广告、产业集中度与盈利能力:基于中国制造业数据的实证分析

Advertising,Concentration and Profitability:Evidence from China's Manufacturing Industry

利用2007年制造业四位数产业数据,运用联立方程模型考察了广告、产业集中度与盈利能力之间的关系。研究发现:(1)产业越集中、广告密度越大,产业盈利能力就越强。随着盈利能力的提高,广告支出也会随之增加。产业集中度与广告密度没有呈现显著的反向关系;(2)高的滞后利润并没有降低产业集中度,表明资本在进入高利润行业面临限制。细分样本结果表明,工业品产业的集中能有效发挥集聚作用,提高盈利,但消费品产业的集中并没有发挥这一效应。两类产业的利润率提高均会使广告密度增大,但消费品产业相比工业品产业对广告偏好性更强,投入密度更大。

Using the subdivision datas of manufacturing industry in 2007 and basing on the SCP paradigm, this paper empirically tests the relationship between advertising, industry concentration and industry profitability by simultaneous equations model. The study finds that, the more concentrated, the larger density, the industry profitability is stronger. With the increase in profitability, advertising spending will increase. The industrial concentration and advertising density does not show an obviously negative relationship. And we also find that, the high lag profit does not reduce the degree of industrial concentration, which shows that capital faces restrictions when flowing into high profit industries. In the subdivision sample, the concentration of producer goods industry can effectively play the role of agglomeration and improve profitability, but the concentra- tion of consumer goods industry does not. Both of the increase in profit will improve the advertisement density, however, compared to the producer goods industry, the consumer goods industry has a stronger advertising preference and a greater input density.