Research on the Influence of Marketing Capabilities on Innovation of SMEs: Based on the Perspective of Institutional Environment

Abstract

Abstract:

Based on resource-based theory and the technological innovation theory, this study researches on the impact of the marketing capabilities on innovation of small and medium-sized enterprises (SMEs) from the perspective of the institutional environment. The government intervention and the legal system are introduced as moderate variables to explore their moderating effects on the main effect; and three interactive methods are used to explore the interaction of the marketing capabilities, the government intervention and the legal system on SMEs' innovation. Results of the study with the manufacturing and the information technology enterprises listed on China's SME from 2008 to 2018 as samples are as follows: the marketing capabilities have a significant positive impact on the technological innovation of SMEs; there is a significant inverted U-shaped moderating effect between the marketing capabilities and the technological innovation of SMEs; the legal system positively regulates the relationship between the marketing capabilities and the technological innovation of SMEs; more importantly, the interaction of the marketing capabilities, the government intervention and the legal system has a significant positive impact on the technological innovation of SMEs, but further research finds that the combination of a low-level government intervention and a high-level legal system has the strongest positive regulation effect and the positive regulation effect of the other three types of combinations is relatively weak, indicating that at this stage, the government should maintain a low level of government intervention, while constantly improving the level of the legal system.

Key words: Marketing Capabilities, Innovation of Small and Medium-sized Enterprises, Government intervention, Legal system

摘要：

基于资源基础理论和技术创新理论,从制度环境视角出发,研究营销能力对中小企业创新的影响;引入政府干预和法制水平作为调节变量,探讨其对主效应的调节作用;利用三项交互方法,探讨营销能力、政府干预、法制水平三者交互对中小企业创新的影响。以2008—2018年我国中小板上市的制造业和信息技术企业为样本,结果发现:营销能力对中小企业创新有显著的正向影响;政府干预在主效应关系间起倒U型调节作用,法制水平起正向调节作用;此外,营销能力、政府干预和法制水平的三项交互对中小企业创新有显著的正向促进作用,进一步研究发现,低政府干预与高法制水平组合对营销能力与中小企业创新关系的正向调节作用最强,其他三种类型组合的正向调节作用相对较弱,说明现阶段应对中小企业保持较低的政府干预,同时不断提升法制水平。

关键词: 营销能力, 中小企业创新, 政府干预, 法制水平

CLC Number:

F279.23

SHAO Wei, LIU Jianhua. Research on the Influence of Marketing Capabilities on Innovation of SMEs: Based on the Perspective of Institutional Environment[J]. Collected Essays on Finance and Economics, 2021, 37(10): 91-101.

邵伟, 刘建华. 营销能力对中小企业创新的影响研究——基于制度环境视角[J]. 财经论丛, 2021, 37(10): 91-101.

Figures/Tables 4

变量类型	变量名称	变量符号	变量定义
被解释变量	中小企业创新	LnPat	ln(发明专利、实用新型和外观设计申请数量之和+1)
被解释变量	中小企业创新	LnInn	ln(发明专利申请数量+1)
解释变量	营销能力	MC	采用随机前沿方法计算,具体计算方法见方程(1)
调节变量	政府干预	Gov	上市公司注册地的政府与市场的关系指数
调节变量	法制水平	Law	上市公司注册地的市场中介组织的发育和法律制度环境指数
控制变量	科研人员数量	Techstaff	ln(科技和研发人员)
	盈利能力	Roa	净利润/总资产
	企业规模	Size	ln(年末总资产)
	经营活动现金流	Cfo	经营活动产生的现金流量净额/总资产
	固定资产比例	Tangible	固定资产净额/总资产
	资产负债率	Lev	期末总负债/期末总资产
	行业集中度	HHI	$∑ f X f / ∑ X f 2$ ,其中X_f为公司f的主营业务收入
	企业年龄	Age	ln(研究当年-成立年份)
	企业成长性	Growth	(当年营业收入-上年营业收入)/当年营业收入
	独立董事比例	Dd	独立董事人数/董事会人数
	行业虚拟变量	Ind	制造业取两位代码,其他行业取一位代码,设置相应虚拟变量
	年度虚拟变量	Year	年度区间为2008~2018年

变量类型	变量名称	变量符号	变量定义
被解释变量	中小企业创新	LnPat	ln(发明专利、实用新型和外观设计申请数量之和+1)
被解释变量	中小企业创新	LnInn	ln(发明专利申请数量+1)
解释变量	营销能力	MC	采用随机前沿方法计算,具体计算方法见方程(1)
调节变量	政府干预	Gov	上市公司注册地的政府与市场的关系指数
调节变量	法制水平	Law	上市公司注册地的市场中介组织的发育和法律制度环境指数
控制变量	科研人员数量	Techstaff	ln(科技和研发人员)
	盈利能力	Roa	净利润/总资产
	企业规模	Size	ln(年末总资产)
	经营活动现金流	Cfo	经营活动产生的现金流量净额/总资产
	固定资产比例	Tangible	固定资产净额/总资产
	资产负债率	Lev	期末总负债/期末总资产
	行业集中度	HHI	$∑ f X f / ∑ X f 2$ ,其中X_f为公司f的主营业务收入
	企业年龄	Age	ln(研究当年-成立年份)
	企业成长性	Growth	(当年营业收入-上年营业收入)/当年营业收入
	独立董事比例	Dd	独立董事人数/董事会人数
	行业虚拟变量	Ind	制造业取两位代码,其他行业取一位代码,设置相应虚拟变量
	年度虚拟变量	Year	年度区间为2008~2018年

