商业研究

商业研究

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绩效变动与企业创新行为研究 ——基于绩效变动方向的分析

凌士显，白锐锋   

  1. （山东大学 商学院，山东 威海 264209）
  • 收稿日期:2018-02-27 出版日期:2018-06-26
  • 作者简介:凌士显（1979-），男，河南开封人，山东大学商学院讲师，经济学博士，研究方向：公司治理；白锐锋（1963-），男，内蒙古鄂尔多斯人，山东大学商学院教授，经济学博士，研究方向：金融计量学。
  • 基金资助:
    山东省社科规划项目“金融结构优化与经济增长方式转变关系研究”，项目编号：15CJJJ16。

Performance Change and Company Innovation: An Analysis based on the Directions of Performance Change

LING Shi-xian, BAI Rui-feng   

  1. (Business School of Shandong University, Weihai 264209, China)
  • Received:2018-02-27 Online:2018-06-26

摘要： 创新是经济增长的动力源，绩效是企业创新的决定性因素。基于2007年-2015年沪深上市企业数据实证检验绩效变动方向与创新强度的关系，本文发现绩效衰退型企业和绩效提升型企业的创新行为存在明显差异，主要表现为绩效衰退幅度与创新强度呈显著的倒U型关系，而绩效提升幅度与创新强度呈显著的U型关系，且上述关系因企业产权性质的不同而存在明显差异：绩效衰退型企业的研发创新对企业短期和长期价值的提升具有显著影响，而绩效提升型企业的研发创新仅对企业短期价值的提升具有显著影响。

关键词: 绩效变动, 企业创新, 绩效衰退, 绩效提升, 价值改善

Abstract: Innovation is the power source of economic growth, and performance is the decisive factor of enterprise innovation. Based on the data of Chinese listed companies from 2007 to 2015, the relationships between the directions of performance change and innovation are tested. The results show that the innovation behaviors are obvious different between the company of performance growth and the company of performance decline: there is a significant inverted U-shaped relationship between the degree of performance decline and the innovation intensity, but there is a significant U-shaped relationship between the degree of performance growth and the innovation intensity, and the above relationships show obvious differences with the different of property rights, that is, the innovation has significant impacts on both the short-term and the long-term value improvement to the company of performance decline, but only has a significant impact on the short-term value improvement to the company of performance growth.

Key words: performance change, company innovation, performance decline, performance growth, value improvement