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论文编号：	13118
作者编号：	2120202816
上传时间：	2022/6/6 19:37:38
中文题目：	期望绩效反馈、机构投资者与企业创新 ——基于医药行业上市公司的经验证据
英文题目：	Performance Aspiration Feedback, Institutional Investors and Enterprise Innovation——Evidence from Listed Pharmaceutical Enterprises
指导老师：	程新生
中文关键字：	期望绩效反馈；企业创新；机构投资者
英文关键字：	Performance aspiration feedback; Enterprise innovation; Institutional investors
中文摘要：	老龄人口占比不断提升、国民保健意识升级、医疗消费增长的现状下，我国医药行业正处于高速发展的阶段，蕴含着巨大的发展潜能。开展创新活动对于行业竞争激烈、飞速发展的医药行业尤为重要，是企业占据优势竞争地位，赚取丰厚利润的关键。但创新同样伴随着不确定性、不菲的资金投入和高人员成本等企业想要规避的特点。外部环境、内部资源等多种因素共同影响企业创新行为。企业行为理论提出，管理者是有限理性的，其决策思路易受到纷繁复杂的信息的干扰，出于决策效率考虑，管理者会做出简化决策过程的选择：设定期望目标，与实际绩效对比形成期望绩效反馈，基于此做出战略选择。期望绩效反馈作为创新决策的有力依据，是影响企业创新决策的一个重要因素。从外部监督的视角来看，机构投资者拥有企业的投票权，作为利益相关者有动机且有能力对企业的创新决策建言献策，可能在管理层依据期望绩效反馈做出创新决策的过程中产生影响。 本文梳理了期望绩效反馈与企业创新相关的中外文献，结合委托代理理论、企业行为理论等提出假设，以医药行业上市企业作为研究对象，探究期望绩效反馈对企业创新的影响，同时分析机构投资者在其中能否发挥调节作用。选取2010——2019年的面板数据作为分析样本，构建了期望绩效顺差和期望绩效落差两个自变量，实证检验期望绩效反馈对企业创新的影响。研究结果表明：（1）期望绩效顺差对企业创新有着显著的抑制作用；（2）期望绩效落差对企业创新有着显著的促进作用；（3）压力抵抗型机构投资者持股能够显著抑制期望绩效顺差对企业创新投入的负面影响，在期望绩效落差时的调节作用不显著。（4）机构投资者总体持股和压力敏感性机构投资者持股的调节作用不显著。 本文丰富了期望绩效反馈与企业创新关系的研究，提供了医药行业的经验证据，为企业合理依据期望绩效反馈做出行为决策提供了理论依据。探究了机构投资者总体及不同类型机构投资者持股对于期望绩效反馈与企业创新关系的调节作用，为企业提升治理水平、监管部门加强政策引导提供了参考。
英文摘要：	With the increasing proportion of the elderly population, the upgrading of healthcare awareness and the growth of medical consumption, China's pharmaceutical industry is rapidly developing, which contains great development potential. Carrying out innovation activities is particularly important for the highly competitive and rapidly developing pharmaceutical industry. Innovation is the key for enterprises to occupy an advantageous competitive position and earn rich profits. However, innovation is also accompanied by the characteristics that enterprises want to avoid, such as uncertainty, expensive capital investment and high personnel costs. The willingness of enterprises to carry out innovation activities is affected by many factors, such as environment, resources and so on. According to the behavioral theory of the firm, managers are bounded rational, and their decision-making ideas are limited by complex information. For the sake of decision-making efficiency, managers tend to simplify the decision-making process: set an aspiration level for performance evaluation, and make strategic choices based on the gap between the reality and the aspiration level. As a powerful aid for innovation decision making, performance aspiration feedback is an important factor. From the perspective of external supervision, institutional investors have the voting rights, as stakeholders they have the motivation and ability to give advice, so they can affect the way of manager making decisions based on the performance aspiration feedback. Taking the listed enterprises in the pharmaceutical industry as the research object, we explore the impact of performance aspiration feedback on enterprise innovation, and analyze whether institutional investors can play a regulatory role. Select the panel data from 2010 to 2019 as the analysis sample, the results show that: (1) The positive performance aspiration feedback has a significant inhibitory effect on enterprise innovation; (2) The negative performance aspiration feedback has a significant role in promoting enterprise innovation; (3) Pressure-resistant institutional investors' shareholding can significantly inhibit the negative impact of the positive performance aspiration feedback on enterprise innovation investment, and has no significant regulatory effect on the negative performance aspiration feedback. (4) The regulatory effect of institutional investors' overall shareholding and pressure-sensitive institutional investors' shareholding is not significant. Combined with principal-agent theory and behavioral theory of the firm, this study provides evidence for the correlation between the performance aspiration feedback and enterprise innovation behavior. It also provides a theoretical basis for enterprises to make behavior decisions based on the performance aspiration feedback, and also provides a reference for regulators to formulate policies.
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