摘要
随着商品市场竞争的加剧,名人代言成为企业普遍采用的一种营销策略。本文基于2001—2014年上市公司名人代言事件,考察了名人代言对企业价值的影响及其作用路径。研究发现,当公司聘请名人代言的消息公布时,存在显著为正的市场反应,消息公布日前后3天公司累计超额收益率为1.30%,由此表明名人代言提升了企业价值。然而,当发生公司代言名人的负面新闻时,市场累计超额收益显著为负,证实代言名人的负面事件对企业的不利影响。我们进一步考察了名人代言影响企业价值的路径,结果表明,当公司聘请名人代言后,销售收入显著增长,市场交易的成本降低,且获得了更多商业信用。而且,我们的分析显示,名人代言促进销售收入增长和降低市场交易成本的积极影响在小规模公司中更显著。
Celebrity endorsement becomes a common marketing strategy as a result of fierce competition in the product market.We collect the data of celebrity endorsement for listed companies from 2001 to 2014 and study the valuation effect of celebrity endorsement and its channel.We find that there is significant and positive reaction in the capital market when listed companies announce the news of celebrity endorsement.The event study of 3-day window shows a 1.3%accumulative abnormal return around the announcement of celebrity endorsement.However,if there is bad news about endorsed celebrities,the abnormal return is significantly negative,confirming that the bad image of celebrities destroys firm value.Finally,we examine how celebrity endorsement affects corporate value.We find the increase of sales growth,the decrease of transaction costs and the increase of trade credit after celebrity endorsement.Further the impact of celebrity endorsement on sales growth and transaction costs is more significant for small firms.
作者
张天舒
张海明
ZHANG Tian-shu;ZHANG Hai-ming
出处
《中央财经大学学报》
CSSCI
北大核心
2020年第2期56-66,共11页
Journal of Central University of Finance & Economics
基金
上海市哲学社会科学规划课题“‘四大’会计师事务所本土化转制经济后果的研究”(项目编号:2017BGL009)
上海市曙光学者计划项目“资本市场开放与公司治理模式:基于沪港通和深港通的准自然实验”(项目编号:19SG50)
关键词
名人代言
累计超额收益
负面新闻
销售收入
Celebrity endorsement
Accumulative abnormal return
Bad news
Firm sale
