软件互联网企业属于数字经济行业，指生产和供给以软件服务业和互联网行业为基础的信息产品和信息服务的企业。营销投入作为企业提升竞争优势的主要因素之一，其对于企业绩效具有重要的影响作用。本文利用固定效应模型对378家软件互联网企业的绩效表现进行分析，研究结果表明，营销投入的增加将降低企业同年的财务绩效与成长绩效，营销投入对低研发投入企业收益率的负向影响明显大于高研发投入企业，股权集中度对营销投入与企业绩效的负相关关系中具有负向调节作用。但在长期，营销投入与企业绩效存在显著的的倒U型关系。对于关注长期财务表现与成长性的软件互联网企业来说，可以通过合理配置营销投入的方式来保持企业绩效始终位于较高水平。

Software and Internet firms belong to the digital economy industry, which refers to firms that produce and supply information products and information services based on the software service industry as well as the Internet industry. Marketing, as one of the important capabilities for enterprises to gain competitive advantage, has an important role in influencing enterprise performance. This paper analyzes the performance of 378 Software and Internet firms using fixed-effects models, and the results show that an increase in marketing investment will reduce the financial performance and growth performance of firms in the same year, the negative impact of marketing investment on the return of firms with low R&D investment is significantly greater than that of firms with high R&D investment, and the equity concentration has a negative moderating effect on the negative relationship between marketing investment and corporate performance. However, in the long run, there is a significant inverted U-shaped relationship between marketing investment and firm performance. For Software and Internet firms that focus on long-term financial performance and growth, they can maintain a high level of corporate performance by allocating marketing investment in a reasonable way.