中文摘要：

以布莱德和莱维斯的理论为基础，假设广告具有拓展效应和窃取效应，研究企业负债与市场地位对企业广告投资的影响。结果显示：企业资本市场行为影响其产品市场竞争，负债具有竞争策略性；企业负债刺激其广告投入，而竞争对手负债抑制其广告投入；寡头垄断市场，企业初始市场份额抑制其广告投入；广告投入具有行业差异，且非制造业内部差异更大。研究结论拓展布莱德和莱维斯研究的同时，也给企业广告投资提供参考价值。

英文摘要：

Based on the theory of Brander and Lewis,assuming that advertising has spreading effect and stealing effect,this paper studies how debt and market share affect firm＇s advertising investment. We get the fol-low conclusions. Firstly,firm＇s capital behavior affects its out-put market action. Secondly,the debt of the in-cumbent stimulating its advertising investment while the debt of its competitor inhibits the incumbent＇s advertis-ing investment. Thirdly,the relationship between market share and advertising investment is negative in oligopo-ly market. Our study expends Brander and Lewis＇s research and firm can get enlighten from our conclusions.