变量	观测值	平均值	标准差	最小值	中位数	最大值
MC	2510	0.696	0.128	0.389	0.715	0.914
LnPat	2510	2.891	1.159	0.693	2.833	5.805
Lnlnn	2510	1.910	1.191	0.000	1.792	5.063
Gov	2510	7.561	1.110	3.450	7.840	9.520
Law	2510	8.844	4.313	1.550	8.410	16.190
Techstaff	2510	5.549	0.887	3.584	5.525	7.920
Roa	2510	0.056	0.046	-0.079	0.052	0.217
Lev	2510	0.330	0.172	0.030	0.313	0.722
Size	2510	21.296	0.754	19.790	21.241	23.489
Growth	2510	0.113	0.191	-0.589	0.125	0.578
Cfo	2510	0.046	0.068	-0.142	0.046	0.229
Tangilbe	2510	0.224	0.121	0.023	0.205	0.550
HHI	2510	0.028	0.038	0.011	0.015	0.287
Age	2510	2.260	0.512	0.693	2.303	3.258
Dd	2510	0.370	0.050	0.333	0.333	0.571

变量	LnPat	Lnlnn	LnPat	Lnlnn	LnPat	Lnlnn	LnPat	Lnlnn
变量	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)
MC	0.487^*** (4.20)	0.523^*** (5.40)	0.402^*** (3.02)	0.425^*** (4.27)	0.442^*** (3.56)	0.495^*** (4.45)	0.333^** (2.29)	0.414^*** (3.30)
Gov			0.288^** (2.45)	0.279^** (2.17)			0.272^** (2.06)	0.327^*** (4.73)
Law					0.102^* (1.83)	0.113^** (2.01)	0.094^* (1.72)	0.122^** (2.12)
Gov²			-0.019^* (-1.86)	-0.014^* (-1.71)			-0.015^* (-1.72)	-0.012^* (-1.69)
MCGov*			0.573 (1.61)	0.411 (0.99)			0.439 (1.02)	0.523 (1.43)
MCLaw*					0.052^** (1.97)	0.093^*** (3.19)	0.148^*** (6.30)	0.056^** (1.98)
MCGov*²			-0.069^*** (-6.28)	-0.084^*** (-7.67)			-0.067^*** (-6.36)	-0.078^*** (-6.44)
MCGovLaw							0.092^** (1.96)	0.163^*** (3.09)
Techstaff	0.246^*** (6.27)	0.208^*** (4.99)	0.306^*** (7.61)	0.289^*** (6.76)	0.258^*** (6.73)	0.229^*** (5.45)	0.399^*** (9.97)	0.329^*** (7.82)
Roa	1.150^** (2.07)	1.304^** (2.22)	0.567^** (2.03)	0.582^** (2.06)	1.133^** (2.08)	1.254^** (2.12)	0.282^* (1.74)	0.456^** (1.98)
Lev	-0.306^** (-2.01)	-0.424^** (-2.38)	-0.246^** (-2.36)	-0.226^** (-2.14)	-0.296^* (-1.95)	-0.293^* (-1.92)	-0.422^*** (-2.68)	-0.408^** (-2.29)
Size	0.259^*** (7.49)	0.267^*** (7.07)	0.234^*** (6.84)	0.229^*** (6.13)	0.259^*** (7.65)	0.267^*** (7.04)	0.211^*** (6.05)	0.222^*** (5.95)
Growth	0.082 (0.71)	0.231^* (1.95)	0.090 (0.80)	0.226^* (1.95)	0.081 (0.72)	0.229^* (1.93)	0.027 (0.23)	0.214^* (1.82)
Cfo	0.822^** (2.27)	0.945^** (2.61)	0.709^** (2.00)	0.218 (0.58)	0.799^** (2.28)	0.334 (0.87)	0.043 (0.12)	0.113 (0.30)
Tangilbe	-1.187^*** (-5.97)	-0.991^*** (-4.58)	-1.203^*** (-6.17)	-1.032^*** (-4.88)	-1.202^*** (-6.17)	-1.026^*** (-4.76)	-1.440^*** (-7.36)	-1.209^*** (-5.85)
HHI	1.154 (0.77)	1.303 (0.87)	1.161 (0.75)	0.216 (0.13)	0.961 (0.70)	0.724 (0.62)	0.879 (1.48)	0.477 (0.71)
Age	-0.089^** (-2.09)	-0.105^** (-2.29)	-0.083^* (-1.81)	-0.059 (-1.28)	-0.093^** (-2.04)	0.048 (1.05)	-0.030 (-0.65)	0.129^*** (2.85)
Dd	1.334^*** (3.14)	1.328^*** (3.11)	1.199^*** (2.89)	0.620 (1.34)	1.335^*** (3.13)	0.729 (1.54)	0.976^** (2.19)	0.255 (0.53)
Constant	-5.973^*** (-8.16)	-7.200^*** (-8.94)	-7.347^*** (-8.52)	-6.939^*** (-7.23)	-5.825^*** (-8.03)	-6.952^*** (-8.59)	-5.568^*** (-5.99)	-6.086^*** (-7.66)
Year & Ind	控制	控制	控制	控制	控制	控制	控制	控制
Adj-R²	0.304	0.223	0.321	0.247	0.307	0.227	0.240	0.228

