位授予單位】：重慶大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2009
【分類號】：F275

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