科技金融政策、业绩预期差距与企业大数据应用——基于不同期望参照水平的检验

Technology Finance Policy,Performance Expected Gap and Enterprise Big Data Application:Testing Based on Different Expected Reference Levels

在新一代信息技术和各产业不断融合发展的背景下,如何促进大数据应用成为企业战略决策研究的关键环节.基于企业行为理论和业绩反馈理论,将科技金融试点政策纳入企业探索式创新的前因要素模型,并深入探讨业绩预期差距的调节作用.利用2007—2020年中国A股上市公司数据,基于2011年和2016年多批次科技金融试点政策的自然实验采用倍差法分析发现:科技金融政策具有创新效应,显著提高了试点区域内企业的大数据应用水平;行业业绩期望落差扩大时,企业通过战略变革恢复市场支配力的动机更为强烈,能够正向调节科技金融政策与企业大数据应用之间的关系;历史业绩期望落差扩大时,组织处于不明显的“损失”状态,内部的战略调整动机相对不足.因此,应继续深化改革,推动科技金融政策不断延伸和拓展.同时,在政策推行过程中,企业应进一步完善公司治理结构,充分发挥针对业绩期望落差的内部响应机制.

In the context of continuous integration and development of the new generation information technology and various industries,how to promote the application of big data has become a key link in enterprise strategic decision-making research.Based on corporate behavior theory and performance feedback theory,this study incorporates technology finance pilot policy into the antecedent factor model of enterprise exploratory innovation,and explores in depth the moderating effect of performance expected gap.By using the data of China A-share listed companies from 2007 to 2020 and based on the natural experiments in multiple batches of technology finance pilot policies from 2011 to 2016,this study conducts an analysis by adopting double difference method.It is found that technology finance policies have innovative effects,significantly improving the big data application level of the enterprises within the pilot areas;when the industry performance expected gap widens,the companies have a stronger motivation to restore market dominance through strategic reformation and can positively regulate the relationship between technology financial policies and enterprise big data application;when the historical performance expected gap widens,the organizations are in an inconspicuous“loss”state,and the internal strategic adjustment motivation is relatively insufficient.Based on these research results,it is necessary to continue deepening reforms and promote the continuous extension and expansion of technology finance policies.And meanwhile,in the process of policy implementation,enterprises should further improve their corporate governance structure and fully leverage the internal response mechanisms to address performance expected gaps.