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首页> 外文期刊>Journal of financial economics >Product market advertising and new equity issues
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Product market advertising and new equity issues

机译：产品市场广告和新股发行

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摘要

We analyze the interaction between a firm's product market advertising and its corporate financing decisions. We consider a firm that faces asymmetric information in both the product and financial markets and that needs to raise external financing to fund its growth opportunity (new project). Any product market advertising undertaken by the firm is visible to the financial market as well. In equilibrium, the firm uses a combination of product market advertising, equity underpricing, and underfinancing (raising a smaller amount of external capital than the full information optimum) to convey its true product quality and the intrinsic value of its projects to consumers and investors. The following two predictions arise from our theoretical analysis for the relation between product market advertising and equity underpricing around new equity issues. First, firms choose a higher level of product market advertising when they are planning to issue new equity, compared with situations in which they have no immediate plans to do so. Second, product market advertising and equity underpricing are substitutes for a firm issuing new equity. We empirically test the above two predictions and find supporting evidence in the context of firms making initial public offerings and seasoned equity offerings.
机译：我们分析了公司产品市场广告与公司融资决策之间的相互作用。我们认为一家公司在产品和金融市场上都面临着信息不对称的问题，并且需要筹集外部资金来为其增长机会提供资金（新项目）。公司进行的任何产品市场广告在金融市场上也是可见的。在均衡状态下，公司结合使用产品市场广告，股票定价偏低和融资不足（筹集的外部资金少于最佳信息的全部）来向消费者和投资者传达其真实的产品质量和项目的内在价值。对于产品市场广告和围绕新股发行的股票定价偏低之间的关系，我们的理论分析得出以下两个预测。首先，与没有立即计划发行股票的情况相比，公司在计划发行新股本时选择更高级别的产品市场广告。其次，产品市场广告和股票定价偏低是发行新股票的公司的替代品。我们通过实证检验上述两个预测，并在公司进行首次公开​​募股和经验丰富的股票发行的背景下找到支持证据。

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