创业板企业技术创新与市场营销对盈利水平的影响

A Study on the Influence of Technological Innovation of Chinese GEM & Marketing on the Level of Profitability

构建了企业成长的技术创新一市场营销二维分析框架，基于2009～2011年创业板企业数据，实证研究了技术创新、市场营销以及两者交互作用对中小企业盈利水平的影响。研究发现，企业技术创新和市场营销不仅与当期的盈利水平显著正相关，而且还正向影响滞后期的企业盈利水平，表明技术创新和市场营销是企业成长的动力机制。同时还证实技术创新与市场营销对企业盈利的影响是相互替代的。

A two-dimensional analytic framework for growth enterprises＇ technological innovation ＆ marketing is constructed. Based on data collected from Growth Enterprises Market （GEM） （2009-2011）, an empirical study is conducted on the influence of the interactive effect of technological innovation marketing on small and medium-sized enterprises＇ level of profitability. It is found that technological innovation ＆ marketing has a positive correlation with enterpriseff level of profitability as well as with that in lag phase. The result shows that technological innovation ＆ marketing is the driving force for the growth of enterprises and it also proves the technological innovation ＆ marketing has an alternative influence .on enterprises＇ level of profitability.