组织冗余、产品市场竞争与创新可持续性  

Organizational Slack,Product Market Competition of Enterprise and the Persistence of Firm Innovation

作　　者：李健[1] 李婷婷[1] 潘镇[1] 

机构地区：[1]南京师范大学商学院,江苏南京210023

出　　处：《中国科技论坛》2016年第1期88-92,共5页Forum on Science and Technology in China

基　　金：国家自然科学基金青年项目"家族企业传承中的企业家社会资本差异;战略变革与企业绩效研究"(71302118);国家自然科学基金项目"企业家社会资本;战略过程与企业绩效"(71172058);国家自然科学基金项目"制度距离;经验学习与跨国经营绩效:基于合法性视角的考察"(71172041);"江苏民营经济研究基地"阶段性研究成果

摘　　要：高昂的调整成本使得维持创新持续性具有重大意义。基于托宾Q投资模型,本文分析了外部融资约束下,组织冗余对企业创新投资波动的平滑作用,并在此基础上讨论了不同类型组织冗余平滑作用的差异以及产品市场竞争的情境效应。以2003—2014年中国制造业上市公司为对象的面板数据实证结果显示:企业持续创新投资容易受到外部融资约束;组织冗余对外部融资约束下企业持续创新投资具有平滑作用,但这种平滑作用只体现在具有高流动性的非沉淀性组织冗余上;产品市场竞争越激烈,非沉淀性组织冗余的平滑作用越弱。The high adjustment cost makes the persistence of firm innovation really important for Chinese companies. Based on Tobin＇s Q investment model, this paper analyses the smoothing function of organizational slack on innovation investment under the external fi- nancing constraints. Additionally, it discusses the different impacts of different types of organizational slack and the context effect that product market competition may have. The empirical results, based on the panel data of Chinese listed companies in manufacturing in- dustry during 2003-2014, show that the persistence of firm innovation, is vulnerable to external financing constraints. In this situation, organizational slack plays an important role on smoothing innovation activities, but this effect is only reflected in unfixed slack rather than fixed slack. Moreover, excessive competition in the market will weaken the effect of organizational slack.

关 键 词：创新活动 融资约束 组织冗余 产品市场竞争 

分 类 号：F270[经济管理—企业管理]