慈善捐赠、广告营销与企业绩效考虑行业竞争因素

Corporate Philanthropy,Marketing Activities and Firm Performance:Considering Industry Competition as a Boundary Condition

基于消费者视角，利用2007～2012年我国沪深两市A股上市公司的数据，实证检验了在考虑行业竞争的条件下，慈善捐赠行为对广告营销活动与企业销售增长之间关系的影响机制。研究发现，广告营销投入、慈善捐赠水平和行业竞争程度之间的三项交互作用显著。这一结论表明，对于那些在激烈竞争行业环境中运营的企业来说，慈善捐赠水平高而非低时，广告营销投入对企业销售增长的正向影响更强，因此，与处于弱竞争行业的企业相比，处于强竞争行业的企业更应充分利用好慈善捐赠在改善传统营销方式市场效果方面的杠杆作用。

From the consumers＂ perspective, this study empirically examines how and under which condition corporate philanthropy moderates the link of marketing activities and firm sales growth, using data on Chinese A-share listed firms throughout the years from 2007 to 2012. The authors find that the three-way interactions among advertising intensity, corporate philanthropy and industry competition level have significant relationships with firm sales growth, indicating that for firms operating in highly competitive industries, when the level of philanthropic giving is high versus low, advertising intensity has a stronger positive impact on sales performance. Thus, compared with firms in less competitive industries, intensely competing firms should better lever age philanthropic giving to increase the impact of marketing on sales.