中文摘要：

利用中国工业企业数据库中10 591家企业2004-2011年的相关数据,考察了营销投入对企业绩效的影响,分析了不同营销投入（策略）的绩效差异,重点研究了竞争对营销投入绩效的调节作用。研究发现：广告投入对企业绩效具有长期效应（滞后期为2）,销售投入对企业绩效具有短期效应（无滞后期）,两者均对企业的市场绩效和财务绩效具有显著的正向影响,广告投入对财务绩效的影响较大,而销售投入对市场绩效的影响较大;竞争会影响营销投入与企业绩效之间的关系,竞争正向地影响了企业绩效,显著地调节了营销投入与财务绩效之间的关系,即正向调节了广告投入与财务绩效之间的关系,负向调节了销售投入与财务绩效之间的关系。

英文摘要：

By using relevant data of Chinese industrial enterprise database of 10591 companies in 2004-2011, this paper examines the impact of marketing investment on corporate performance, and analyzes the performance differences of the different marketing investment （strategy）, and discusses the regulating role of competition on marketing investment performance. The study divides marketing expense into two parts：advertising expense and sales expense, we find the former has a two lags with long effects on performance hut the latter does not, these two expenses have positive effect on market performance and financial performance of firm. Advertising expense has a strong effect on financial performance than market performance but sales expense is just opposite. This paper also shows that market competition has effect on marketing expense and firm performance. We find that competition contribute to firm performance and has a positive moderated effect on advertising expense, but a negative moderated effect on sales expense.