摘要
外资持股将对企业创新绩效产生怎样的影响,已有研究众说纷纭。基于2007~2016年中国A股制造业上市公司1239个倾向匹配得分法配对样本的经验数据,本文在考察外资持股对企业创新绩效直接影响的基础上,进一步剖析了外资持股作用于企业创新绩效的内在机理与情境机制。实证检验结果表明:第一,外资持股将促进企业创新绩效。第二,国际化战略在外资持股与企业创新绩效间发挥着部分中介作用。第三,经营期望落差增强了外资持股对企业创新绩效的促进作用,冗余资源则削弱了外资持股对企业创新绩效的促进作用。本文不仅对缓解已有研究结论分歧有所贡献,同时对企业更好地开展创新亦具有重要启示与指导意义。
There are various opinions about the effect of foreign shareholdings on the innovation performance.Using the data of 1239 PSM paired samples of Chinese A-share manufacturing listed companies from 2007-201 6,this study examines the direct impact of foreign shareholdings on corporate innovation performance, and further analyzes the intrinsic mechanism and situational mechanism.The results show that:First, the foreign shareholdings have a significant positive impact on innovation performance;Second,the internationalization strategy plays partial mediatingrole between foreign shareholdings and corporate innovation performance;Third,the performance aspiration loss enhances the positive influence of foreign shareholdings on corporate innovation performance, while slack resources weaken the positive impact of foreign shareholdings on corporate innovation performance.This study not only contributes to the mitigation of differences in existing research conclusions,but also has important implications and guiding significance for enterprises to implement innovative activities.
作者
钟熙
宋铁波
陈伟宏
朱子君
ZHONG Xi;SONG Tie-bo;CHEN Wei-hong;ZHU Zi-jun(School of Business Administration,South China University of Technology,Guangzhou 510640»China)
出处
《系统工程》
CSSCI
北大核心
2020年第3期112-122,共11页
Systems Engineering
基金
国家自然科学基金面上项目(71872053):教育部人文社科基金规划项目(18YJAZH099)。
关键词
外资持股
国际化战略
经营期望落差
冗余资源
创新绩效
Foreign Sharcholdings
Internationalization Strategy
Performance Aspiration Loss
Slack Resources
Innovation Performance
