企业营销能力与生产运营能力交互作用及其对绩效影响研究

doi:10.16381/j.cnki.issn1003-207x.2021.0478

Abstract

Abstract:

The resource-based view and process view of the organization believe that the competitive advantage of a firm in the market depends on its unique resources and capabilities， which results in performance differences. Marketing capability and operational capability are two essential functions that create value for firms. The former means the ability to create customer demand and marketing revenue， and the latter means the ability to produce supply and meet market demand. The two are measured by calculating the input and output efficiency of the sales process and production operation， respectively. Data Envelopment Analysis （DEA） is used to measure the operational capability and the marketing capability of 1，937 listed companies in the manufacturing and retailing industries from 2013 to 2018. It uses econometric models to empirically study the relationship between the two and how they affect firm performance. The moderating effect of market demand uncertainty is also discussed. Firstly， the two capabilities significantly positively impact firm performance， but the marketing capability has a more substantial positive impact. Interestingly， the intermediary effect is verified， indicating that the marketing capability indirectly improves firm performance by driving the improvement of operational capability. Nevertheless， excessive operational capability has an inhibitory and regulatory effect on the positive relationship between marketing capability and firm performance. Finally， market demand uncertainty positively regulates the relationship between the two capabilities and firm performance. That is， the two capabilities contribute more to firm performance when the market environment displays a fluctuation. The research conclusions of this paper provide references for the resource allocation and the functional improvement of business managers in formulating market competition strategies.

Key words: operational capability, marketing capability, Data Envelopment Analysis, enterprise performance, demand uncertainty

CLC Number:

F272.3

Guangyu Wan,Feiyan Pu,Zichun Li,Yu Cao. Impact of Marketing Capability and Production Operation Capability on Firms' Financial Performance[J]. Chinese Journal of Management Science, 2024, 32(5): 275-285.

Figures/Tables 10

References 37

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变量	一级指标	二级指标	会计科目
营销能力（ $m a s c o r e$ ）	投入	应收账款	资产负债表-应收账款净额
		无形资产	资产负债表-无形资产净额
		销售费用	利润表-销售费用
		上一年的销售收入	利润表-营业收入
	产出	销售收入	利润表-营业收入
运营能力（ $o p s c o r e$ ）	投入	人力资本	资产负债表-应付职工薪酬。
		固定资产	资产负债表-固定资产净额
		存货	资产负债表-存货净额
	产出	营业成本	利润表-营业成本

类型	变量符号	定义
被解释变量	$R O A$	公司绩效，资产收益率=净利润／总资产平均余额
解释变量	$m a s c o r e$	营销能力，由DEA方法计算出来的营销能力的得分
解释变量	$o p s c o r e$	运营能力，由DEA方法计算出来的运营能力得分
其他变量	$d e b t a s s e t s$	资产负债率=负债总额÷资产总额
	$g r o w t h$	营业收入增长率=营业收入增长额/上年营收总额
	$l n e m p l o y e e$	员工人数=员工数量取对数
	$a g e$	公司成立时长=当期年份-成立年份
	$o w n e r s h i p$	虚拟变量，1表示国有企业，为0表示非国有企业
	$D U$	需求不确定性

变量	均值	标准差	最小值	最大值
$R O A$	0.0442	0.0524	-0.4910	0.3810
$m a s c o r e$	0.7260	0.2010	0.1100	1
$o p s c o r e$	0.4260	0.2780	0.0094	1
$d e b t a s s e t s$	0.3850	0.1850	0.0080	0.9640
$g r o w t h$	0.1570	0.2800	-0.8820	1.9640
$l n e m p l o y e e$	7.7080	1.0600	3.9320	11.4600
$a g e$	16.2000	5.3190	2	38
$o w n e r s h i p$	0.2740	0.4460	0	1
$D U$	0.7910	0.2410	0.0163	1.9830

变量	$r o a$	$m a s c o r e$	$o p s c o r e$	$d e b t a s s e t s$	$g r o w t h$	$l n e m p l o y e e$	$a g e$	$o w n e r s h i p$
$r o a$	1
$m a s c o r e$	0.2121	1
$o p s c o r e$	0.0553	0.4361	1
$d e b t a s s e t s$	-0.3465	0.1173	0.1127	1
$g r o w t h$	0.2257	0.2768	-0.0313	0.0402	1
$l n e m p l o y e e$	0.0269	0.1936	0.0958	0.4426	0.0183	1
$a g e$	-0.0308	0.0779	0.0648	0.1793	-0.0820	0.1685	1
$o w n e r s h i p$	-0.1048	0.0819	0.1004	0.2641	-0.1218	0.2703	0.2853	1
$l n D U$	-0.0196	-0.1979	-0.1638	-0.3787	-0.0089	-0.4925	-0.1501	-0.1958

