研发投入、广告支出与企业盈利能力

R&D Expenditure,Advertising Expenditure and Corporate Profitability

研发和广告是企业的两项主要投资活动,也是企业的两种市场策略。文章以沪深两市计算机、通信及其他电子设备制造业上市公司为研究对象,系统考察了研发投入、广告支出与企业盈利能力间的关系,以及这些关系在不同市场化进程地区中的差异性。研究发现:研发投入与企业盈利能力显著正相关,这表明增加研发投入对企业盈利能力具有积极的影响,有助于提升企业的盈利水平;企业广告支出不仅对其盈利能力具有直接的积极影响,而且还对研发投入与企业盈利能力间关系具有显著的正向调节作用,这表明作为企业两种市场策略的研发与广告之间存在明显的"互补协同效应",并非是一种"竞争性挤出效应";企业所在区域市场化水平越高,研发投入和广告支出两者分别对企业盈利能力的影响越明显,广告支出对研发投入与企业盈利能力两者关系的调节作用也越强。

R&D and advertising are two major investment activities and two kinds of market strategies of enterprises.This paper takes listed companies of computer,communication and other electronic equipment manufacturing industries in Shanghai and Shenzhen stock exchanges as the research object,systematically investigates the relations among R&D expenditure,advertising expenditure and profitability,as well as the diversity of these relations in areas with different marketization levels.The empirical results show that:R&D expenditure has a positive effect on corporate profitability,which means that the increase in R&D expenditure is conductive to the improvement of corporate profitability;Advertising expenditure has not only a direct positive effect on corporate profitability but also a significant positive moderating effect on the relationship between R&D expenditure and corporate profitability,which indicates that there exists a“synergetic effect”rather than a“crowding-out effect”between R&D and advertising;High regional marketization level will bring about more significant effects of R&D and advertising expenditures on corporate profitability.Moreover,the moderating effect of advertising expenditure on the relationship between R&D and corporate profitability will be stronger.