CAJ | 학술논문

基于中国制造业上市公司2009—2011年的创新数据和财务数据，采用杜邦体系中的总资产周转率与营业利润率这两个战略财务指标识别出低成本战略、差异化战略和低成本差异化战略，在此基础上考察不同竞争战略在创新效率上的差异。实证结果表明：差异化战略、低成本差异化战略和低成本战略三者的创新效率两两之间不存在显著差异；实施低成本战略的一部分企业具有较高的创新效率；在中国制造业上市公司的竞争战略中发现了创新型低成本战略模式。
기우중국제조업상시공사2009—2011년적창신수거화재무수거，채용두방체계중적총자산주전솔여영업리윤솔저량개전략재무지표식별출저성본전략、차이화전략화저성본차이화전략，재차기출상고찰불동경쟁전략재창신효솔상적차이。실증결과표명：차이화전략、저성본차이화전략화저성본전략삼자적창신효솔량량지간불존재현저차이；실시저성본전략적일부분기업구유교고적창신효솔；재중국제조업상시공사적경쟁전략중발현료창신형저성본전략모식。
Based on the disclosed annual report financial data and innovation information of Chinese manufacturing listed companies from 2009-201 1 ,we identified low cost strategy,differentiation strategy and hybrid strategy by using total as-sets turnover ratio and operating income to sales of the Du Pont Model as the two strategic financial index. Then we exam-ined the difference of innovation efficiency among the above competitive strategies. The empirical results show that there ex-ists no significant difference among the competitive strategies. Some companies that implement low cost strategy present higher innovation efficiency. Innovative low cost strategic mode exists in competitive strategy typologies of Chinese manufac-turing listed companies.