“激进”还是“保守”:异质财务冗余、双元创新转换对企业绩效影响的实证研究  

“Radical”or“Conservative”:An Empirical Research on the Impact of Heterogeneous Financial Slack and R&D Ambidexterity Switch on Firm Performance

作　　者：吴旻佳 赵增耀[2] WU Min-jia;ZHA Ozeng-yao

机构地区：[1]常州大学吴敬琏经济学院,江苏常州213000 [2]苏州大学东吴商学院,江苏苏州215000

出　　处：《中国地质大学学报（社会科学版）》2023年第1期116-131,共16页Journal of China University of Geosciences(Social Sciences Edition)

基　　金：江苏省高校哲学社会科学研究项目“中小企业技术创新的金融支持机制研究”(2021SJA1240)。

摘　　要：市场竞争的加剧以及政策的引导激发了更多企业投身于技术创新,如何量力而行地实施技术创新战略需要企业仔细斟酌。然而,关于企业财务冗余与技术创新战略具体关系机理的研究,现有结论尚未统一,对具体的影响机制也未进行系统梳理。文章整合代理理论和组织理论,探索异质财务冗余对于企业绩效的具体影响以及是否会在企业技术创新轨道转换过程中面临适应性挑战,最终能否有效提升企业绩效。以2011—2019年中小板上市企业为样本,对相关理论假设进行实证检验,结果发现可用冗余与企业绩效呈倒U型关系,而潜在冗余与企业绩效呈U型关系。当企业可用冗余充足时,进行从利用式向探索式创新的战略转换对企业绩效产生正向调节作用。而当企业仅拥有高水平潜在冗余时,不应错误评估自身财务能力,轻易地实施探索式创新。本文的研究为理解企业财务资源、技术创新战略与企业绩效间的关系提供了新的理论逻辑和实证证据,也为助推企业技术创新、合理调配资源提供了有益启示。Intensified competition and the guidance of government policies have inspired more corporates to devote themselves to technological innovation.How to implement technological innovation strategies within their capabilities requires careful consideration.There is no consensus on the research about the specific relationship mechanism between financial slack and technological innovation strategy,and the specific impact mechanism has not been systematically sorted out.Using agency theory and organization theory,this paper explores the specific impact of heterogeneous financial slack on corporate performance,trying to find out whether it will face adaptability challenges in the process of corporate technological innovation strategic transition and whether it can effectively improve corporate performance.Taking 2011-2019 listed companies on the SMEs board as a sample,the paper empirically tests the relevant theoretical hypotheses.The results show that the available slack has an inverted U-shaped relationship with corporate performance,while the potential slack has a U-shaped relationship with corporate performance.When the available slack of the corporate is sufficient,the strategic transformation from exploitative to exploratory innovation will have a positive adjustment effect on corporate performance.And when a corporate only has a high level of potential slack,it should not mis-assess its own financial capabilities and implement exploratory innovation.The research provides new theoretical logic and empirical evidence for understanding the relationship between corporate financial resources,technological innovation strategy and corporate performance,as well as useful inspiration for boosting corporate technological innovation and rationally allocating resources.

关 键 词：财务冗余 双元创新 动态平衡 U型关系 企业绩效 

分 类 号：F275[经济管理—企业管理]