本文關鍵詞： 廣告 異質(zhì)信念 企業(yè)價值 調(diào)節(jié)作用　出處：《哈爾濱工業(yè)大學》2015年碩士論文　論文類型：學位論文

【摘要】：互聯(lián)網(wǎng)的應用已經(jīng)在國際上普及開來,隨之產(chǎn)生了諸多的廣告方法與手段,廣告的作用也受到了更普遍的認同。廣告能夠提升品牌和企業(yè)的知名度這個觀點在現(xiàn)實中是被大多數(shù)人所認同的,也有不少學者做過這一方面的研究,并取得了出色的成就,肯定了廣告在企業(yè)營銷中的地位。但廣告的投入是否會在影響公司銷售績效的同時也影響公司在金融市場方面的表現(xiàn)?目前來說關于這一領域的研究還并不廣泛,西方學者曾進行過一些相關的關于廣告對企業(yè)價值影響的研究,但并未能得出一致的結(jié)論,因此對于該影響是否真的顯著存在,以及其具體牽連機制目前還不存在權(quán)威的看法。本文旨在延續(xù)并完善前人的研究,西方學者們已經(jīng)利用不同的數(shù)據(jù)驗證了廣告投入與企業(yè)金融市場表現(xiàn)的關系,本文首先將驗證我國制造業(yè)企業(yè)廣告投入對企業(yè)金融市場表現(xiàn)的影響,其次,本文將引入異質(zhì)信念(包括投資者異質(zhì)信念、投資者-管理者異質(zhì)信念)這一因素,將其與廣告進行結(jié)合研究,探討其對廣告與企業(yè)價值關系的作用,以期為企業(yè)的管理者們提供決策依據(jù),并進一步地完善廣告與企業(yè)價值之間的作用機制。本文采用了實證研究的方法。所有的數(shù)據(jù)來源于萬得數(shù)據(jù)庫(WIND)、銳思金融咨詢數(shù)據(jù)庫(RESSET)、國泰安金融數(shù)據(jù)庫(CSMAR)、巨靈金融服務平臺(GENIUS FINANCE)和公司年報。以滬深A股上市公司在2011-2013年之間的廣告支出作為數(shù)據(jù)樣本,利用STATA11軟件進行回歸分析,最終通過理論與實證研究,證實了在國內(nèi)制造業(yè),廣告投入的增加會引起企業(yè)價值的增加,而這一關聯(lián)受到投資者異質(zhì)信念和投資者-管理者異質(zhì)信念的負向調(diào)節(jié)影響。
[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.
【學位授予單位】：哈爾濱工業(yè)大學
【學位級別】：碩士
【學位授予年份】：2015
【分類號】：F425;F274;F713.8

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本文編號：1507274