“技工贸”和“贸工技”战略谁更胜出?——基于制造业上市公司的分析

Who Wins?“Technology-Production-Trade”or“Trade-Production-Technology”:Based on the Analysis of Listed Companies in Manufacturing Industry

利用A股制造业上市公司数据,通过研发投入和广告投入的比较将样本公司分类为“贸工技”类(营销型)和“技工贸”类(研发型)企业,分析比较了两类企业财务绩效和市场价值的差异及其产生的原因。研究发现,“贸工技”类企业财务绩效显著高于“技工贸”类企业,但是两类企业的市场价值没有显著差异。财务绩效差异产生的原因是由于广告投入对于财务绩效的贡献高于研发投入所致。市场价值无显著差异是两类企业广告投入和研发投入估值差异及财务绩效差异相互抵消的结果。此外,还发现广告投入对营销型企业财务绩效的影响主要体现在当期,研发投入对研发型企业价值的影响主要体现在未来。研发型企业要提高财务绩效,需要努力提升研发效率和产品差异化程度。

Based on the data of A share listed manufacturing companies in China,the sample companies are classified into“trade-production-technology”(marketing-oriented)firms and“technology-production-trade”(R&D-oriented)firms by comparing R&D and advertising expenditure intensity,the differences in financial performance and market value of the two types of firms and the reasons for the differences are analyzed and compared.The study finds that marketing-oriented firms is significantly higher than R&D-oriented firms in financial performance,but have no significant difference with the latter in market value.Financial performance difference is caused by higher advertising effect than R&D effect.The non-significant difference in market value is due to the offsetting of the valuation difference of advertising and R&D and the difference in financial performance between the two types of enterprises.In addition,it is found that the effect of advertising on the financial performance for marketing-oriented firms is mainly reflected in the current period,while the value effect of R&D on R&D-oriented firms is mainly reflected in the future.In order to improve their financial performance,R&D-oriented firms need to improve their R&D efficiency and product differentiation.