广告宣传、股票流动性与公司治理
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上海财经大学学报 2014 年 第 16 卷第 06 期, 页码：50 - 61
摘要
参考文献
摘要
文章研究了广告宣传的公司治理效应,结果表明广告宣传能够通过提升股票流动性完善公司治理,这一结果既为广告宣传的研究和实践提供了全新的视角,也为广告宣传作为上市公司外部治理机制提供了实证经验。文章证实,与一般类型的公司相比,危机型公司的广告宣传能够在更大程度上完善公司治理。因此,上市公司的广告宣传应在现有关注产品市场和品牌知名度的基础上充分考虑治理效应,以更好地优化资源配置。
[1]醋卫华,李培功.媒体监督公司治理的实证研究[J].南开管理评论,2012,(1).
[2]戴亦一,潘越,刘思超.媒体监督、政府干预与公司治理:来自中国上市公司财务重述视角的证据[J].世界经济,2011,(11).
[3]李培功,沈艺峰.媒体的公司治理作用:中国的经验证据[J].经济研究,2010,(4).
[4]徐莉萍,辛宇.媒体治理与中小投资者保护[J].南开管理评论,2011,(6).
[5]杨德明,赵璨.媒体监督、媒体治理与高管薪酬[J].经济研究,2012,(6).
[6]姚益龙,梁红玉,宁吉安.媒体监督影响企业绩效机制研究——来自中国快速消费品行业的经验证据[J].中国工业经济,2011,(9).
[7]于忠泊,田高良,齐保垒,张皓.媒体关注的公司治理机制——基于盈余管理视角的考察[J].管理世界,2011,(9).
[8]郑志刚,丁冬,汪昌云.媒体的负面报道、经理人声誉与企业业绩改善——来自我国上市公司的证据[J].金融研究,2012,(12).
[9]Admati A.R.,Pfleiderer P.The“Wall Street Walk”and Shareholder Activism:Exit as a form of Voice[J].Review of Financial Studies,2009,22(7):2645-2685.
[10]Amihud Y.Illiquidity and Stock Returns:Cross-section and Time-series Effects[J].Journal of Financial Markets,2002,5(1):31-56.
[11]Ang J.S.,Cole R.A.,Lin J.W.Agency Costs and Ownership Structure[J].The Journal of Finance,2000,55(1):81-106.
[12]Bagwell K.,Ramey G.Advertising and Coordination[J].The Review of Economic Studies,1994,61(1):153-171.
[13]Bharath S.T.,Jayaraman S.,Nagar V.Exit as Governance:An Empirical Analysis[J].The Journal of Finance,2013,68(6):2515-2547.
[14]Bhide A.The Hidden Costs of Stock Market Liquidity[J].Journal of Financial Economics,1993,34(1):31-51.
[15]Chemmanur T.,Yan A.Product Market Advertising and New Equity Issues[J].Journal of Financial Economics,2009,92(1):40-65.
[16]Coffee J.C.Liquidity Versus Control:The Institutional Investor as Corporate Monitor[J].Columbia Law Review,1991,91(6):1277-1368.
[17]Dyck A.,Volchkova N.,Zingales L.The Corporate Governance Role of the Media:Evidence from Russia[J].The Journal of Finance,2008,63(3):1093-1135.
[18]Dyck A.,Zingales L.Private Benefits of Control:An International Comparison[J].The Journal of Finance,2004,59(2):537-600.
[19]Edmans A.Blockholder Trading,Market Efficiency,and Managerial Myopia[J].The Journal of Finance,2009,64(6):2481-2513.
[20]Edmans A.,Fang V.W.,Zur E.The Effect of Liquidity on Governance[J].Review of Financial Studies,2013,26,1443-1482.
[21]Edmans A.,Manso G.Governance through Trading and Intervention:A Theory of Multiple Blockholders[J].Review of Financial Studies,2011,24(7):2395-2428.
[22]Faure-Grimaud A.,Gromb D.Public Trading and Private Incentives[J].Review of Financial Studies,2004,17(4):985-1014.
[23]French K.R.,Poterba J.M.Investor Diversification and International Equity Markets[J].American Economic Review,1991,81(2):222-226.
