绩效期望落差如何促进技术创新?——企业模仿学习对象选择的经验证据

How does the performance expectation gap promote technological innovation? Empirical evidence from selection of imitative and learning objects

绩效期望落差能否促进企业技术创新?企业会如何选择模仿学习对象以降低创新风险?基于上述两个问题,以2012—2019年A股上市公司数据为样本,结合企业行为理论和同群效应理论,探索企业绩效期望落差与技术创新间的关系以及所选择的模仿学习对象的创新行为对上述关系的调节影响。回归结果发现:相较于绩效期望顺差,企业在绩效期望落差下更有动机从事技术创新;同行公司、董事连锁公司的创新行为促进了企业技术创新,强化了绩效期望落差与技术创新间的正向关系。进一步研究发现:企业的地理区位、领导企业特征、产权性质影响了其对模仿学习对象的选择;企业在绩效期望落差下对同行公司、董事连锁公司创新行为的模仿学习提高了创新产出。研究结论为企业进行技术创新的时机以及模仿学习对象的选择提供了理论依据,也为政府制定激励企业技术创新的政策提供了借鉴。

Can performance expectation gap promote technological innovation? How will enterprises choose objects to imitate and learn to reduce innovation risks? Based on the two problems above, taking the data of listed companies from 2012 to 2019, using behavioral theory of the firm and peer effect theory, this paper explores the relationship between performance expectation gap and technological innovation. Besides, this paper also explores the moderating influence of the imitative and learning objects’ innovation behavior on the relationship. The results show that firms are more motivated to engage in the technological innovation under the performance expectation gap. The innovation behavior of peer firms and director interlocking firms promotes the technological innovation, and strengthens the positive relationship between performance expectation gap and technological innovation. Further research shows that location advantage, characteristics of leading companies and property rights affect the choice of imitative and learning objects;with the imitation of the innovation behavior of peer firms and director interlocking firms, the firm also improves its innovation output under the performance expectation gap. The research results provide a theoretical basis to decide the timing of technological innovation, the choice of imitative and learning objects, and a reference for the government to formulate policies to encourage enterprises’ technological innovation.