产业政策视角下企业多维业绩下滑与创新抉择

Innovative Choice of Multi-dimensional Performance Decline of Enterprises from the Perspective of Industrial Policy

在创新驱动的高质量发展阶段,推动企业尤其是业绩下滑企业重塑创新动能、实现高质量发展显得尤为重要,既有研究对企业业绩下滑的多维情境与创新战略决策缺乏系统性分析。本文以2005~2019年中国沪深A股上市公司为研究样本,实证分析企业多维业绩下滑背后“穷则思变”逻辑下的积极战略变革观,并考虑产业政策中功能性政府补贴与选择性政府补贴在企业多维业绩下滑与创新中的调节效应,进一步验证积极战略变革和消极战略变革的政策供给效应。研究结果表明:(1)不管是历史视角下的业绩下滑还是行业标杆视角下的业绩差距下滑都对企业创新投入产生显著的促进效应,同时出现历史业绩下滑与行业业绩差距下滑对企业创新投入的驱动效应更为明显,多维业绩下滑下企业更倾向于选择利用式创新而非探索式创新;(2)政府补贴作为产业政策的主导工具,在产业政策支持情境下,正向调节企业多维业绩下滑与创新绩效,说明产业政策视角下的政府补贴有助于为业绩下滑企业开展创新战略提供资源效应;基于补贴类型细分视角,不管是选择性政府补贴还是功能性政府补贴,总体上都对企业多维业绩下滑与创新投入依然产生显著的正向调节效应;(3)异质性分析结果显示,企业多维业绩下滑与创新投入在非国有企业、高竞争行业中更为明显。本文的研究为重新审视企业业绩下滑的多重状态提供了新的思考框架,并为转型中国家综合运用和强化选择性产业政策与功能性产业政策驱动业绩下滑企业创新提供新政策启示。

In the high-quality development stage of innovation driven development,it has become a major practical problem to systematically improve the innovation willingness and innovation ability of enterprises in the "fourteenth five year plan" period.In the transition period of macro-economy,the decline of enterprise performance at the micro level has become a stage of new normal.The academic circles focus on the systematic change of the performance growth mode from traditional factor driven to innovation driven and Innovation led sustainable growth mode.However,the traditional research lacks of distinguishing and examining the various decline States of performance decline.Based on 2005-2019 China’s Shanghai and Shenzhen A-share listed companies as empirical research samples,this paper systematically studies the specific impact of multidimensional performance decline on enterprise innovation investment,verifies the positive strategic change concept under the logic of "poverty gives rise to the desire for change" behind the multi-dimensional state of performance decline,and further considers the relationship between functional government subsidies and selective government subsidies under strong policy and resource supply,and explore the moderating effect of functional and selective government subsidies in industrial policy between performance decline and enterprise innovation.The results show that:(1) both the decline of historical performance from the historical perspective and the decline of industry performance gap from the perspective of industry benchmarking have a significant promoting effect on enterprise innovation investment,and the decline of historical performance and industry performance gap at the same time has a more obvious driving effect on Enterprise Innovation investment,and enterprises tend to choose the utilization mode under the multi-dimensional performance decline Innovation rather than exploratory innovation;(2) government subsidies have a positive moderating effect between multi-dimensional performance decline and enterprise innovation investment,which shows that government subsidies from the perspective of industrial policy help to provide resource effect for enterprises with declining performance to carry out innovation strategy;from the perspective of industrial policy,the types of subsidies are subdivided,whether it is selective government subsidies or functional government subsidies on the whole,it still has a significant positive moderating effect on multidimensional performance decline;(3) the results of heterogeneity analysis show that multidimensional performance decline and enterprise innovation investment are more obvious in non-state-owned enterprises and highly competitive industries.This study provides a new thinking framework for re-examining the multiple states of performance decline,and provides new policy implications for the transition countries to strengthen the combination of selective industrial policy and functional industrial policy to drive enterprise innovation.