本文利用2004-2010年中国分省面板数据，在国内首次对广告监管进行了规范的实证研究。研究结果表明：首先，以工商机构数和在职人员数为代表的事前监管更多地影响人均GDP，而以查处案件数和罚金为代表的事后监管则更多作用于全要素生产率，其中以在职工商人员数、工商机构数为代表的监管制度对经济增长的贡献率分别为0.16%和0.39%，表明存在着非常显著的监管制度红利；其次，对于电视报刊等媒体渠道，平均广告经营额越小，相应的查处案件数越多；再次，经济越发达和市场化程度越高的地区，查处违法违规广告案件数越低；最后，本文基于实证结果，提出了以进一步释放监管制度红利为导向的深化工商管理体制改革、切实提高工商机构的广告监管效率的一些政策建议。

This paper is the first empirical research on advertising regulations in China. On the basis of analyzing 2004-2010 provincial level panel data, the research gets several findings. First, the previous supervision, represented by the numbers of business organizations and serving officers, has greater impact on per capita GDP, and the post-mortem supervision represented by the number of cases investigated and penalties has more influence on TFP. Second, as for media channels such as television and newspaper, the relationship between the average amount of advertising operations and the number of cases investigated is negative correlation. Third, the higher the level of one area’s economy is, the lower is the number of cases investigated. Finally, on the basis of empirical findings, the paper puts up with advises for the policies of advertisement supervision.