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。

Based on the disclosed annual report financial data and innovation information of Chinese manufacturing listed companies from 2009-2011, we identified low cost strategy, differentiation strategy and hybrid strategy by using total assets turnover ratio and operating income to sales of the Du Pont Model as the two strategic financial index. Then we examined the difference of innovation efficiency among the above competitive strategies. The empirical results show that there exists 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 manufacturing listed companies.

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2014上海高校优青教师培养资助计划项目；上海出版印刷高等专科学校博士科研启动项目。