变量	被解释变量（ $R O A$ ）
变量	（a）	（b）	（c）	（d）	（e）	（f）
$m a s c o r e$	0.0660^***	0.0379^***			0.0639^***	0.0354^***
$m a s c o r e$	(0.0048)	(0.0049)			(0.0050)	(0.0051)
$o p s c o r e$			0.0221^***	0.0153^***	0.0081^*	0.0087^**
$o p s c o r e$			(0.0043)	(0.0038)	(0.0043)	(0.0038)
$d e b t a s s e t s$		-0.1310^***		-0.1330^***		-0.1310^***
$d e b t a s s e t s$		(0.0098)		(0.0100)		(0.0098)
$g r o w t h$		0.0303^***		0.0394^***		0.0305^***
$g r o w t h$		(0.0028)		(0.0025)		(0.0028)
$l n e m p l o y e e$		0.0007		0.0011		0.0010
$l n e m p l o y e e$		(0.0025)		(0.0024)		(0.0025)
$a g e$		-0.0016^***		-0.0020^***		-0.0016^***
$a g e$		(0.0004		(0.0004)		(0.0004)
$o w n e r s h i p$		-0.0003		0.0017		2.18e-05
$o w n e r s h i p$		(0.0070)		(0.0068)		(0.0069)
行业固定效应	Yes	Yes	Yes	Yes	Yes	Yes
时间固定效应	Yes	Yes	Yes	Yes	Yes	Yes
$R 2$	0.0800	0.1730	0.0360	0.1640	0.0810	0.1740

Impact of Marketing Capability and Production Operation Capability on Firms' Financial Performance

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变量	被解释变量（ $R O A)$
变量	(a)	(b)	(c)	(d)	(e)	(f)
$m a s c o r e_c × D U_c$	0.0677^***	0.0587^***	0.0751^***	0.0663^***
$m a s c o r e_c × D U_c$	(0.0147)	(0.0139)	(0.0144)	(0.0136)
$o p s c o r e_c × D U_c$	0.0180^*	0.0192^**			0.0399^***	0.0331^***
$o p s c o r e_c × D U_c$	(0.0100)	(0.0095)			(0.010)	(0.0093)
$D U_c$	-0.0133^***	-0.0217^***	-0.0122^***	-0.0207^***	-0.0135^***	-0.0196^***
$D U_c$	(0.0042)	(0.0041)	(0.0042)	(0.0040)	(0.0042)	(0.0039)
$m a s c o r e_c$	0.0629^***	0.0333^***	0.0657^***	0.0359^***
$m a s c o r e_c$	(0.0036)	(0.0040)	(0.0034)	(0.0039)
$o p s c o r e_c$	0.0092^***	0.0082^***			0.0259^***	0.0153^***
$o p s c o r e_c$	(0.0032)	(0.0031)			(0.0031)	(0.0030)
$d e b t a s s e t s$		-0.133^***		-0.133^***		-0.134^***
$d e b t a s s e t s$		(0.0057)		(0.0057)		(0.0057)
$g r o w t h$		0.0301^***		0.0298^***		0.0391^***
$g r o w t h$		(0.0020)		(0.0020)		(0.0017)
$l n e m p l o y e e$		0.0003		0.0001		0.0004
$l n e m p l o y e e$		(0.0015)		(0.0015)		(0.0015)
$a g e$		-0.0016^***		-0.0017^***		-0.0020^***
$a g e$		(0.0003)		(0.0003)		(0.0003)
$o w n e r s h i p$		-0.0002		-0.0007		0.0016
$o w n e r s h i p$		(0.0058)		(0.0058)		(0.0058)
Constant	0.0450^***	0.1770^***	0.0449^***	0.1790^***	0.0446^***	.1780^***
Constant	(0.0004)	(0.0436)	(0.0004)	(0.0435)	(0.0004)	(0.0437)
行业固定效应	Yes	Yes	Yes	Yes	Yes	Yes
时间固定效应	Yes	Yes	Yes	Yes	Yes	Yes
$R 2$	0.0620	0.1790	0.0610	0.1780	0.0130	0.1680

效应	系数	标准差	Z值	P>\|Z\|
Sobel	0.0029	0.0013	2.2050	0.0274
Bootstrap间接效应	0.0029	0.0015	2.0000	0.0450
Bootstrap直接效应	0.0429	0.0030	14.1300	0.0000

变量	被解释变量（ROA）
变量	(a $)$ 低营销能力组	(b) 高营销能力组	(c) 低营销能力组	(d) 高营销能力组
$m a s c o r e$	0.0272^***	0.0150
$m a s c o r e$	(0.0067)	(0.0096)
$o p s c o r e$	0.0102	0.0083^*	0.0140^**	0.0096^**
$o p s c o r e$	(0.0073)	(0.0050)	(0.0071)	(0.0049)
$d e b t a s s e t s$	-0.1210^***	-0.1320^***	-0.120^***	-0.132^***
$d e b t a s s e t s$	(0.0118)	(0.0166)	(0.0119)	(0.0166)
$g r o w t h$	0.0463^***	0.0245^***	0.0514^***	0.0260^***
$g r o w t h$	(0.0043)	(0.0043)	(0.0042)	(0.0041)
$l n e m p l o y e e$	0.0042	-0.0034	0.0046	-0.0035
$l n e m p l o y e e$	(0.0036)	(0.0044)	(0.0036)	(0.0044)
$a g e$	-0.0036^***	0.0005	-0.0039^***	0.0003
$a g e$	(0.0006)	(0.0006)	(0.0006)	(0.0006)
$o w n e r s h i p$	-0.0002	0.0129	0.0004	0.0136
$o w n e r s h i p$	(0.0098)	(0.0098)	(0.0097)	(0.0097)
行业固定效应	Yes	Yes	Yes	Yes
时间固定效应	Yes	Yes	Yes	Yes
$R 2$	0.1790	0.1620	0.1730	0.1610

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