困境企业价值再造:实质性创新还是策略性创新?

Declining Organization Turnaround:Substantive Innovation or Strategic Innovation?

创新能否助力困境企业实现价值再造,在学界仍未形成统一的论断。本文将新兴市场中的实质性创新与策略性创新作为分析单元,重新审视创新对困境企业价值再造的影响作用,并探讨它们对困境企业价值再造的差异性影响;本文还进一步融合制度理论,将地方政策不确定性、地方政府支持以及企业产权性质三个制度因素纳入研究框架以构建困境企业的权变模型。基于2007—2018年间处于经营困境的934家中国上市公司面板数据,本文的研究结果表明:(1)实质性创新和策略性创新均能促进困境企业实现价值再造,但实质性创新对企业价值再造的边际贡献显著强于策略性创新。该结果在采取Heckman两步法以及其他多种稳健性检验之后仍旧成立。(2)地方政策不确定性弱化了实质性创新和策略性创新对困境企业价值再造的正向作用。(3)地方政府支持则强化了实质性创新和策略性创新对困境企业价值再造的正向作用。(4)民营资本控制也强化了实质性创新和策略性创新对困境企业价值再造的正向作用。本文基于中国新兴市场的创新本质特征重新审视了实质性创新与策略性创新影响困境企业价值再造的复杂机制,并揭示了创新影响困境企业价值再造的边界条件,对于指导困境企业如何实现价值再造的目标具有实践指导意义。

The academic circle has not reached a unified conclusion on whether innovation can help declining organizations realize value reconstruction.This paper takes the substantive innovation and strategic innovation in emerging markets as the analysis unit,re-examines the influence of innovation on the value reconstruction of declining organizations,and discusses their differential impact on the value re-construction of declining organizations.This paper further integrates the institutional theory,and incorporates three institutional factors(local policy uncertainty,local government support and the nature of enterprise property rights)into the research framework to construct a contingency model for declining organizations.Based on the panel data of 934 Chinese listed companies that are in organizational de-cline from 2007 to 2018,this paper mainly draws the following conclusions:(1)Both the substantive innovation and strategic innovation have a positive effect on value reconstruction of declining organizations,and substantive innovation contributes more to it;(2)Local pol-icy uncertainty weakened the positive effect of substantive innovation and strategic innovation on value reconstruction of declining organi-zations;(3)Local government support strengthened the positive effect of substantive innovation and strategic innovation on value recon-struction of declining organizations;and(4)The increase of private capital involvement further promoted the positive effect of substan-tive innovation and strategic innovation on value reconstruction of declining organizations.Based on the essential characteristics of innova-tion mechanism in China's emerging markets,this paper re-examines the complex mechanism of how substantive innovation and strategic innovation influence firms'value reconstruction,and reveals the boundary conditions of the impact of innovation on value reconstruction of declining organizations,thus having practical significance for guiding declining organizations on how to achieve the goal of value recon-struction.