中文摘要：

企业广告活动可以给企业带来价值，然而广告产生价值的路径并不完全清晰。运用中国2005--2012年A股上市公司样本，可从媒体中介机制视角研究广告投入影响企业价值的路径——媒体关注和媒体态度，并对其效率与使用场景进行比较与分析。结果发现：广告投入可以提高媒体关注、改善媒体态度，进而增大企业价值：媒体关注路径的投入产出效率高于媒体态度路径的效率。同时，当企业产品竞争力较弱时，媒体关注路径的广告活动具有较高价值效应；媒体关注路径的价值效应受行业竞争影响相对较小，媒体态度路径的价值效应在行业竞争激烈时甚至为负。研究表明。依赖媒体关注的广告活动适合于竞争力较弱的产品，而若要将广告投入用于改善媒体态度则需谨慎。

英文摘要：

Advertising can create corporate value. However, the action mechanism of how advertising creates value is not entirely clear. The sample of A-share listed firms from 2005 to 2012 has been used to investigate how advertising cre- ates corporate value by two paths - media attention and media attitude. The paper finds that ： （ 1 ） in terms of the media- ting effects, advertising can play an important role in raising media attention and improving media attitudes, thus increasing corporate value; and （2） in view of input-output efficiency, the value-creating efficiency of the media-attention path is higher than that of media-attitude path. This paper reveals that when a product is unknown and when firm faces weak com- petition, it is advisable to use advertisement to raise media attention and create value. Furthermore, the paper shows that, in most cases, advertising brings media attention and thus contributes to firm value, while caution is needed while using ad- vertisement to improve media attitude.