The Effect Of Online Advertising And Brand On Firm Value: The Moderation Role Of Heterogeneity

In the current and future economy,the brand plays an important role for every firms.Consumers can identify and select products or services according to the brand,and also display their own tastes,values and emotional orientation through the brand;Brands are used to express firm management concepts and emotional values.Therefore,the brand – the construction of this special intangible asset plays a vital role in shaping the value of the firm.As we all know,advertising as an important marketing tool can play a positive role in the promotion of the brand.In recent years,scholars have also carried out a lot of research on the impact of marketing expenditures(such as advertising expenditure)on firm value,and there is no recognized authority for the specific implicature mechanism of the relationship and the role of the brand in it.There are still research gaps in combining the mechanisms of action of different market participants in different markets.Therefore,this paper hopes to explore the impact of online advertising on firm value and the role of brands in online advertising and firm value.At the same time,it discusses the heterogeneity of consumers in the commodity market and the role of investor heterogeneity in financial markets in different market mechanisms,in order to provide useful suggestions for management decisions of business managers.This paper takes 79 months of data from January 2011 to July 2017 of 20 listed companies in Shanghai A-shares as a sample,and uses a combination of theoretical and empirical research to conduct research and discussion.The online advertising expenditure comes from the iResearch database.The Shanghai A-share brand value uses the world brand laboratory data on China's most valuable brands;the brand recognition comes from the monthly data of the Baidu search index;consumer heterogeneity comes from Consumer Confidence Index in CSMAR database;Investor heterogeneity comes from the monthly turnover rate of manually entering stocks on Eastern Wealth.The rest of the data comes from the quarterly and monthly reports of the WIND database,the RESSET financial research database and the CSMAR database.Through theoretical and empirical research,the following conclusions are drawn: In the commodity market,the online advertising expenditure of listed companies in China positively affects brand recognition,which in turn affects the increase of brand value,while consumer heterogeneity negatively regulates brand recognition.The influence of brand value;in the financial market,the increase of brand value has a positive impact on the shaping of firm value.The heterogeneity of investors negatively regulates the influence of brand value on firm value;in the field of commodity-financial cross-market Among them,the expenditure of online advertising has a positive impact on firm value.