技术投入惯性与企业绩效——以上市制造企业为例

The Inertia of Technical Input and Enterprise Performance:Evidence from Listed Manufacturing Enterprises in China

选取深沪A股上市制造企业为样本,以技术投入持久性为视角研究其对企业绩效的影响,并探讨外部环境、企业规模和财务杠杆的调节效应。结果表明:技术投入惯性正向影响企业绩效;外部环境动荡时,惯性的积极作用表现更加显著;企业规模抑制了技术投入惯性与企业绩效的正向关系;财务杠杆对技术投入惯性与企业绩效的调节效应还因企业性质不同而有所差异。研究提示,制造企业应运用高水平投入,采取持续不变的技术投入策略应对动态环境。大规模企业要关注技术创新,增加技术创新投入,防止盲目执行技术投入策略。针对"预算软约束"问题,国有企业应注重合理利用负债融资,发挥负债的治理效用。

The paper uses all A-share publicly traded manufacturing companies in China,and studies the influence of the technology strategy on the performance of the firm from the perspective of the persistence of technology input,and discusses the moderating effect of the external environment and its own factors,including the enterprise scale and financial leverage.The empirical results show that the inertia of technology strategy affects the enterprise performance.The positive effect of inertia is more pronounced when external environment is turbulent.The scale of enterprise inhibits the positive relationship between the inertia of the technology strategy and the enterprise performance.The financial leverage of stateowned enterprises has inhibited the positive effect of inertia,while the financial leverage of non-state-owned enterprises has promoted the positive influence of inertia on enterprise performance.This paper studies suggest manufacturers should use high input level,constant technical investment strategy,rather than through the additional or cutting technology into ways to cope with dynamic environments.Large-scale enterprises should focus on technological innovation,increase investment in technological innovation,avoid excessive reliance on the economic benefits brought by the scale of enterprises,and prevent the blind cycle execution of technical input.In view of the problem of"budget soft constraint",state-owned enterprises should pay attention to the rational use of debt financing and improve corresponding incentive mechanism,so as to push the debt to its governance effect.