品牌效应与债务融资双重影响下的广告竞争行为

Advertising Competition Behavior under Double Impact of Debt Financing and Brand Effect

本文以广告投入较多的制造业与房地产业为研究对象,选取该行业上市公司2004—2007年的数据,实证分析品牌效应、债务融资双重影响下的企业广告竞争行为。研究结果表明:就强品牌企业而言,债务融资对产品市场具有软承诺作用;而在弱品牌企业中,债务融资表现为对产品市场的硬承诺作用。此外,不论强品牌企业的广告竞争策略存在与否,弱品牌企业的广告投资策略均不受影响。

This paper builds five empirical models to know the difference between strong-brand corporate and weak-brand corporate about the effect of debt financing decision on advertising competition.The results show that：in strong-brand corporate team,there are significant positive correlation between leverage and advertising investment.But in weak-brand corporate team,there are significant negative correlation between leverage and advertising investment.Whatever the competition strategy of strong-brand corporate is,the strategy of weak-brand corporate will not be affected.