市场竞争、营销投入与企业绩效——基于中国工业企业数据的实证研究  

Market Competition,Marketing Expense and Firm Performance——Evidence from China's Manufacturing Firms

作　　者：牛志勇[1] 王军[2,3] 

机构地区：[1]上海财经大学上海发展研究院,上海200433 [2]上海财经大学国际工商管理学院,上海200433 [3]贵州师范大学经济与管理学院,贵州贵阳550001

出　　处：《山西财经大学学报》2017年第6期113-124,共12页Journal of Shanxi University of Finance and Economics

基　　金：国家自然科学基金项目(71202005);上海教委"晨光计划"项目(2014111068)

摘　　要：利用中国工业企业数据库中10 591家企业2004-2011年的相关数据,考察了营销投入对企业绩效的影响,分析了不同营销投入(策略)的绩效差异,重点研究了竞争对营销投入绩效的调节作用。研究发现:广告投入对企业绩效具有长期效应(滞后期为2),销售投入对企业绩效具有短期效应(无滞后期),两者均对企业的市场绩效和财务绩效具有显著的正向影响,广告投入对财务绩效的影响较大,而销售投入对市场绩效的影响较大;竞争会影响营销投入与企业绩效之间的关系,竞争正向地影响了企业绩效,显著地调节了营销投入与财务绩效之间的关系,即正向调节了广告投入与财务绩效之间的关系,负向调节了销售投入与财务绩效之间的关系。By using relevant data of Chinese industrial enterprise database of 10591 companies in 2004-2011, this paper examines the impact of marketing investment on corporate performance, and analyzes the performance differences of the different marketing investment （strategy）, and discusses the regulating role of competition on marketing investment performance. The study divides marketing expense into two parts：advertising expense and sales expense, we find the former has a two lags with long effects on performance hut the latter does not, these two expenses have positive effect on market performance and financial performance of firm. Advertising expense has a strong effect on financial performance than market performance but sales expense is just opposite. This paper also shows that market competition has effect on marketing expense and firm performance. We find that competition contribute to firm performance and has a positive moderated effect on advertising expense, but a negative moderated effect on sales expense.

关 键 词：营销投入 市场竞争 企业绩效 

分 类 号：F270[经济管理—企业管理]