研发投入跳跃与企业绩效——可用冗余和潜在冗余的调节效应

R&D Spending Leap and Firm Performance——Moderating Effect of Available Slack and Potential Slack

基于间断平衡理论和组织冗余视角,以725家中国A股上市公司2007—2016年面板数据为样本,并按照企业规模、所有权集中度、成熟度、所有权性质等进行分类,系统分析了研发投入跳跃对企业绩效的影响以及可用冗余、潜在冗余对两者关系的调节效应。研究表明,研发投入跳跃对企业绩效的影响呈倒U形,即起初研发投入跳跃促进企业绩效,但是当跳跃超过一定幅度后,影响由正向变为负向。可用冗余负向调节研发投入跳跃与企业绩效之间的正向关系。相比于大型、所有权集中、成熟、国有企业,小型、所有权分散、年轻、非国有企业中,可用冗余对研发投入跳跃与企业绩效之间关系的负向调节更加显著;潜在冗余对研发投入跳跃与企业绩效之间关系的正向调节更加显著。

From the perspective of punctuated equilibrium and organizational slack,taking the panel data of 725 Chinese listed companies from 2007 to 2016 as a sample,and classifying the sample by scale,ownership concentration,maturity,ownership type,the impact of R&D spending leap on firm performance and the moderating effect of available slack and potential slack on the relationship between the two are analyzed.Research shows that R&D spending leap has an inverted U-shaped relationship with firm performance.R&D spending leap is beneficial to improve firm performance,but when the leap is beyond a certain range,it will bring negative effects to the firm.Compared to large,proprietary-concentrated,mature,and state-owned enterprises,in small,proprietary-dispersed,young,or non-state-owned firms,the relationship between R&D spending leap and firm performance is more significantly negatively moderated by available slack,and positively moderated by potential slack.