摘要
本文选取2010年至2015年40家快速消费品上市公司数据,通过面板数据模型分析广告投入对公司绩效的影响。首先检验广告投入对公司经营业绩的作用,结果显示广告投入与销售收入正相关,且具有滞后一期、滞后两期的效应根据正文检验,应该是广告投入提升销售收入的效率,而非两者相关性,请修改文章相关部分;接着检验企业广告投入强度对股票超额收益率的影响,分析发现,广告投入强度与股票超额收益率之间的显著正相关关系仅存在于民营企业,且在滞后四期时达到最大值。
This article selects 2010 to 2015, 40 FMCG data of listed companies. It investigates advertising effects on corporate performance by constructing panel data model. First, It analyses advertising for the company＇s operating performance, results show that sales income are related to advertisement, and have one period lag and two phase lag effect, in which the correlation between advertising and sales income of private enterprises is obviously higher than that of state-owned enterprises. Then it checks the market valuation effect of advertising, the analysis found that the significant positive correlation of advertisement intensity and the return on equity exists only in private enterprises, and reached the maximum in the lag phase four.
出处
《投资研究》
2016年第1期31-36,共6页
Review of Investment Studies
基金
国家社会科学基金项目(15BJY053)
关键词
快速消费品
广告投入
销售收入
超额收益率
Fast-moving Consumer Goods
Advertising investment
Sales incomel Abnormal excess return rate