[24]Grossman G.M.,Shapiro C.Informative Advertising with Differentiated Products[J].The Review of Economic Studies,1984,51(1):63-81.
[25]Grullon G.,Kanatas G.,Weston J.P.Advertising,Breadth of Ownership,and Liquidity[J].Review of Financial Studies,2004,17(2):439-461.
[26]Huberman G.Familiarity Breeds Investment[J].Review of Financial Studies,2001,14(3):659-680.
[27]Joseph K.,Wintoki M.B.Advertising Investments,Information Asymmetry,and Insider Gains[J].Journal of Empirical Finance,2013,22:1-15.
[28]MacKinnon D.P.,Lockwood C.M.,Hoffman J.M.,West S.G.,Sheets V.A Comparison of Methods to Test Mediation and Other Intervening Variable Effects[J].Psychological Methods,2002,7(1):83.
[29]Maug E.Large Shareholders as Monitors:Is There a Trade-off between Liquidity and Control?[J].The Journal of Finance,1998,53(1):65-98.
[30]Merton R.C.A Simple Model of Capital Market Equilibrium with Incomplete Information[J].The Journal of Finance,1987,42(3):483-510.
[31]Milgrom P.,Roberts J.Price and Advertising Signals of Product Quality[J].The Journal of Political Econo-my,1986,94(4):796-821.
[32]Nelson P.Advertising as Information[J].The Journal of Political Economy,1974,82(4):729-754.
[33]Norli O.,Ostergaard C.,Schindele I.Liquidity and Shareholder Activism[R].SSRN Working Paper,2010.
1 2015年央视媒体广告竞购活动刚刚结束,尽管央视自2013年起不再公布整体招标额,但招标签约总额稳中有升。
1 Grullon等(2004)用广告投资规模作为熟知度的代理变量。
1需要说明的是,本文研究的是广告宣传的资本市场溢出效应,而蒙牛并非直接在中国大陆上市,而是作为H股在香港上市。然而,公司不仅在中国大陆投入巨额广告费用,在海外市场也同样如此。2009年的年报显示,该公司的品牌宣传费用大幅增加,在国内和国际上获得许多品牌荣誉。我们倾向于相信这些包含标王争夺和公关等宣传行为能够增加香港股票市场的投资者对于蒙牛这一品牌的熟知度。因而我们的立论基础是,蒙牛管理层可能意识到危机中大幅增加的广告行为能够产生超出平均水平的资本市场溢出效应。
[2]戴亦一,潘越,刘思超.媒体监督、政府干预与公司治理:来自中国上市公司财务重述视角的证据[J].世界经济,2011,(11).
[3]李培功,沈艺峰.媒体的公司治理作用:中国的经验证据[J].经济研究,2010,(4).
[4]徐莉萍,辛宇.媒体治理与中小投资者保护[J].南开管理评论,2011,(6).
[5]杨德明,赵璨.媒体监督、媒体治理与高管薪酬[J].经济研究,2012,(6).
[6]姚益龙,梁红玉,宁吉安.媒体监督影响企业绩效机制研究——来自中国快速消费品行业的经验证据[J].中国工业经济,2011,(9).
[7]于忠泊,田高良,齐保垒,张皓.媒体关注的公司治理机制——基于盈余管理视角的考察[J].管理世界,2011,(9).
[8]郑志刚,丁冬,汪昌云.媒体的负面报道、经理人声誉与企业业绩改善——来自我国上市公司的证据[J].金融研究,2012,(12).
[9]Admati A.R.,Pfleiderer P.The“Wall Street Walk”and Shareholder Activism:Exit as a form of Voice[J].Review of Financial Studies,2009,22(7):2645-2685.
[10]Amihud Y.Illiquidity and Stock Returns:Cross-section and Time-series Effects[J].Journal of Financial Markets,2002,5(1):31-56.
[11]Ang J.S.,Cole R.A.,Lin J.W.Agency Costs and Ownership Structure[J].The Journal of Finance,2000,55(1):81-106.
[12]Bagwell K.,Ramey G.Advertising and Coordination[J].The Review of Economic Studies,1994,61(1):153-171.
[13]Bharath S.T.,Jayaraman S.,Nagar V.Exit as Governance:An Empirical Analysis[J].The Journal of Finance,2013,68(6):2515-2547.
