债务约束下的企业广告与R&D投资研究

doi:10.16381/j.cnki.issn1003-207x.2015.12.017

Abstract

Abstract: Combining output market with capital market and based on the capital structure industrial organization theory, how debt affects firm's advertising and R&D investment behavior along with what are the relationships between advertising and R&D innovation are studied in this paper. After theoretical and empirical analyzing, the following conclusions are achieved. Firstly, debt increases firm's advertising but inhibits R&D investment and different kinds of debts have different effects. Besides, firm's advertising and R&D behavior are different between different industries and manufacturing firms invest both of them while non-manufacturing firms only perform one of them. Moreover, advertising investment is complementary with R&D investment in manufacturing firms but it is competitive with R&D innovation in non-manufacturing firms. This study is valuable for the improving of capital structure industrial organization theory and helpful for firm's advertising as well as R&D competition strategy.

Key words: debt, advertising investment, R&D investment, complementary, stimulating effect

CLC Number:

F062.9

CHEN You-hua, NIE Pu-yan, PENG Bi-yu. Advertising and R&D Innovation under Debt Constraint[J]. Chinese Journal of Management Science, 2015, 23(12): 142-149.

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Advertising and R&D Innovation under Debt Constraint

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