基于三阶段SE-SBM模型的产学研协同创新效率演化研究

基于企业行为理论,结合冒险动机与破产压力两个过程因素,分析经营期望落差与企业创新投入的关系,并讨论CEO不同激励机制对上述关系的调节作用。采用2007—2019年中国民营上市企业数据,结果表明:民营企业经营期望落差与创新投入水平存在倒U型关系,即创新投入水平先随落差增加而增大,到达拐点后下降;CEO即时激励增强了经营期望落差与创新投入水平的倒U型关系,而CEO远期激励削弱了经营期望落差与创新投入水平的倒U型关系。研究揭示了民营企业经营期望落差与创新投入水平的内部机理,完善了企业行为理论的研究内容,同时也为企业经营发展和内部治理提供了实践指导。

Performance below Aspiration,CEO Incentives and Private Firms' Innovation Investment Level

Based on the behavior theory of the firm,the relationship between the performance below aspiration and innovation investment was analyzed by combining the tow process factors of risk motivation and bankruptcy pressure;and this paper further discussed the moderating effect of different CEOs'incentives.Using data from Chinese private listed firms from 2007—2019,the results show that:There is an inverted U-shaped relationship between the performance below aspiration and innovation investment in private firms,which means that the innovation investment level first increases with the increase of the performance below aspiration and then drops after reaching the inflection point;CEO instant incentives enhances the inverted U-shaped relationship,while CEO long-term incentives weakens the relationship.This paper reveals the internal mechanism of the relationship between performance below aspiration and innovation investment level in private firms,which supplements the research of the behavior theory of the firm,and provides practical guidance for enterprise development and internal governance.