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本文以Brander和Lewis的资本结构产业组织理论为基础,结合资本市场与产品市场,分析了企业负债与广告投资、R&D投资之间的关系。通过模型推导提出理论命题,并运用我国沪深两市A股上市公司数据进行验证得到相关结论。研究结果显示负债对企业广告投入存在刺激作用而对R&D投资存在抑制效应。企业广告投入与R&D投入行为存在明显的行业差异,制造业企业两种投入相对均衡,非制造业企业通常偏好于二者之一。企业广告与R&D投入之间相互影响,制造业两种投资之间存在互补关系,而非制造业两种投资之间存在替代关系。负债对企业广告与R&D投资行为的影响存在差异,并且不同债务类型的影响同样存在差异。本研究可进一步促进资本结构产业组织理论的发展,同时为企业改善广告与R&D投资策略提供理论和经验依据。
Based on Brander and Lewis’s theory of industrial structure of capital structure, this paper analyzes the relationship between corporate debt, advertising investment and R & D investment by combining capital market and product market. The theoretical propositions are derived through the model deduction, and the relevant conclusions are obtained by using the data of A-share listed companies in Shanghai and Shenzhen stock exchanges. The results show that debt has an incentive effect on the advertising investment of enterprises and has an inhibitory effect on R & D investment. There is a clear industry difference between corporate advertising investment and R & D investment behavior. Two inputs of manufacturing enterprises are relatively balanced, and non-manufacturing enterprises generally prefer one of the two. The impact of corporate advertising and R & D investment is that there is a complementary relationship between manufacturing investment and non-manufacturing investment. The impact of debt on corporate advertising and R & D investment behavior is different, and the effects of different debt types are equally variable. This study can further promote the theory of industrial structure of capital structure and provide theoretical and empirical basis for enterprises to improve their advertising and R & D investment strategies.