创新投入、竞争战略与企业绩效水平——基于中国制造业上市公司的实证分析

Innovation Investment,Competitive Strategy and Enterprise Performance Level——An Empirical Analysis Based on Chinese Manufacturing Listed Companies

创新投入与企业绩效水平之间关系一直是学术界备受关注的焦点。以中国制造业上市公司2012—2016年数据为样本,从理论和实证角度对创新投入与企业绩效水平的关系以及竞争战略和企业成长性对两者关系的调节效应进行检验。实证表明,相比线性关系,倒U型假设更有助于解释中国制造业上市公司创新投入与企业绩效水平之间的关系,即随着创新投入的不断提高,企业绩效水平呈现出先升后降的倒U型关系;两者之间的关系受到竞争战略和企业成长性显著的正向调节,调节变量能够促进创新投入对企业绩效水平的提升,但采取差异化竞争战略产生的调节效应比低成本竞争战略更加显著。

The relationship between innovation investment and enterprise performance level has always been one of the focuses of academic circles.Taking the data of Chinese manufacturing listed companies from 2012 to 2016 as a sample,the relationship between innovation investment and enterprise performance level and the adjustment effect of competition strategy and enterprise growth on the relationship between the two are tested from the theoretical and empirical perspectives.The empirical results show that compared with the linear relationship,the inverted U-type hypothesis is more helpful to explain the relationship between the innovation investment and enterprise performance level of the listed companies in China’s manufacturing industry,that is,with the continuous improvement of innovation investment,enterprise performance level shows an inverted U-shaped relationship that rises first and then falls;the relationship between the two is significantly positively regulated by the competitive strategy and enterprise growth.The adjustment variables can promote innovation investment to improve enterprise performance level,but the adjustment effect of adopting differentiated competitive strategy is more significant than that of low-cost competition strategy.This study proposes a new research perspective on the relationship between innovation investment and enterprise performance level.It provides a good reference for enterprises and strategic decision makers to effectively weigh innovation investment and enterprise target performance under different competitive strategy situations,and has a certain practical value.