Based on the data of A share listed manufacturing companies, this paper classifies the sample companies into “trade-production-technology” (marketing-oriented) firms and “technology-production-trade” (R D-oriented) firms by comparing R D and advertising expenditure, analyzes and compares the differences in financial performance and market value of the two types of firms and the reasons for the differences. The study finds that marketing-oriented firms is significantly higher than R D-oriented firms in financial performance, but have no significant difference with the latter in market value. Financial performance difference is caused by higher advertising effect than R D effect. The non-significant difference in market value is due to the offsetting of the valuation difference of advertising and R D and the difference in financial performance between the two types of enterprises. In addition, it is found that the effect of advertising on the financial performance for marketing-oriented firms is mainly reflected in the current period, while the value effect of R D on R D-oriented firms is mainly reflected in the future. In order to improve their financial performance, R D-oriented firms need to improve their R D efficiency and product differentiation.