绩效反馈与企业战略选择——来自中国创业板上市公司的证据

Performance Feedback and Corporate Strategic Choices—Evidence from GEM Listed Companies in China

基于绩效反馈理论,本文探讨历史绩效、社会绩效双重期望绩效下企业的战略选择问题。结果表明:(1)双重绩效反馈下,实际绩效与期望绩效一致时,正向期望绩效越大,广告营销越多,负向期望绩效越大,技术研发不一定越多;实际绩效与期望绩效不一致时,处于正向历史期望绩效且负向社会期望绩效的企业,技术研发增多,反之,广告营销增多。(2)绩劣企业增加的技术研发在第二年后有效缓解期望绩效差距。(3)实际绩效与期望绩效不一致的情况下,处于正向历史期望绩效且负向社会期望绩效的企业技术研发与广告营销间的不平衡性增强,反之,不平衡性减弱。研究结论有利于全面理解不同期望绩效差距对创业板上市企业研发和营销行为的影响。

Based on the performance feedback theory,this paper examines the corporate strategic choice under the dual expectation performance of historical performance and social performance.The results are shown as follows.Firstly,under the dual performance feedback,when the actual performance is inconsistent with the expected performance,the larger the positive expectation performance gap,the more marketing expenditures,while the larger the negative expectation performance gap,the more technology R&D may not necessarily be increased.However,when inconsistent,companies with a positive historical performance expectation gap and a negative social expectation performance gap increase technology R&D,and conversely,more marketing expenditures.Secondly,the increased technology R&D of the underperforming firms effectively alleviates the expected performance gap after the second year.Thirdly,when the actual performance is inconsistent with the expected performance,the imbalance between the company’s technology R&D and marketing expenditures in a positive historical expectation performance and a negative social expectation performance increases,and conversely,the imbalance weakens.The conclusion is conducive to a comprehensive understanding of the impact of different expectation performance gaps on the R&D and marketing behavior of GEM listed enterprises.