[14]Bhide A.The Hidden Costs of Stock Market Liquidity[J].Journal of Financial Economics,1993,34(1):31-51.
[15]Chemmanur T.,Yan A.Product Market Advertising and New Equity Issues[J].Journal of Financial Economics,2009,92(1):40-65.
[16]Coffee J.C.Liquidity Versus Control:The Institutional Investor as Corporate Monitor[J].Columbia Law Review,1991,91(6):1277-1368.
[17]Dyck A.,Volchkova N.,Zingales L.The Corporate Governance Role of the Media:Evidence from Russia[J].The Journal of Finance,2008,63(3):1093-1135.
[18]Dyck A.,Zingales L.Private Benefits of Control:An International Comparison[J].The Journal of Finance,2004,59(2):537-600.
[19]Edmans A.Blockholder Trading,Market Efficiency,and Managerial Myopia[J].The Journal of Finance,2009,64(6):2481-2513.
[20]Edmans A.,Fang V.W.,Zur E.The Effect of Liquidity on Governance[J].Review of Financial Studies,2013,26,1443-1482.
[21]Edmans A.,Manso G.Governance through Trading and Intervention:A Theory of Multiple Blockholders[J].Review of Financial Studies,2011,24(7):2395-2428.
[22]Faure-Grimaud A.,Gromb D.Public Trading and Private Incentives[J].Review of Financial Studies,2004,17(4):985-1014.
[23]French K.R.,Poterba J.M.Investor Diversification and International Equity Markets[J].American Economic Review,1991,81(2):222-226.
[24]Grossman G.M.,Shapiro C.Informative Advertising with Differentiated Products[J].The Review of Economic Studies,1984,51(1):63-81.
[25]Grullon G.,Kanatas G.,Weston J.P.Advertising,Breadth of Ownership,and Liquidity[J].Review of Financial Studies,2004,17(2):439-461.
[26]Huberman G.Familiarity Breeds Investment[J].Review of Financial Studies,2001,14(3):659-680.
[27]Joseph K.,Wintoki M.B.Advertising Investments,Information Asymmetry,and Insider Gains[J].Journal of Empirical Finance,2013,22:1-15.
[28]MacKinnon D.P.,Lockwood C.M.,Hoffman J.M.,West S.G.,Sheets V.A Comparison of Methods to Test Mediation and Other Intervening Variable Effects[J].Psychological Methods,2002,7(1):83.
[29]Maug E.Large Shareholders as Monitors:Is There a Trade-off between Liquidity and Control?[J].The Journal of Finance,1998,53(1):65-98.
[30]Merton R.C.A Simple Model of Capital Market Equilibrium with Incomplete Information[J].The Journal of Finance,1987,42(3):483-510.
[31]Milgrom P.,Roberts J.Price and Advertising Signals of Product Quality[J].The Journal of Political Econo-my,1986,94(4):796-821.
[32]Nelson P.Advertising as Information[J].The Journal of Political Economy,1974,82(4):729-754.
[33]Norli O.,Ostergaard C.,Schindele I.Liquidity and Shareholder Activism[R].SSRN Working Paper,2010.
1 2015年央视媒体广告竞购活动刚刚结束,尽管央视自2013年起不再公布整体招标额,但招标签约总额稳中有升。
1 Grullon等(2004)用广告投资规模作为熟知度的代理变量。
1需要说明的是,本文研究的是广告宣传的资本市场溢出效应,而蒙牛并非直接在中国大陆上市,而是作为H股在香港上市。然而,公司不仅在中国大陆投入巨额广告费用,在海外市场也同样如此。2009年的年报显示,该公司的品牌宣传费用大幅增加,在国内和国际上获得许多品牌荣誉。我们倾向于相信这些包含标王争夺和公关等宣传行为能够增加香港股票市场的投资者对于蒙牛这一品牌的熟知度。因而我们的立论基础是,蒙牛管理层可能意识到危机中大幅增加的广告行为能够产生超出平均水平的资本市场溢出效应。
引用本文
曹廷求, 刘海明, 程子奇. 广告宣传、股票流动性与公司治理[J]. 上海财经大学学报, 2014, 16(6): 50–61.
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