广告投放、市场势力对财务绩效的影响研究-金融专业论文.docxVIP

摘要 摘要 I I 摘 要 广告是企 业常用 的非 价格竞争 方式 ，既是提升企业财务绩效的工具, 也 是树立品牌形象的重要手段。我国制造业企业市场势力存在较大差异，而市场 势力会对广告行为和财务绩效之间的关系产生影响。因此，将市场势力纳入研 究范围，研究市场势力如何调节广告投放与财务绩效之间的关系，具有理论和 实践意义。 在文献梳理和相关理论分析的基础上，本文运用层级回归分析、分组回归 分析和分行业对比分析等方法对研究假说进行实证检验，得出结论：（1）我国 制造业企业市场势力与广告强度之间呈现 U 型二次函数关系。当企业市场势力 达到 0.0818 时，广告强度最小。（2）在不考虑市场势力的前提下，我国制造 业企业的广告强度与营业利润率呈现显著的倒 U 型二次函数关系，广告强度超 过一定限度（0.0983）时，会给企业盈利带来负面影响。（3）市场势力会对广 告强度与营业利润率的关系产生显著的非线性调节作用；同等水平的广告强度， 企业市场势力高低不同，对营业利润率的影响效果也不同；处于同等市场势力 水平的企业，不同的广告强度，其获得的营业利润率也不同，且市场势力与广 告强度的交互效应是显著的。（4）就具体行业对比而言，较之于食品制造业、 饮料制造业和鞋服衣帽制造业，农副食品加工业和纺织业企业的市场势力对广 告强度与营业利润率关系的调节作用相对微弱。 基于以上研究结论，本文从企业、行业和政府三个层面分别提出了相应的 政策建议。 关键词： 广告投 放 市场势力 财 务绩效 交互 效应 Abst Abstract II II Abstract Advertising is one of the forms of non-price competition, which often be used to cope with competition by enterprises. Advertising is not only a tool to improve enterprises financial performance, but also an important method of building brand image. There existed large difference between Chinas manufacturing enterprises market power. And market power will have an impact on the relationship between advertising intensity and financial performance. Therefore, it has great theoretical and practical significance to take market power into the research of market power how to adjust the relationship between advertising intensity and financial performance. Based on literature review and theoretical analysis, this paper tests the hypothesis by using the methods of hierarchical regression analysis, group multitask regression as well as comparative analysis, drawing the following conclusions:(1)Chinas manufacturing enterprises market power have a U-shaped relationship with their advertising intensity. If enterprises market power is 0.0818, the advertising intensity is lowest . (2) Without considering the market power, the advertising intensity have an inverted U-shaped relationship with operating profit margin, and advertising would bring negative impact on corporate profitability, when advertising intensity