业绩下滑与企业创新投入--基于战略决策情境机制的再检验  

Performance Decline and Enterprise Innovation Investment-Reexamination on Strategic Decision Context Mechanism

作　　者：阳镇 陈劲[1,2] 李井林[3] YANG Zhen;CHEN Jin;LI Jing-lin(School of Economics and Management,Tsinghua University,Beijing 100084,China;Research Center for Technological Innovation,Tsinghua University,Beijing 100084,China;School of Accounting,Hubei University of Economics,Wuhan 430205,China)

机构地区：[1]清华大学经济管理学院,北京100084 [2]清华大学技术创新研究中心,北京100084 [3]湖北经济学院会计学院,武汉430205

出　　处：《研究与发展管理》2021年第3期137-148,共12页R&D Management

基　　金：全国哲学社会科学基金重大项目“建设世界科技创新强国的战略比较与实现路径研究”(17ZDA082);国家自然科学基金应急管理项目“我国解决关键核心技术‘卡脖子’问题的体制机制、组织模式与政策研究”(71941026)。

摘　　要：在业绩下滑情境中,企业的创新战略抉择更具挑战性,“穷则思变”或“雪上加霜”的内在逻辑有待检验。以2005—2019年沪深A股上市公司为研究样本,探究企业业绩下滑与创新投入的内在关系,并基于创新战略决策的情境框架深入考察行业业绩、公司治理与管理者品质因素的调节效应。研究结果表明:企业业绩下滑显著促进企业创新投入,验证了企业业绩下滑的风险寻求与创新战略变革假说;在企业绩效低于行业绩效、高管股权激励和管理者过度自信的情境下,业绩下滑对企业创新投入的正向影响更强。研究结论拓展了传统研究中业绩下滑对企业创新投入的单一效应研究,丰富了业绩下滑企业创新活动的情境与决策过程的边界机制,为我国企业优化创新决策过程提供了参考。The strategy of innovation is more challenging for enterprises with declining performance,and whether“poor is changing”or“add insult to injury”remains to be further analyzed.Based on the initial sample of A-share listed companies from 2005 to 2019,it investigated the actual impact of performance decline on enterprise innovation investment,and further analyzed the moderating effects of industry performance,corporate governance and managers'quality on performance decline and innovation investment.The results show that:performance decline has a significant positive impact on enterprise innovation investment,which verifies the hypothesis of risk seeking and innovation strategy change of enterprise performance decline and lower performance than that of industry,executive equity incentive,and managerial overconfidence all exert significant positive moderating effects on the positive relationship between performance decline and enterprise innovation investment.The results expand the traditional research on the single effect of performance decline on enterprise innovation investment,enrich the situation of innovation activities and the boundary mechanism of decision-making process of enterprises with performance decline,and provide reference for optimizing the innovation decision-making process of Chinese enterprises.

关 键 词：业绩下滑 行业业绩 股权激励 管理者过度自信 创新投入 

分 类 号：F270[经济管理—企业管理]