经营绩效反馈、环境不确定性与企业广告投入

基于2012～2015年深沪两市A股上市公司样本数据，对经营绩效反馈和企业广告投入之间的关系进行了理论分析和实证检验，并进一步考察了环境不确定性的调节作用。研究结果表明：（1）当企业未实现资本市场经营预期时，随着实际绩效低于经营预期程度的增大，企业广告投入将减少；（2）当企业实现资本市场经营预期时，随着实际绩效高于经营预期程度的增大，企业广告投入将增加；（3）当企业未实现资本市场经营预期时，与低不确定性环境相比，高不确定性环境中企业经营绩效负反馈对广告投入的负向影响将增强；（4）当企业实现资本市场经营预期时，与低不确定性环境相比，高不确定性环境中企经营绩效正反馈对企业广告投入的正向影响将增强。

The Influence of Operating Performance Feedback and Environmental Uncertainty on Advertising Expenditure

Based on the data of the listed companies in China from 2012 to 2015,we theoretically and empirically examine the relationship between expected performance feedbackand advertising expenditure,we further analyze the moderating effects of environmental uncertainty.Results suggest that,first,when the performance of the firm is below expectation,the advertising expenditure decreases when the distance between expected performance of the firm and actual performance increases.Second,when the performance of the firm is above expectation,the advertising expenditure increases when the distance between expected performance of the firm and actual performance increases.Third,when the performance of the firm is below expectation,the negative effect of negative firm performance feedback on advertising expenditure is high on the condition of high environmental uncertainty compared with low environmental uncertainty.Finally,in high uncertainty environment,the positive effect of positive expected performance feedback on advertising expenditure will increase compared with low environmental uncertainty.