中国新能源上市公司绩效期望落差与企业创新——基于财务松弛的门槛效应  

Aspiration Gap and Enterprise Innovation in China's New Energy Listed Companies——Based on Analysis of Threshold Effect of Financial Slack

作　　者：谭梦卓 孙穗 潘文泳[3] Tan Mengzhuo;Sun Sui;Pan Wenyong(The Institute for Sustainable Development,Macao University of Science and Technology,Macao 999078,China;School of Finance and Insurance,Guangxi University of Finance and Economics,Nanning 530000,China;State-owned Asset Management Center,Guangxi University of Finance and Economics,Nanning 530000,China)

机构地区：[1]澳门科技大学可持续发展研究所,中国澳门999078 [2]广西财经学院金融与保险学院,南宁530000 [3]广西财经学院国有资产管理中心,南宁530000

出　　处：《工业技术经济》2023年第4期77-90,共14页Journal of Industrial Technological Economics

基　　金：广西哲学社会科学规划研究项目“融资约束对西部地区企业高质量发展的影响研究”(项目编号:20FJY012);广西人文社会科学基地科研课题“供给侧结构性改革背景下广西绿色金融治理体系与治理能力现代化建设路径研究”(项目编号:JDZD202225)。

摘　　要：在我国绿色低碳发展背景下,新能源行业是实现“双碳”目标的重要推手。本文选取我国121家新能源上市公司2010~2020年的年度数据,采用面板门槛模型,考察了在财务松弛不同区间下企业绩效落差对企业创新的影响。研究发现,当企业实际绩效低于自我期望时,会促进企业创新,当财务松弛大于门槛值0.113时,自我期望落差对创新有正向影响,当财务松弛小于0.113时,这种自我期望落差对创新的影响不显著。当企业实际绩效低于社会期望时,也会促进企业创新,当财务松弛大于或小于门槛值0.181时,社会期望落差对创新有正向影响,但在财务松弛大于0.181时,对创新行为的正向影响更大。进一步分析发现,当企业产生自我期望落差时,通过调整财务松弛区间对创新行为的影响,国有企业要优于非国有企业;当企业产生社会期望落差时,通过调整财务松弛区间对创新行为的影响,非国有企业要优于国有企业;自我期望落差、社会期望落差对企业创新的影响存在区域差异,在财务松弛不同区间下东、中、西部地区均有门槛效应。Under the background of China's green and low-carbon development,the new energy industry is an important promoter to achieve the“dual carbon”goal.Employing annual data of 121 Chinese listed new energy companies over the period from 2010 to 2020,this study uses panel threshold model to investigate the impact of aspiration gap on enterprise innovation in different intervals of financial slack.The empirical results of the study show that it will effectively promote enterprise innovation as the actual enterprise performance is below the self-aspiration.This impact of self-aspiration gap on innovation behavior has a significant threshold effect.As financial slack is above the threshold value of 0.113,the self-aspiration short-falls will promote enterprises innovation,while it has no significant impact of self-aspiration short-falls on enterprise innovation as financial slack is below the threshold value of 0.113.In addition,as actual enterprise performance is below the social-aspiration,it has a positive impact on the innovative behavior of the enterprise.This impact of social-aspiration gap on innovation behavior has a significant threshold effect.As the financial slack is above or below the threshold value of 0.181,the social-aspiration short-falls will have a promoting effect on enterprise innovation.And the results of the study reveal that it has greater impact on enterprise innovative behavior as the financial slack is above the above threshold value of 0.181.According to the heterogeneity analysis,empirical results of the study find that as state-owned enterprises with self-aspiration short-falls,they have greater impact on enterprise innovation relative to non-state-owned enterprises through the adjustment of the financial slack intervals.Conversely,as non-state-owned enterprises with social-aspiration short-falls,they have greater impact on enterprise innovation relative to state-owned enterprises through the adjustment of the financial slack intervals.There are regional differences in the impact of self-a

关 键 词：绩效期望落差 自我期望 社会期望 企业创新 新能源企业 财务松弛 

分 类 号：F275.5[经济管理—企业管理] F273.1[经济管理—国民经济]