基于控股股权的日本电子业研发支出和广告支出选择偏好研究

Japanese Investment Preference between Marketing and Technological Innovation

以2001—2011年连续10年日本电子行业223家上市公司为研究对象,利用面板数据法分析日本电子行业控股股东对研发支出和广告支出选择偏好及影响因素。研究发现:(1)在全球经济下滑的最近10年,日本电子业大力削减广告支出,重点支持研发投入的产业策略是保持企业科技创新实力的重要原因。(2)日本电子业股权集中程度的提升有利于控股股东对管理层的道德风险和逆向选择行为实施监督,增强企业科技创新动力,实现以质取胜。(3)日本银行控股企业较为保守,偏向于广告收益性支出;而机构投资者控股企业关注创新实力的延续和未来收益,偏向于研发支出。(4)相对于广告收益性支出,研发资本投资更能显著提升企业长期获利能力。

This study selects 223 listed companies which belong to electronics industry from 2001 to 201 1 ,and uses panel data analysis method to analyze the investment reference.We found that not only the amount of ownership but also the state of the controlling shareholder impose influences on the investment preference.For the companies controlled by the bank holding companies,they prefer marketing;However,for the companies controlled by institutional investors,they prefer technological innovation.