|本期目录/Table of Contents|

[1]杨秀云,怡晨,高拴平.广告、研发投入对中国快速消费品企业盈利能力影响研究[J].长安大学学报(社科版),2020,22(06):61-74.
　YANG Xiuyun,YI Chen,GAO Shuanping.Research on the impact of advertising and R&D Investment on the profitability of China’s fastmoving consumer goods companies[J].Journal of Chang＇an University(Social Science Edition),2020,22(06):61-74.
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《长安大学学报（社科版）》[ISSN:1671-6248/CN:61-1391/C]

卷:
第22卷
期数:
2020年06期
页码:
61-74
栏目:
经济与管理
出版日期:
2020-11-15

文章信息/Info

Title:
Research on the impact of advertising and R&D Investment on the profitability of China’s fastmoving consumer goods companies
作者:
杨秀云1; 怡晨2; 高拴平1
(1. 厦门工学院 商学院，福建 厦门 361021； 2. 西安交通大学 经济与金融学院，陕西 西安 710061)
Author(s):
YANG Xiuyun1;  YI Chen2;  GAO Shuanping1
1. School of Business, Xiamen Institute of Technology, Xiamen 361021, Fujian, China; 2. School of Economics and Finance, Xi’an Jiaotong University, Xi’an 710061, Shaanxi, China
关键词:
快速消费品; 广告投入; 研发投入; 差异化; 盈利能力; 滞后效应; 交互作用
Keywords:
fast moving consumer goods;  advertising investment;  R&; D investment;  differentiation;  profitability;  lagging effect;  interaction
分类号:
F272
DOI:
-
文献标志码:
A
摘要:
为研究中国快速消费品企业对广告、研发两种产品差异化策略的有效投入方式，探究不同地区、不同所有制快速消费品企业广告、研发投入对盈利能力的影响效果，选取中国快速消费品企业上市公司2012~2017年广告密度、研发强度、主营业务利润率等相关指标，采用面板数据多元回归方法对广告、研发投入与盈利能力的影响关系以及二者的交互作用进行实证检验，还依据样本所在区域、所有制类型进行样本分组回归，探讨不同情况下广告、研发投入对盈利能力影响效果的差异性。研究发现，广告及研发投入均对中国快速消费品企业盈利能力产生显著正向影响，且该影响具有滞后效应；广告及研发投入对快速消费品企业盈利能力有协同促进作用；两种竞争策略对企业盈利能力的影响存在区域差异及企业所有制差异。结果表明，中国快速消费品企业应适度进行广告投入、加强研发投入，同时在快速消费品行业市场化和产权多元改革的过程中，企业需要根据自身情况不断优化广告和研发的投入配置，以寻求自身产品差异化的独特性和企业盈利能力的持续性。
Abstract:
In order to study the effective investment methods of Chinese fastmoving consumer goods (FMCG) companies in the two product differentiation strategies of advertising and R&D, and to explore the impact of advertising and R&D investment on the profitability of FMCG companies in different regions with different types of ownerships, this paper selects relevant indicators such as the advertising density, R&D intensity, and main business profit margins of listed FMCG companies in China from 2012 to 2017 as research data, and uses the panel data multiple regression method to empirically test the relationship between advertising and R&D investment and profitability as well as the interaction between the two product differentiation strategies. On the other hand, it conducts grouped regression of samples and discusses the differences in the impact effects of advertising and R&D investment on profitability in different situations according to the region and ownership types of samples. The study found that: firstly, both advertising and R&D investment have a significant positive impact on the profitability of Chinese FMCG companies, and this impact has a lagging effect; secondly, advertising and R&D investment have a synergistic effect on profitability; thirdly, there are regional differences and ownership differences in the impact of the two competitive strategies on the profitability of enterprises. The results show that Chinese FMCG companies should appropriately invest in advertising and strengthen R&D investment, and in the process of marketization and property rights diversification reform, FMCG companies need to continuously optimize the allocation of advertising and R&D investment according to their own conditions, in order to form the uniqueness of differentiation in their own products and the sustainability of corporate profitability.

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备注/Memo

备注/Memo:
国家自然科学基金项目（71974158;71673215）
更新日期/Last Update: 2021-01-29