VC机构支持对企业短视营销管理的影响：“推” 与“拉”的双向作用

理论上，管理者应根据市场需求分配研发与营销预算，以获得产品市场中的竞争优势。然而，企业有时会参与短视营销管理，即以牺牲长远利益为代价来提升短期绩效。鉴于短视营销管理伤害企业长远利益，分析企业为何参与这种短视成为国内外战略营销研究的前沿性课题。现有研究主要根据代理理论来分析上市企业管理者的动机，甚少从外部利益相关者的视角关注短视营销管理的前因及对下游产品市场造成的影响。本研究关注一个对企业决策有重要影响的利益相关者：VC机构，并探讨VC机构支持如何影响创业企业的多种形式的短视管理，以及是否通过这种作用进一步影响企业产品可靠性。研究还将探讨VC机构对企业营销资源分配的影响如何随企业发展阶段的变化而改变。同时，还将考察是否获取VC机构支持是否也是企业参与短视管理的动机，及VC机构能否识别出短视。研究结论将为企业如何设计抑制短视营销管理的机制，保障品牌价值提供指导，并为投资者快速甄别短视企业提供帮助。

In theory，the resource for research and development (R&D) and marketing should be determined by manager to attain competitive advantages in product market. However, firms sometimes engage in myopic marketing management (i.e., marketing actions motivated by immediate, tangible outcomes, such as growth in current earnings and stock prices, without regard to their longer-term implications). Given the threat to firms’ future performance, understanding why and when firms engage in myopic marketing management is the frontier topic of marketing strategy research. The extant literature mainly follows the logic of agency theory to analyze managers’ motivation of marketing myopic management. However, the role of external stakeholders in firms’ resource allocation attracts little attention. In this project, we focus on the important role of VC capitalist in investees’ myopic marketing. We explore how VC backing affect three types of myopic marketing management (i.e., myopic marketing spending, myopic marketing resource allocation, innovation ratchet strategy) in which investees may engage, as well as whether VC backing can affect product failure through the mediating effect of three types of myopic marketing management. In addition, this project further investigates whether access to initial funding for VCs is also a driver of myopic and whether VCs can identify investees myopic strategies. These conclusions of project will provide guidance for firms to design effective tools to prevent myopic marketing management and protect brand assets, as well as for investor to timely identify firms’ myopic strategies.