本文以1998—2011年中国沪深A股农业上市公司为样本,考察非预期增长的市场营销开支对公司价值的影响。实证结果表明非预期增长的市场营销支出会增加农业上市公司的内在价值,在控制公司特征的情况下,非预期增长的市场营销开支显著改善了公司未来运营绩效。实证结果同时表明非预期增长的市场营销开支会增加农业上市公司的市场价值,在控制风险因素的情况下,非预期增长的市场营销开支会提升公司的股票收益率。 This paper takes the 1998-2011 China Shanghai and Shenzhen A-share agricultural listed companies as a sample to examine the impact of unanticipated growth of marketing expenses on the company's value. Empirical results show that unexpectedly increasing marketing expenditures increase the intrinsic value of agricultural listed companies and that unanticipated growth in marketing expenditures significantly improves the company's future operating performance in controlling firm characteristics. Empirical results also show that unexpected growth of marketing expenses will increase the market value of agricultural listed companies. Under the control of risk factors, unexpected growth of marketing expenses will increase the company's stock return.