持续创新对困境企业复苏的影响机理研究

A study on the mechanism of the impact of persistent innovation on the recovery of poor-performing firms

困境企业的复苏是一个重要的战略问题。本文以动态能力理论为基础构建了一个基于持续创新的困境企业复苏模型,重点分析了持续创新与困境企业复苏的关系及市场化程度和地区信任水平的调节效应。基于2007—2018年455家上市困境公司的数据,本文发现:(1)企业持续创新能力的培育显著地改进了困境企业的价值再造水平,即旨在强化当前创新投入的即时响应策略和强调利用先前创新积累的历史储备策略都有利于困境企业复苏,在控制内生性及其他稳健性检验之后该结论依然成立。(2)困境企业持续创新能力的培育对价值再造的促进作用将受制于正式制度和非正式制度的影响。市场化程度将显著提高历史储备策略在实现逆境重生中的价值贡献;地区信任水平将强化即时响应策略和历史储备策略对困境企业逆境重生的积极作用。(3)相对于国有控制,民营治理更有利于提高即时响应策略对困境企业价值再造的贡献,且地区信任水平的助推作用在民营企业中更加得以突显。本文揭示了持续创新对困境企业复苏的影响机理,对指导困境企业如何实现逆境重生之目标具有重要的理论价值与现实意义。

The recovery of poor-performing firms is an important strategic issue.Based on the dynamic capability theory,this paper constructed a recovery model of poor-performing firms based on persistent innovation.It focused on the relationship between the cultivation of persistent innovation capability and the recovery of such firms,and it also discussed the moderating effects of the degree of marketization level and regional trust level.Based on the data of 455 Chinese listed companies under poor performance from 2007 to 2018,this paper made a study and the results showed that:(1)the cultivation of persistent innovation capability of poor-performing firms has a significantly positive effect on value recreation,that is,both of the immediate response strategy which aims at strengthening current innovation input and the precautionary strategy which aims at exploiting previous innovation accumulation are conducive to the firms′recovery.(2)The effect of the poor-performing firms′persistent innovation capability on its recovery will be restricted by institutional environment,and the marketization level strengthens the positive relationship between the precautionary strategy and the firms′recovery;and the regional trust level strengthens both the positive effect of immediate response strategy and precautionary strategy on the firms′recovery.(3)Compared with state-owned enterprises,precautionary strategy exerts greater value in the poor-performing private enterprises.And the moderating effects of regional trust level also exhibits greater effect on such poor-performing private enterprises.This paper revealed the impact mechanism of persistent innovation on the recovery of poor-performing firms,which makes great theoretical and practical contributions to how to enable the poor-performing firms to achieve recovery.