变量	LnPat	Lnlnn	LnPat	Lnlnn	LnPat	Lnlnn	LnPat	Lnlnn
变量	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)
MC	0.487^*** (4.20)	0.523^*** (5.40)	0.402^*** (3.02)	0.425^*** (4.27)	0.442^*** (3.56)	0.495^*** (4.45)	0.333^** (2.29)	0.414^*** (3.30)
Gov			0.288^** (2.45)	0.279^** (2.17)			0.272^** (2.06)	0.327^*** (4.73)
Law					0.102^* (1.83)	0.113^** (2.01)	0.094^* (1.72)	0.122^** (2.12)
Gov²			-0.019^* (-1.86)	-0.014^* (-1.71)			-0.015^* (-1.72)	-0.012^* (-1.69)
MCGov*			0.573 (1.61)	0.411 (0.99)			0.439 (1.02)	0.523 (1.43)
MCLaw*					0.052^** (1.97)	0.093^*** (3.19)	0.148^*** (6.30)	0.056^** (1.98)
MCGov*²			-0.069^*** (-6.28)	-0.084^*** (-7.67)			-0.067^*** (-6.36)	-0.078^*** (-6.44)
MCGovLaw							0.092^** (1.96)	0.163^*** (3.09)
Techstaff	0.246^*** (6.27)	0.208^*** (4.99)	0.306^*** (7.61)	0.289^*** (6.76)	0.258^*** (6.73)	0.229^*** (5.45)	0.399^*** (9.97)	0.329^*** (7.82)
Roa	1.150^** (2.07)	1.304^** (2.22)	0.567^** (2.03)	0.582^** (2.06)	1.133^** (2.08)	1.254^** (2.12)	0.282^* (1.74)	0.456^** (1.98)
Lev	-0.306^** (-2.01)	-0.424^** (-2.38)	-0.246^** (-2.36)	-0.226^** (-2.14)	-0.296^* (-1.95)	-0.293^* (-1.92)	-0.422^*** (-2.68)	-0.408^** (-2.29)
Size	0.259^*** (7.49)	0.267^*** (7.07)	0.234^*** (6.84)	0.229^*** (6.13)	0.259^*** (7.65)	0.267^*** (7.04)	0.211^*** (6.05)	0.222^*** (5.95)
Growth	0.082 (0.71)	0.231^* (1.95)	0.090 (0.80)	0.226^* (1.95)	0.081 (0.72)	0.229^* (1.93)	0.027 (0.23)	0.214^* (1.82)
Cfo	0.822^** (2.27)	0.945^** (2.61)	0.709^** (2.00)	0.218 (0.58)	0.799^** (2.28)	0.334 (0.87)	0.043 (0.12)	0.113 (0.30)
Tangilbe	-1.187^*** (-5.97)	-0.991^*** (-4.58)	-1.203^*** (-6.17)	-1.032^*** (-4.88)	-1.202^*** (-6.17)	-1.026^*** (-4.76)	-1.440^*** (-7.36)	-1.209^*** (-5.85)
HHI	1.154 (0.77)	1.303 (0.87)	1.161 (0.75)	0.216 (0.13)	0.961 (0.70)	0.724 (0.62)	0.879 (1.48)	0.477 (0.71)
Age	-0.089^** (-2.09)	-0.105^** (-2.29)	-0.083^* (-1.81)	-0.059 (-1.28)	-0.093^** (-2.04)	0.048 (1.05)	-0.030 (-0.65)	0.129^*** (2.85)
Dd	1.334^*** (3.14)	1.328^*** (3.11)	1.199^*** (2.89)	0.620 (1.34)	1.335^*** (3.13)	0.729 (1.54)	0.976^** (2.19)	0.255 (0.53)
Constant	-5.973^*** (-8.16)	-7.200^*** (-8.94)	-7.347^*** (-8.52)	-6.939^*** (-7.23)	-5.825^*** (-8.03)	-6.952^*** (-8.59)	-5.568^*** (-5.99)	-6.086^*** (-7.66)
Year & Ind	控制	控制	控制	控制	控制	控制	控制	控制
Adj-R²	0.304	0.223	0.321	0.247	0.307	0.227	0.240	0.228

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