01
原文：Jiang F, Shen Y, Xia X. The spillover effect of advertising on the capital market: Evidence from financial constraints[J]. Journal of Corporate Finance, 2024, 84: 102529.
The Spillover Effect of Advertising on the Capital Market: Evidence from Financial Constraints
ABSTRACT: Firms are embedded in the product market as well as the capital market. Their behavior in the product market will inevitably affect their performance in the capital market, and vice versa. Using a sample of Chinese listed firms, we empirically test the existence of spillover effect of advertising on financial constraints in the capital market. We find that product market advertising significantly alleviates the firm’s financial constraints, especially when the information asymmetry between insiders and outsiders is more serious and when the firm is in a consumer-product industry. We also find that advertising improves brand value, increases attention, and alleviates peer firms’ financial constraints, providing supplementary evidence that one alleviation mechanism is information asymmetry. Further analyses show that advertising significantly reduces the firm’s financing costs. These findings provide valuable insights into how firms alleviate financial constraints.
广告对资本市场的溢出效应：来自融资约束的证据
摘要：企业既嵌入于产品市场，也存在于资本市场。企业在产品市场中的行为必然会影响其在资本市场中的表现，反之亦然。文章以中国上市公司为样本，实证检验广告对资本市场中的融资约束是否存在溢出效应。研究发现，产品市场广告显著缓解了公司的融资约束，特别是当内部与外部信息不对称更为严重，以及公司处于消费品行业时。文章还发现，广告提升了品牌价值，增加了关注度，并缓解了同行业公司的融资约束，这为信息不对称是一种缓解机制提供了补充证据。进一步的分析表明，广告显著降低了公司的融资成本。这些发现为公司如何缓解融资约束提供了宝贵的洞见。
亮点：（1）文章利用中国公司数据讲述中国故事。随着中国企业的广告支出在过去十年中迅速增长，继美国之后，中国已成为全球第二大广告市场。然而，中国金融体系仍不完善，中国企业长期存在融资约束。因此，广告作为产品市场中重要的信息中介，是否可以缓解信息不对称并减轻企业的融资约束是一个重要的问题。（2）文章为将产品和金融市场联系起来提供了新的证据。过往学者多从市场结构的角度研究了这两个市场之间的相互作用。他们发现了产品市场竞争的各种经济后果，包括对股票市场效率（Peress，2010）、股票收益（Bustamante and Donangelo，2017）、期权价格（Morellec and Zhdanov，2019）和债务成本（Valta， 2012）的影响。文章通过展示广告可以影响企业的融资渠道来加强这种联系。（3）文章为有关融资约束决定因素的文献做出了贡献。
02
原文：Liang C. Advertising rivalry and discretionary disclosure[J]. Journal of Accounting and Economics, 2024, 77(1): 101611.
Advertising Rivalry and Discretionary Disclosure
ABSTRACT: Advertising is a critical competitive tool that shapes interactions among firms in the product market. Using third-party tracked data on advertising outlet costs, I find that a nontrivial portion of public firms, even those with intense advertising activities, do not disclose advertising expenses in their financial statements, indicating significant disclosure discretion. I further use product category-level advertising data to develop a firm-specific measure of advertising rivalry. I predict and find that advertising rivalry is negatively associated with the likelihood of disclosing advertising expenses. This negative association is more pronounced when firms advertise on less trackable media outlets or have more mature products. These findings suggest that firms consider their advertising expenses proprietary and that concerns about advertising competition discourage the disclosure of advertising expenses.
广告竞争与自由裁量披露
摘要：广告是塑造企业产品市场互动的关键竞争工具。利用第三方跟踪的广告渠道成本数据，文章发现相当一部分上市公司，即使是那些广告活动密集的公司，也没有在财务报表中披露广告费用，这表明它们具有很大的披露自由裁量权。文章进一步利用产品类别层面的广告数据，开发了一种公司层面的广告竞争度量方法。文章预测并发现，广告竞争与披露广告费用的可能性呈负相关。当公司在可追踪性较低的媒体上做广告或拥有较成熟的产品时，这种负相关关系更为明显。这些发现表明，公司认为他们的广告费用属于商业秘密，并且对广告竞争的担忧会抑制广告费用的披露。
亮点：（1）文章设计了一种衡量广告竞争的方法，将广告相关的专有成本与广告费用联系起来。该方法克服了全行业竞争度量的局限性，并缓解了因为忽略私营企业而产生的测量误差。（2）文章丰富了企业在强制性披露中的自由裁量权的相关文献。（3）文章表明有很多企业未披露广告费用。这种披露自由裁量权可能对投资者和研究人员带来影响。
03
原文：Dukes A, Liu Q. The consumption of advertising in the digital age: Attention and ad content[J]. Management Science, 2024, 70(4): 2086-2106.
The Consumption of Advertising in the Digital Age: Attention and Ad Content
ABSTRACT: This article studies the consumption of advertising when attention is costly. Our objective is to understand the advertiser’s optimal decision for informational and noninformational content when facing consumers with heavy distractions common in the digital age. We take an equilibrium approach in which an ad is consumed if and only if the content of the ad is worth the viewer’s attention. We classify many advertising decisions observed in practice. First, an advertiser can structure content to induce curiosity for continued viewing by showing the information that is relatively less likely to resonate with the broad audience. This tactic is evident in clickbait ads and “mystery ads”. Second, we find that digital ads, which tend to be skippable, have lower amounts of noninformational content (e.g., entertainment) relative to nonskippable ads. This finding can explain the industry perception that ads on digital media are of lower copy quality than traditional ads.
数字时代的广告消费：注意力与广告内容
摘要：文章研究的是注意力成本高昂情境下的广告消费。文章的目标是了解当面对数字时代注意力普遍被严重分散的消费者时，广告客户对广告中的信息性和非信息性内容的最优决策。文章采取一种均衡方法，即当且仅当广告内容值得观众注意时，一条广告才会被消费者接收。文章对从实践中观察到的许多广告决策进行了分类。首先，广告客户可以通过展示相对不太可能与广大受众产生共鸣的信息来构建广告内容，从而引起人们持续观看广告的好奇心。这种策略在标题党广告和“神秘广告”中很明显。其次，文章发现，与不可跳过的广告相比，倾向于可跳过的数字广告中的非信息性内容（如娱乐）较少。这一发现可以解释一种行业观念，即数字媒体广告的文案质量低于传统广告。
亮点：（1）文章使用均衡的方法研究了如何构建广告中的信息和非信息元素。（2）文章展现了构建广告中的信息性内容的两种动机。第一种是好奇心诱导动机，第二种是短注意力持续动机。（3）文章从注意力成本和收益的角度来处理广告内容，有利于得出受众的效用，并在效用最大化的框架内评估决策。
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总编：游家兴
解析：朱书谊
审校：陈俊鑫 凌运
编辑：潘芳妍
