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论文编号：	11893
作者编号：	2120172808
上传时间：	2020/6/23 20:05:33
中文题目：	我国上市公司绩效期望落差对企业 研发投入的影响研究
英文题目：	Research on Performance Shortfall and Enterprise R&D Investment of Listed Companies in China
指导老师：	张晓农副教授
中文关键字：	绩效期望落差；研发投入；行业环境；区域制度
英文关键字：	Performance Shortfall; R&D Investment; Industry Competition Environment; Institution Environment
中文摘要：	现在我国正在减税降费、人才引进等多重举措并行，加快经济的转型升级，创新作为企业转型成功的关键一步，可以增强企业的活力和竞争力，研发投入作为创新的一种重要决策越来越受到社会、企业、学者的重视。企业作为一个开放性组织，会受到内外部环境的影响，其中绩效反馈对于企业研发投入的影响是不容忽视的。本文从绩效反馈研究中涉及的多理论视角出发，围绕绩效期望落差与企业研发投入之间的关系进行实证研究。 在对企业行为理论等相关理论研究的基础上，系统的归纳了以往学者的研究文献，确定本研究的目的和内容。通过搜集、处理相关数据，本文最终获得来自2012年至2018年沪深A股上市公司中2473家上市公司共11051个研究样本，这些样本共来自17个行业，解释变量为绩效期望落差，被解释变量为研发投入。 实证结果表明：第一，绩效期望落差对研发投入的影响为倒U型关系，当企业的绩效期望落差程度逐渐扩大时，企业的研发投入呈现先增加后减少的趋势。当企业绩效期望落差不大时，管理层基于内外部压力会扩大探索行为，增强研发投入强度，而当绩效期望落差程度过大时，企业会陷入刚性，更倾向于采取保守策略，降低研发投入强度。第二，行业竞争环境会加强绩效期望落差与研发投入的关系，使得二者之间的倒U型曲线更加陡峭，相比于垄断程度较高的行业，实际绩效低于期望绩效的企业面对的同行竞争越激烈，研发投入强度越强。第三，区域制度同行业竞争的调节方向一致，当企业所处的区域制度更完善，市场化水平更高时，绩效期望落差与企业研发投入之间的倒Ｕ型关系更陡峭。研究结果为目前政府优化行业环境和区域制度环境提供了理论支撑，同时企业和投资者应当理性对待绩效期望落差这一现象，积极配合政府构建良好的外部环境，促进研发投入，加快企业的升级转型。 本文在研究样本和调节变量上不同于以往的研究，选择所有A股上市公司而非单一的制造业企业，增强结论的普适性；选择行业环境和区域制度两个外部因素而非内部调节因素，丰富了绩效反馈的研究内容，同时补充了绩效反馈对研发投入影响的边界条件，强调了转型时期外部环境对于企业创新的重要性。
英文摘要：	At present, China is taking multiple policies such as tax and fee reduction, to improve the transformation of the economy. Innovation is a key step in the success of enterprise transformation. It can enhance the vitality and competitiveness of enterprises. Increasing R&D investment is an important decision for enterprises to innovate. There are many internal and external factors that affect corporate innovation. The impact of performance feedback on corporate R&D investment cannot be ignored. From the perspective of multiple theories involved in the study of corporate recession, this paper make modals to explore the relationship between performance decline and corporate R&D investment.  Based on the BTOF, summarize the previous researches systematically to de-termine the content, relevant variables and measurement methods of this study. By collecting and processing data, we finally get 11051 research samples from 2473 companies from year 2012 to year 2018. These samples came from 17 industries. Taking performance decline as the explanatory variable and R & D investment as the explained variable, the model is set according to hypothesis, through empirical analysis we want to know how the performance shortfall which in different degree affect the company's R & D investment.  The results indicate that: firstly, the performance shortfall and the R & D in-vestment have an inverted U-shaped relationship, as the performance shortfall con-tinues to increase, the company's R & D investment first increases and then decreases. When the performance shortfall is small, the management will expand the exploration behavior when they face pressures from stakeholders and markets, as well as improve capital in the R&D investment. When the performance shortfall is too large, the enterprise will fall into rigidity, and likely to adopt a conservative strategy to reduce the intensity of R&D investment, Secondly, the industry competition environment is positively regulating the relationship between the two variables, making the inverted U-shaped curve between the two variables steeper. Compared with industries with a higher degree of monopoly, the more competitive the industry is. The stronger the R&D investment intensity is in low-performing enterprises. Thirdly, the regional system has played a positive role in regulating the relationship between failure and R&D investment, when the regional institutional environment in which the enterprise is located is more complete means a higher marketization level, the inversion between failure and enterprise R & D investment relationship is steeper. And by replacing the explanatory variables and UTST test to conduct the robustness test, the results are consistent with the empirical results. This article differs from previous studies in terms of research samples and regu-latory variables. It selects all A-share listed companies rather than a single manufac-turing company to enhance the universality of the conclusions; instead of internal regulatory factors, it chooses two external factors, This article enriched the research content of performance feedback, and supplemented the boundary conditions of the impact of performance feedback on R & D investment, emphasizing the importance of the external environment for enterprise innovation during the transition period.
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