业绩期望差距、财务松弛与研发投入

Attainment Discrepancy, Financial Slack and R&D Investment

在不同的业绩期望差距下,企业会做出不同的创新行为选择,并且这种行为选择也会受到企业财务资源松弛情况的影响。本文基于2012~2021年中国A股上市公司的面板数据,实证检验了业绩期望差距与研发投入之间的非线性关系,并进一步研究了财务松弛资源的调节作用。研究发现:企业的创新行为决策存在“穷则思变,富则思安”的现象,业绩期望差距与研发投入之间存在先促进后抑制的“倒U型”关系,即当企业处于业绩期望落差时,随着业绩的提升,企业会增加研发投入,而当企业处于业绩期望顺差时,企业的研发投入会随业绩上升而减少;当企业处于业绩期望落差时,财务松弛资源的调节作用并不明显,当企业处于业绩期望顺差时,财务松弛能够显著正向调节业绩期望差距与研发投入的关系。本文的研究结论丰富了关于企业业绩与创新行为关系的研究内容,并对企业创新发展和财务松弛资源合理配置具有一定的现实指导意义。

Firms make different innovation behavior choices under different attainment discrepancies, and such behavior choices are also influenced by firms’ financial slack resources. Based on the panel data of Chinese A-share listed companies from 2012 to 2021, this paper empirically examines the non-linear relationship between attainment discrepancy and R&D investment, and further investigates the moderating role of financial slack resources. It is found that there is an “inverted U-shaped” relationship between the attainment discrepancy and R&D investment, i.e., when firms perform less than expected, they will increase R&D investment as their performance im-proves, while when their performance is higher than expected, their R&D investment will decrease as their performance rises;when their performance is lower than expected, the moder-ating effect of financial slack resources is not significant, and when their performance is higher than expected, financial slack can significantly and positively moderate the relationship between attainment discrepancy and R&D investment. The findings of this paper enrich the research on the relationship between corporate performance and innovation behavior, and have some practical guidance for corporate innovation development and rational allocation of financial slack resources.