创业企业投资挤占、创新平衡转移与企业绩效——来自创业板上市公司的经验证据

本文以知识管理理论与产品生命周期理论为基础,构建了一个被调节的中介作用模型。利用2010-2015年创业板上市公司数据,考察了投资挤占、创新平衡转移、组织冗余以及企业绩效之间的关系。研究表明:创业企业投资挤占会积极预测企业的负向创新平衡转移,却会消极预测企业的正向创新平衡转移;进一步地,负向创新平衡转移会正面影响创业企业的短期绩效,而正向创新平衡转移会正面影响创业企业的长期绩效;最后,创业企业中的组织冗余会加剧投资挤占与创新平衡转移之间的关系。本研究为创业企业理解如何充分调动资源以保持竞争优势提供新的思路。

Based on knowledge management theory and product life cycle theory, this paper sets up a moderated mediation path analytical model. Using the dataset of listed entrepreneurial firms from 2010 to 2015, we examine the relationships among investment extrusion, shift of innovation balance mode, organizational slack and firm performance. The findings indicate that investment extrusion significantly strengthens the negative shift of innovation balance mode, while weakens the positive shift of innovation balance mode. Furthermore, we find that negative shift of innovation balance mode has a positive impact on the short-term firm performance, while positive shift of innovation balance mode has a positive impact on the long-term firm performance. Finally, the organizational slack will enhance the relationship between investment extrusion and the shift of innovation balance mode. The research provides new ideas for entrepreneurial firms to understand how to fully mobilize resources to maintain competitive advantages.