企业技术创新、管理者风险偏好与组织韧性

Enterprise Technological Innovation,Managers'Risk Preference and Organizational Resilience

组织韧性反映了企业应对危机和长期可持续发展的能力,是企业实现高质量发展的重要保障。在基于动态能力理论详细分析企业技术创新对组织韧性影响机理的基础上,以2014—2020年A股非金融类上市公司为研究样本,运用双向固定效应模型进行实证检验,并分析管理者风险偏好对企业技术创新与组织韧性的调节作用。研究发现:企业技术创新可以显著提升组织韧性,管理者风险偏好削弱了企业技术创新和组织韧性的正相关关系。进一步分析表明,高新技术企业和国有企业技术创新对组织韧性的促进作用更强;相比于处于成熟期的企业,成长期企业技术创新对组织韧性的正向促进作用更显著。最后,为上市公司有效抵御外部风险和发挥管理者职能提供了可行性建议,丰富了技术创新与组织韧性的相关研究成果,有利于引导企业通过加大创新实践力度来增强组织韧性。

Recently,as the world unprecedented changes accelerate,it is urgent to enhance or-ganizational resilience to enhance vitality and environmental adaptability to cope with the am-biguous,uncertain and complex external environment.Organizational resilience reflects the abil-ity of enterprises to cope with crises and achieve long-term sustainable development,and is an important guarantee for enterprises to achieve high-quality development.The report of the 20th National Congress of the Communist Party of China pointed out that we must adhere to integrity and innovation,and deeply implement the strategy of innovation-driven development strategy.Enterprises are the main body of scientific and technological innovation,and their technological innovation plays an irreplaceable role in optimizing the allocation of resource and promoting the upgrading and transformation of enterprises,and is also of great significance in cultivating orga-nizational resilience and achieving high-quality development of China's economy.Based on this,this paper takes organizational resilience as the research object to analyze the impact of enterprises'technological innovation on organizational resilience.Firstly,based on the dynamic capability theory,this paper analyzes in detail how enterprises'technological inno-vation cultivates organizational resilience by improving enterprises'forecasting ability,adaptive ability,learning ability and rebound ability;based on risk management theory and high-ladder team theory,this paper analyzes the moderating effect of managers'risk preference on the im-pact of technological innovation on organizational resilience.Secondly,taking non-financial listed companies of A-shares in Shanghai and Shenzhen from 2014 to 2020 as research samples,based on the construction of a comprehensive index system to measure organizational resilience from the three dimensions of enterprises'profitability,growth and debt repayment,the two-way fixed effect model is used to empirically test the net impact of technological innovation on organi-zational resilience and the adjustment mechanism of managers'risk preference.The findings are as follows:First,enterprise technological innovation can significantly improve organizational toughness,and invention innovation and utility models also have a positive impact on organiza-tional toughness.Second,managers with risk appetite are sensitive to high returns and tend to overestimate corporate strength and make radical innovation investment decisions,which is not conducive to the generation of resilience.That is,managers'risk preference weakens the posi-tive correlation between technological innovation and organizational resilience.Further research shows that the technological innovation of state-owned enterprises has a stronger role in promot-ing organizational resilience;Compared with low-technology enterprises,the technological inno-vation of high-tech enterprises can improve the organizational toughness better.Compared with mature enterprises,technological innovation in growth-stage enterprises has a more significant positive effect on organizational resilience.Based on the empirical results,this paper puts forward the following suggestions:First,man-agers should fully realize the importance of technological innovation and correctly evaluate the benefits and risks,so as to cultivate the competitive advantages of enterprises and improve the organizational resilience.Second,state-owned enterprises should strengthen independent re-search and development and practical innovation,enhance the overall economic resilience of our country,non-state-owned enterprises should also increase the declaration of high-tech enter-prises,improve the overall level of innovation and resilience of the industry.Finally,enterprises should also take the initiative to use the digital economy to empower the real economy,enhance the overall creativity and flexibility of enterprises,and promote the high-quality transformation and development of enterprises.