创新的规模经济与企业绩效——基于协同作用的考察

Economies of Scale in Innovation and Corporate Performance: Based on Synergistic Effect

有许多因素导致企业的创新活动具有规模经济的特征,了解这些因素对企业管理者制定创新政策具有重要意义。理论上看,企业的广告活动有助于创新规模经济的实现,从而改善企业绩效。基于中国制造业上市公司样本的实证研究发现,从整体上看,研发支出与企业绩效显著正相关,广告支出与企业绩效没有统计上显著的关系,但广告支出有利于创新规模经济的实现。广告活动的协同作用会受到企业规模的影响,在中等规模企业里广告支出的促进作用比在大企业和小企业里从经济意义上看更为重要,并且统计上更为显著。

There are many factors leading to the economies of scale of corporate innovation activities, so it is very important to understand these factors to develop innovation policies for corporate management. Form the theoretical perspective, Advertising can produce synergism on innova- tion, and contribute to realize the innovation of realizing economies of scale in innovation, so as to improve corporate performance. Based on a sam- pie of Chinese listed corporation, empirical results show that, on the whole, research and development expenditure is positively related to corporate performance, advertising expenditure and corporate performance has no statistically significant relationship, but advertising expenditure is benefi- cial to the realization of the scale economy of innovation. The synergistic effect of advertising activities is affected by corporate scale, in medium size enterprises advertising expenditure＇s effect is more important than in large and small enterprises from economic perspective, and statistically more significant.