周若丹

摘 要： 近年来，大数据发展方兴未艾，互联网创新功能不断兴起，信息技术与经济领域也不断融合。本文选取大数据上市公司2016-2018年的数据为样本，选用多元线性回归的方法，从大数据上市公司竞争战略、研发强度两个方面的特征描述其对财务绩效高低所产生的影响。研究表明，（1）差异化战略与财务绩效之间呈显著的正相关关系，与研发强度也呈显著的正相关关系;（2）成本领先战略与财务绩效之间呈显著的负相关关系，与研发强度也呈显著的负相关关系;（3）竞争战略对财务绩效的影响机制部分是通过研发强度得以实现的。本文验证了竞争战略和财务绩效之间的关系以及研发强度在这一影响机制中的中介作用，为高新技术和信息产业的管理者制定竞争战略，开展研发活动，确定企业资金合理分配提供借鉴意义。

关键词： 大数据;竞争战略;研发强度;财务绩效;中介角色

中图分类号： F 015

文献标志码： A

The Relationship between Competitive Strategy andFinancial Performance in the Context of Big Data：The Mediating Role of R&D Intensity

ZHOU Ruodan

（Shanghai International Studies University， Shanghai 201600， China）

Abstract： In recent years， the development of big data is in the ascendant， the innovative function of the Internet is constantly rising， and the information technology and economic fields are constantly merging. In this paper， the data of big data listed companies from 2016 to 2018 are selected as samples， and the multiple linear regression method is used to describe the impact on financial performance from two aspects of competitive strategy and R&D intensity of big data listed companies. The research shows that： （1） there is a significant positive correlation between differentiation strategy and financial performance， and also a significant positive correlation between differentiation strategy and R&D intensity; （2） There is a significant negative correlation between cost leadership strategy and financial performance， and also a significant negative correlation between cost leadership strategy and R&D intensity; （3） The influence mechanism of competitive strategy on financial performance is partly realized through R&D intensity. This paper verifies the relationship between competitive strategy and financial performance and the intermediary role of R&D intensity in this influencing mechanism， which provides reference for managers of high-tech and information industries to formulate competitive strategies， carry out R&D activities and determine the rational allocation of enterprise funds.

Key words： big data; competitive strategy; R&D intensity; financial performance; intermediary role

1 文獻综述

1.1 财务绩效的相关研究

公司经营的目的是多元化的，它除了满足社会的需求，为消费者提供产品和服务，还必须要追求效益的最大化。财务绩效通常被认为是财务报告的实质性内容，也是衡量效益的一个重要指标，十八届三中全会《决定》提出，企业必须跟上现代化的新发展要求，与国际接轨，在营业活动之中公平的参与市场竞争。这些年来，随着资本市场的不断发展以及经济全球化的深入，财务绩效已经成为国内外学者共同关注的话题。……