数智营销与企业财务绩效——基于广告行业上市公司的证据

Smart Marketing and Corporate Financial Performance—Evidence Based on Listed Companies in the Advertising Industry

摘要: 智能技术将如何重塑广告行业？在营销中使用数智技术能提升企业的财务绩效吗？本文以2014~2023年沪深A股广告业上市公司为研究样本，实证检验了数智营销对广告企业财务绩效的影响，以及人力资本与创新的中介作用。实证结果表明：数智营销程度和企业财务绩效之间存在U型关系，当企业的数智营销水平较低时，会拖累企业财务绩效，但当企业长期坚持采用数智技术，企业的数智营销程度突破某临界值时，数智营销将对广告企业的财务绩效产生显著的促进作用。数智营销会通过提升企业的人力资本、促进企业创新产出等路径促进广告企业财务绩效提升。进一步的异质性分析表明，企业数智营销程度对企业财务绩效的影响会因企业规模、企业所有制类型的不同而存在差异，企业数智营销程度对财务绩效的影响在规模较大企业和非国有企业中表现更为明显。本文的研究发现为政府制定相关政策以及推动企业应用数智技术提供理论基础和实践启示。

Abstract: How will intelligent technology reshape the advertising industry? Can the use of digital technology in marketing improve a company’s financial performance? This article empirically tests the impact of digital marketing on the financial performance of advertising companies, as well as the mediating role of human capital and innovation, using listed companies in the Shanghai and Shenzhen A-share advertising industry from 2014 to 2023 as research samples. The empirical results show that there is a U-shaped relationship between the level of digital marketing and the financial performance of enterprises. When the level of digital marketing of enterprises is low, it will drag down the financial performance of enterprises. However, when enterprises persist in using digital technology for a long time and their level of digital marketing exceeds a certain critical value, digital marketing will have a significant promotional effect on the financial performance of advertising enterprises. Smart marketing can enhance the financial performance of advertising companies by improving their human capital and promoting innovative output. Further heterogeneity analysis shows that the impact of enterprise digital marketing on financial performance varies depending on the size and ownership type of the enterprise. The impact of enterprise digital marketing on financial performance is more pronounced in larger and non-state-owned enterprises. The research findings of this article provide a theoretical basis and practical inspiration for the government to formulate relevant policies and promote the application of digital intelligence technology in enterprises.