더 많은 신제품이 더 좋은 성과를 만드는가?: 자동차산업을 중심으로 한 신제품이 기업성과에 미치는 영향에 관한 실증적 연구
A Panel Data Analysis of the Effects of New and Hit Products on Firm’s Revenue and Profitability
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현대의 기업들은 신속하게 다양한 신제품을 시장에 출시하는 것이 기업성과에 도움이 된다고 여기는 듯하다. 하지만 모든 신제품들이 시장에서 성공하는 것은 아니며, 오히려 막대한 개발비용과 마케팅 비용으로 인하여 기업성과에 부정적으로 작용할 수 있다. 이에 본 연구에서는 1988년부터 2009년까지 세계 18개 자동차회사들을 대상으로 수집한 패널 데이터를 이용하여 연구개발비, 신제품, 그리고 인기상품이 기업성과에 미치는 영향을 실증적으로 분석하였다. 분석 결과 인기 상품수의 증가는 기업의 매출액과 수익률에 긍정적인 영향력을 보였다. 반면 신제품수의 증가는 매출액에 대하여 부분적인 기여를 하지만 수익률에는 부정적인 영향을 보였다. 이러한 결과는 신제품개발과 마케팅에 소요되는 비용과 자기시장 잠식효과 등으로 인하여, 신제품개발이 기업의 수익률 제고에 항상 긍정적인 역할을 하는 것은 아님을 입증하고 있다. 신제품개발이 기업수익에 직결되기 위해서는 신제품이 출시되어 인기상품으로 전환되는 확률을 높이기 위한 노력과 기존 제품들과의 포트폴리오를 고려한 전략적인 제품개발이 필요하다.
Abstract
New product development has been crucial for the firms to respond to the rapidly changing competitive environment. However, most of the new products fail despite that firms spend a considerable amount of R&D expenditures. This study explores the effect of R&D investment, new product introduction and hit products on firm performance. The data are collected from the 18 auto-makers worldwide, and a set of panel analyses is conducted. The result shows that the number of hit products is related to firm performance positively, but the influence of new products on firm performance is mixed. Increased number of new products may contribute to the growth of the firm limitedly, but negatively affect profitability of the firm. New products are likely to harm firms' profitability because of cannibalization of existing product lines and huge costs of marketing and overhead upon the launch of new products. These results imply that firms should develope an effective new product strategy to convert new products into hit products.
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