未来绩效负反馈对企业升级的影响机制研究

Research on the Influence Mechanism of Future Negative Performance Feedback on Enterprise Upgrade

基于绩效反馈模型中“预期未来”的视角,以2012~2019年中国A股上市公司为样本,关注企业未来绩效负反馈和企业升级二者间的关系,以及企业行业地位、企业冗余资源和高管持股比例对该关系的调节作用。研究发现:主效应企业未来绩效预期负反馈会促进企业升级;行业地位在短期内会先增强后削弱主效应,但在长期起到正向促进作用;企业冗余资源会先增强后削弱主效应;高管持股比例会增强主效应;非国有企业在面临未来绩效预期负反馈时会显著地促进企业升级,而国有企业的响应行为并不明显。

Based on the“expected future”perspective in the performance feedback model,this study focuses on the relationship between future negative performance feedback and enterprise upgrading.It also discusses the moderating effects of industry status,redundant resources and the managerial ownership on the relationship.The results show that:①Future performance negative feedback will promote the enterprise upgrading;②The industry position will first increase the main effect in the short term and then weaken it,but the effect will become positive linear adjustment in the long-term;③The redundant resources of the enterprise will first enhance the main effect and then weaken it;④The managerial ownership will increase the main effect;⑤Non-state-owned enterprises will significantly promote enterprise upgrading when facing the negative feedback of future performance expectations,while the response behavior of state-owned enterprises is not obvious.