現金流量、外部股權融資和廣告

Abstract

本研究主要探討廣告以及內部現金流量和外部股權融資之間的關係存在與否。先前的研究顯示出，若只有討論廣告和現金流量之間的關係則是明顯存在的。研發費用與內部現金流量和外部股權融資之間的關係是存在的，而且主要是在高研發密集且年輕的公司是顯著的，然而在成熟公司則不是。我們使用動態的廣告模型來估計，我們發現現金流量與外部股權融資同時對於年輕和成熟型的高廣告密集公司的廣告支出比重有顯著影響。而且在高廣告密集的公司中，現金流量對成熟型公司的廣告支出比重的影響比年輕型公司顯著。研發與廣告雖同為無形資產，然而內部現金流量與外部的股權融資對廣告支出卻有著不同的影響。

This study examines whether internal and external equity finance influence on the advertising. Previous studies show a significantly positive and significant relation between advertising and cash flow. Brown et al. (2009) show that internal and external equity finance has significant effects on R&D for young firms of high R&D industry, but not mature firms. Applying dynamic advertising model for high advertising intensive firms, we find significant effects of cash flow and external equity finance on advertising for both young and mature firms of high advertising intensive firms. In addition, the impact of internal cash flow has greater influence on advertising for mature firms than young firms of high advertising intensity. Both R&D and advertising are intangible assets, but they have different results in equity finance.