绩效差距与企业绿色创新-基于“穷则思变”决策惯例的权变思考

Enterprise Performance Gap and Green Innovation:A Contingency Thought on Decision Convention of “Poor Performance Leads to Change”

企业绩效反馈状态是管理者开展创新变革的重要决策参照点。对于在经济绩效与环境保护方面具有双重贡献的绿色创新而言,管理者是否依然遵循"穷则思变,富则思安"的决策逻辑值得深入探讨。文章从绩效反馈的视角对企业绿色创新决策动因展开分析,并将高管激励与产权制度引入研究框架,从公司治理与制度逻辑两方面探讨管理层"绩效—绿色创新"的权变决策过程。研究显示:绩效逆差对绿色创新具有显著的驱动效应,绩效顺差则表现出显著的抑制效应;高管激励对绿色创新"穷则思变"的决策惯例产生影响,即薪酬与声誉激励缓解了绩效顺差的抑制效应,增强了绩效逆差的促进作用;"穷则思变"决策惯例还具有产权异质性,非国有企业中绩效差距对绿色创新具有消极影响,并且薪酬激励的调节效应显著,而在国有企业中绿色创新对绩效差距缺乏敏感性。文章为绩效差距对绿色创新的决策参照效应提供了新的权变思考视角,能够在公司治理和产权制度决策情境中为企业绿色发展提供更全面的决策依据。

Enterprise performance feedback is an important decision-making reference point for managers to formulate innovation strategy.However,most of the existing researches on the impact of performance feedback on innovation generalize enterprise innovation and ignore the differentiation characteristics of different innovation forms in value creation effect and investment return cycle,which leads the academia to be unable to accurately recognize the reference effect of performance gap on enterprise innovation decision-making.In order to explore whether the green innovation of enterprises still follows the decision-making logic of"poor performance leads to change,while good performance leads to strategy persistence",based on the prospect theory and the performance feedback theory,using the green patent data of listed companies in China’s high-tech manufacturing industry,and building a balanced panel database with a time window of 2010-2017,this paper empirically tests the reference effect of performance surplus and performance deficit on the decision-making of green innovation,and introduces the executive incentive and property right system into the research framework to explore the contingency decision-making process of"performance-green innovation"at the duallevel of corporate governance and institutional logic.The results show that:Performance deficit and performance surplus have a differential decision reference effect on green innovation.Performance deficit can effectively drive the performance of green innovation,while performance surplus shows a significant inhibition effect.The executive incentive has an important influence on the decision-making practice of"poor performance leads to change".Both compensation and reputation incentives alleviate the restraining effect of performance surplus and enhance the promoting effect of performance deficit.The decision-making practice of"poverty leads to change"has property heterogeneity.In non-state-owned enterprises,the decision feedback of performance gap on green innovation still shows"surplus-inhibition,inverse-promotion",and only compensation can alleviate the inhibition effect of performance gap on green innovation,but the reputation incentive has no significant effect on innovation decision-making practice.In stateowned enterprises,green innovation is not sensitive to performance gap.Based on the perspective of performance feedback,this paper can reveal the decision-making motivation of green innovation reform,providing a new contingency thinking for the reference effect of performance gap on enterprise innovation and helping to solve theoretical conflicts between the prospect theory and the threat rigidity theory,and also provide scientific decisions for the green development of enterprises from the perspectives of corporate governance and property right system under the background of state-owned enterprise reform.