管理评论

›› 2018, Vol. 30 ›› Issue (7): 100-113.

• 市场营销 • 上一篇    下一篇

融资约束、营销能力和企业投资

顾雷雷1, 郭国庆2,3,4, 彭俞超5   

  1. 1. 中央财经大学商学院, 北京 100081;
    2. 桂林理工大学现代企业管理研究中心, 桂林 541004;
    3. 中国人民大学中国市场营销研究中心, 北京 100872;
    4. 中国人民大学商学院, 北京 100872;
    5. 中央财经大学金融学院, 北京 100081
  • 收稿日期:2017-09-25 出版日期:2018-07-28 发布日期:2018-07-21
  • 通讯作者: 彭俞超(通讯作者),中央财经大学金融学院讲师,博士
  • 作者简介:顾雷雷,中央财经大学商学院讲师,博士;郭国庆,桂林理工大学现代企业管理研究中心兼职研究员,中国人民大学中国市场营销研究中心主任,中国人民大学商学院教授,博士生导师,博士。
  • 基金资助:

    广西高校人文社会科学重点研究基地基金；中国-东盟区域发展协同创新中心科研专项及教育部长江学者和创新团队发展计划（CW201617）。

Financial Constraints, Marketing Capability and Corporate Investment

Gu Leilei1, Guo Guoqing2,3,4, Peng Yuchao5   

  1. 1. School of Business, Central University of Finance and Economics, Beijing 100081;
    2. Research Institute of Modern Enterprise Management, Guilin University of Technology, Guilin 541004;
    3. Market Research Center of China, Renmin University of China, Beijing 100872;
    4. School of Business, Renmin University of China, Beijing 100872;
    5. School of Finance, Central University of Finance and Economics, Beijing 100081
  • Received:2017-09-25 Online:2018-07-28 Published:2018-07-21

PDF (PC)

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摘要：

因市场不完备性和信息不对称引起的企业融资约束是学术界长期关注的问题，但学术界较少从营销管理的角度分析如何缓解融资约束对投资的负面影响。利用国家统计局工业企业数据库的样本，本文对营销能力、融资约束和企业投资的关系进行了检验。回归结果表明，营销能力能够显著缓解企业融资约束对企业投资的负面影响。企业可以通过发挥营销能力与供应链上的合作者建立良好关系，获得商业信用，降低对信贷资金的依赖程度；企业可以通过发挥营销能力提升企业的品牌价值和市场地位，提升投资者和银行对企业的评价，增加企业的信贷资金获得。进一步的分析表明，在市场化程度更高、金融发展水平更低的地区，以及在竞争程度更激烈的行业，营销能力越能够缓解融资约束对投资的负面影响。一系列的稳健性检验均不改变上述结论。

关键词: 营销能力, 融资约束, 企业投资

Abstract:

Corporate financial constraints caused by market incompleteness and information asymmetry have received researchers' attention. However, few study concerns the impact of financial constraints on corporate investment from marketing perspective. Using the sample of Chinese manufacturing enterprises database, this paper examines the moderating effect of marketing capability on financial constraints and corporate investment relationship in distinctive conditions. The regression results show that marketing capability can significantly moderate the negative impact of corporate financial constraints on corporate investment. Firms can enhance their marketing capability to establish positive relationships with collaborators on the supply chain in order to increase the possibility to access commercial credit and reduce their dependence on credit funds. Marketing capability can also help firms to enhance their brand value and market position to improve the evaluation of investors and banks, thus increasing credit access. Further analysis shows that in the region with high degree of marketization and low degree of financial development, and in highly competitive industries, the high marketing capability has greater impact on financing constraints and investment relationship. A series of robustness tests do not deny the above conclusion.

Key words: marketing capability, financial constraints, corporate investment