经营期望落差、风险承担水平与创新可持续性——民营企业与非民营企业的比较研究

Aspiration Gap,Risk-taking and the Persistence of Firm Innovation:A Comparative Study of Private Enterprises and Non-Private Enterprises

由于创新活动具有较高的调整成本,因此保证创新可持续性对我国企业发展具有重大意义。本文以2005-2014年A股制造业上市公司为样本,分析了经营期望落差对企业创新可持续性的影响,并考虑了企业风险承担水平和产权性质的情境效应。实证结果显示:经营期望落差对创新可持续性存在显著的正向影响;在民营企业中,经营期望落差对创新可持续性的促进作用更显著;而风险承担水平则会弱化经营期望落差与创新可持续性之间的正向关系;此外,对于民营企业而言,风险承担水平的负向调节作用更为显著。本文在论证经营期望落差影响企业持续创新投资决策的同时,也为我国企业创新实践活动提供了参考。

Because of the high adjustment cost, the persistence of firm innovation is really important to the development of Chinese companies. Using the panel data of listed manufacturing companies in China from 2004 to 2014 as sample, this paper analyses the function of aspiration gap on the persistence of firm innovation. Additionally, it also discusses the differences that may exist in the companies of different ownerships or different risk-taking levels. The empirical results show that the aspiration gap is conductive to improve the persistence of firm innovation, this influence is much more efficient in private enterprises while the risk-taking level has a negative effect on the relationship between aspiration gap and the persistence of firm innovation. Moreover, in private enterprises, the negative effect of risk-taking level will be strengthening. Overall, this paper not only proves that the aspiration gap has a positive effect on the persistence of firm innovation, but also provides references to the firm innovation practice at present stage.