绩效反馈与企业产研销投资分配决策——基于管理层心理认知视角  

Performance Feedback and Investment Decision of Enterprise Production,Research and Marketing——Based on the Management’s Psychological Cognitive Perspective

作　　者：李莉[1] 程昱[1] 王向前 徐晓丹 程新生[1,2] Li Li

机构地区：[1]南开大学商学院,300071 [2]南开大学中国公司治理研究院,300071

出　　处：《会计研究》2022年第10期129-143,共15页Accounting Research

基　　金：国家自然科学基金项目“知识产权保护、投资机会与高科技企业的创新投资—基于异质性高管特质的视角”(71672087);“激励参照、组织认同与创新升级研究”(71972105)的资助

摘　　要：绩效反馈对企业的影响得到愈来愈多的重视,然而对绩效反馈不一致情况的理解尚显模糊。本文以2010-2020年我国制造业上市公司为研究样本,分析绩效反馈不一致对企业产研销投资决策的影响。研究表明,“消极历史——积极行业”绩效反馈会促进企业研发投入和营销活动,并抑制企业的生产扩张活动,而“积极历史——消极行业”绩效反馈会抑制企业研发投入和营销活动,并促进企业的生产扩张活动。与此同时,本文的结论表明,企业营销活动比研发活动的敏感性更高,更易受企业绩效反馈的影响。在进一步的研究中,本文从“认知——行为”视角探究管理层对绩效反馈的异质性解读如何影响企业的投资决策。此外,结合双元创新理论的研究发现,绩效反馈不一致的影响主要作用于企业创新中的探索式创新层面,而对利用式创新作用不显著,作用强度会受到管理层心理认知因素改变的影响。本文结论揭示绩效反馈不一致对企业产研销投资决策的作用机制,同时强调管理层心理认知在解读绩效反馈中发挥的重要影响,对理解企业产研销投资决策的驱动因素以及优化企业创新激励机制具有重要启示作用。The impact of performance feedback on enterprises has received more and more attention,but the understanding of the inconsistency of performance feedback is still unclear.This paper takes the listed manufacturing companies in China from 2010 to 2020 as the research sample to analyze the impact of inconsistent performance feedback on the enterprise’s production,research and marketing investment decisions.The research shows that the“negative history-positive industry”performance feedback will promote enterprises’investment in R&D and marketing activities,and inhibit enterprises’production expansion activities,while the“positive history-negative industry”performance feedback will inhibit enterprises’investment in R&D and marketing activities,and promote enterprises’production expansion activities.At the same time,the conclusion of this paper shows that enterprise marketing activities are more sensitive than R&D activities,and more vulnerable to the impact of enterprise performance feedback.From the perspective of“cognition behavior”,this paper explores how the management’s heterogeneous interpretation of performance feedback affects the enterprise’s decision-making of production and R&D investment.Combined with the research of dual innovation theory,it is found that the impact of inconsistent performance feedback mainly acts on the exploratory innovation level of enterprise innovation,but has no significant effect on the utilization innovation.The intensity of the effect will also be affected by the change of the management’s psychological cognitive factors.The conclusion of this paper reveals the mechanism of the inconsistent performance feedback on the enterprise’s production,research and marketing investment decision-making,and emphasizes the important influence of the management’s psychological cognition on the interpretation of performance feedback,which has an important enlightenment on understanding the driving factors of the enterprise’s production,research and marketing inv

关 键 词：绩效反馈 投资决策 企业创新 探索式创新 

分 类 号：F425[经济管理—产业经济] F406.7F832.51F272.5