研发投入、营销费用与公司绩效

R&D Expenditure, Marketing Expense and Corporate Performance

采用沪市和深市制造业上市公司2007-2015年的年度数据,对研发、营销如何影响公司绩效进行实证检验。结果发现,前1年到前4年的研发支出对本年的公司绩效都有显著的正面影响,而且影响程度呈下降趋势;本年的销售费用率对本年的公司绩效有显著的负面影响;前2年的销售费用率对本年的公司绩效有显著的正面影响;提前1年的研发投入和营销费用的交互项对本年的公司绩效都有显著的正面影响。这些研究发现表明,研发支出和营销费用都具有一定的滞后效应,应依据滞后效应时间的长短制定相应的会计政策;研发投入和营销费用具有一定的互补性,在财务安排上应统筹兼顾,不能顾此失彼;按照"微笑曲线"指明的产业升级和企业转型方向进行结构调整和供给侧改革,有助于提高企业绩效。

Using the 2007-2015 annual data of manufacturing listed companies in the Shanghai stock exchange and Shenzhen stock exchange, we carried out an empirical test on how R＆D and marketing affect corporate performance. The results show that the R＆D expenditure of pre-one year through pre-four year has a significant positive impact on the corporate performance of current year, and the degree of influence is on the downward trend; The current year＇s rate of sales expense has a significant negative impact on the corporate performance of current year; The pre-two year＇s rate of sales expense has a significant positive impact on the corporate performance of current year; The interactive item of R＆D expenditure and marketing expense has a significant positive impact on the corporate performance of current year. The above findings indicate that R＆D expenditure and marketing expense have certain hysteresis effect on corporate performance, it is necessary for formulating accounting policies according to the length of hysteresis effect; R＆D expenditure and marketing expense have certain complementarity, so the balance between R＆D expenditure and marketing expense should be considered on the financial arrangement, and cannot take care of each other; It is helpful for improving corporate performance to implement structural adjustment and reform of the supply side according to the direction of industrial upgrading and enterprise transformation which the ＂smiling curve＂ indicate.