新发展格局下管理创新与企业可持续增长——基于战略激进度和金融错配的调节作用

Management Innovation and Sustainable Corporate Growth in the New Development Pattern:Moderating Effects of Corporate Strategy and Financial Mismatch

文章基于2007—2021年A股上市公司数据,结合动态能力和资源配置理论,构建主效应和边界机制的双重固定效应验证模型,实证检验管理创新对企业可持续增长的影响及其异质性。结果表明:管理创新显著促进了企业的可持续增长,在进行工具变量、倾向得分匹配以及动态面板模型等稳健性检验后,结论仍然成立;管理创新对企业可持续增长的影响受到企业战略激进度的正向调节及金融错配的负向调节;企业竞争优势在管理创新与可持续增长关系中发挥中介效应;异质性分析表明,相比于国有企业、劳动密集型行业,非国有、技术和资本密集型企业管理创新促进可持续增长作用更显著,管理创新的影响不存在区域异质性效应。

Based on the data of A-share listed companies from 2007 to 2021,combined with the theory of dynamic capability and resource allocation,this paper constructs a dual fixed effect validation model of the main effect and boundary mechanism to empirically test the impact and heterogeneity of management innovation on sustainable corporate growth.The results indicate that management innovation significantly promotes sustainable corporate growth.After conducting robustness tests such as instrumental variables,propensity score matching,and dynamic panel models,the conclusion remains valid;the impact of management innovation on sustainable corporate growth is positively moderated by corporate strategy and negatively moderated by financial mismatch;corporate competitive advantage plays a mediating role in the relationship between management innovation and sustainable growth;heterogeneity analysis shows that compared to state-owned enterprises and labor-intensive industries,non-state-owned,technology,and capital intensive enterprises have a more significant role in promoting sustainable growth through management innovation,and there is no regional heterogeneity effect on the impact of management innovation.