期望绩效反馈效果对企业投资价值的影响——R&D创新方式和市场竞争的情境效应  

Effect of Expected Performance Feedback on Enterprise Investment Value:Research and Development Innovation Modes and Context Effect of Market Competition

作　　者：王超发 杨德林[2] WANG Chaofa;YANG Delin(School of Economics and Management,Xidian University,Xi’an 710026,China;School of Economics and Management,Tsinghua University,Beijing 100084,China)

机构地区：[1]西安电子科技大学经济与管理学院,西安710126 [2]清华大学经济管理学院,北京100084

出　　处：《系统管理学报》2021年第6期1168-1176,共9页Journal of Systems & Management

基　　金：国家社会科学基金重大项目(17ZDA051);国家自然科学基金重点项目(71834006);教育部人文社会科学重点研究基地项目(16JJD630004);国家自然科学基金青年项目(72002163)。

摘　　要：针对R&D创新过程中的企业投资价值提升问题,基于2011~2017年间在A股上市的310家企业样本数据,分别以R&D创新方式、市场竞争以及两者的联合为情境效应,探索了正向期望绩效反馈效果对企业投资价值的影响机制。结果表明:正向期望绩效反馈效果与企业投资价值之间呈显著正向关系;突破式创新促进了正向期望绩效反馈效果与企业投资价值之间的关系,而渐进式创新起到了相反作用。市场竞争越激烈,正向期望绩效反馈效果越能促进企业投资价值的提升;市场竞争越激烈,与渐进式创新相比,突破式创新更能促进正向期望绩效反馈效果对企业投资价值的正向影响。研究结论对企业决策者和金融市场上的投资者都具有重要的决策参考意义。To improve the investment,value of enterprises in the process of technological innovation,based on the sample data of 310 A-share listed enterprises from 2011 to 2017,this paper explores the impact,mechanism of positive expected performance feedback effect,on the investment,value of enterprises by taking research and development,innovation mode,market,competition,and the combination of the two as situational effects.The results show that,there is a significant,positive relationship between the positive expected performance feedback effect,and the enterprise investment,value.Breakthrough innovation promotes the relationship between positive expected performance feedback effect,and enterprise investment,value,while progressive innovation plays the opposite role.The more intense the market,competition is,the more the positive expected performance feedback effect,can promote the improvement,of enterprise investment value.The more intense the market,competition is,compared with progressive innovation,breakthrough innovation can better promote the positive impact,of positive expected performance feedback effect on the investment value of enterprises.The conclusion of this study is of great significance for enterprise decision makers and investors in the financial market.

关 键 词：正向期望绩效反馈 R&D创新方式 企业投资价值 情境效应 

分 类 号：F830[经济管理—金融学]