技术投入惯性与企业绩效——以上市制造企业为例
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摘要
选取深沪A股上市制造企业为样本,以技术投入持久性为视角研究其对企业绩效的影响,并探讨外部环境、企业规模和财务杠杆的调节效应。结果表明:技术投入惯性正向影响企业绩效;外部环境动荡时,惯性的积极作用表现更加显著;企业规模抑制了技术投入惯性与企业绩效的正向关系;财务杠杆对技术投入惯性与企业绩效的调节效应还因企业性质不同而有所差异。研究提示,制造企业应运用高水平投入,采取持续不变的技术投入策略应对动态环境。大规模企业要关注技术创新,增加技术创新投入,防止盲目执行技术投入策略。针对"预算软约束"问题,国有企业应注重合理利用负债融资,发挥负债的治理效用。
The paper uses all A-share publicly traded manufacturing companies in China,and studies the influence of the technology strategy on the performance of the firm from the perspective of the persistence of technology input,and discusses the moderating effect of the external environment and its own factors,including the enterprise scale and financial leverage.The empirical results show that the inertia of technology strategy affects the enterprise performance.The positive effect of inertia is more pronounced when external environment is turbulent.The scale of enterprise inhibits the positive relationship between the inertia of the technology strategy and the enterprise performance.The financial leverage of stateowned enterprises has inhibited the positive effect of inertia,while the financial leverage of non-state-owned enterprises has promoted the positive influence of inertia on enterprise performance.This paper studies suggest manufacturers should use high input level,constant technical investment strategy,rather than through the additional or cutting technology into ways to cope with dynamic environments.Large-scale enterprises should focus on technological innovation,increase investment in technological innovation,avoid excessive reliance on the economic benefits brought by the scale of enterprises,and prevent the blind cycle execution of technical input.In view of the problem of " budget soft constraint",state-owned enterprises should pay attention to the rational use of debt financing and improve corresponding incentive mechanism,so as to push the debt to its governance effect.
The paper uses all A-share publicly traded manufacturing companies in China,and studies the influence of the technology strategy on the performance of the firm from the perspective of the persistence of technology input,and discusses the moderating effect of the external environment and its own factors,including the enterprise scale and financial leverage.The empirical results show that the inertia of technology strategy affects the enterprise performance.The positive effect of inertia is more pronounced when external environment is turbulent.The scale of enterprise inhibits the positive relationship between the inertia of the technology strategy and the enterprise performance.The financial leverage of stateowned enterprises has inhibited the positive effect of inertia,while the financial leverage of non-state-owned enterprises has promoted the positive influence of inertia on enterprise performance.This paper studies suggest manufacturers should use high input level,constant technical investment strategy,rather than through the additional or cutting technology into ways to cope with dynamic environments.Large-scale enterprises should focus on technological innovation,increase investment in technological innovation,avoid excessive reliance on the economic benefits brought by the scale of enterprises,and prevent the blind cycle execution of technical input.In view of the problem of " budget soft constraint",state-owned enterprises should pay attention to the rational use of debt financing and improve corresponding incentive mechanism,so as to push the debt to its governance effect.
引文
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[26] JANSEN JJ,VAN DEN BOSCH FA,VOLBERDA HW.Exploratory innovation,exploitative innovation,and performance:effects of organizational antecedents and environmental moderators[J].Management Science,2006,52(11):1661-1674.
[27] WHOLEY DR,BRITTAIN JW.Organizational ecology:findings and implications[J].Academy of Management Review,1986,11(3):513-533.
[28] STIEGLITZ N,KNUDSEN T,BECKER M C.Adaptation and inertia in dynamic environments[J].Strategic Management Journal,2016,37(9):1854-1864.
[29] UTTERBACK J M.Mastering the dynamics of innovation[J].Research-Technology Management,1994,37(1):1-16.
[30]高良谋,李宇.企业规模与技术创新倒U关系的形成机制与动态拓展[J].管理世界,2009(8):113-123.
[31]孙晓华,王昀.企业规模对生产率及其差异的影响——来自工业企业微观数据的实证研究.中国工业经济,2014(5):57-69.
[32] JENSEN M C.Agency costs of free cash flows,corporate finance,and takeovers[J].American Economic Review,1986,76(2):232-329.
[33]辛清泉,林斌.债务杠杆与企业投资:双重预算软约束视角[J].财经研究,2006,32(7):73-83.
[34] ZHANG Y,RAJAGOPALAN N.Once an outsider,always an outsider?CEO origin,strategic change,and firm performance[J].Strategic Management Journal,2010,31(3):334-346.
[35] DATTA D K,RAJAGOPALAN N,ZHANG Y.New CEO openness to change and strategic persistence:the moderating role of industry characteristics[J].British Journal of Management,2003,14(2):101-114.
[36]申慧慧,于鹏,吴联生.国有股权、环境不确定性与投资效率[J].经济研究,2012,58(7):113-126.
[37] LUEG R,BORISOV B G.Archival or perceived measures of environmental uncertainty?conceptualization and new empirical evidence[J].European Management Journal,2014,19(32):132-155.
[2]王德应,刘渐和.TMT特征与企业技术创新关系研究[J].科研管理,2011,32(7):45-52.
[3] LEE J.Technology imports and R&D efforts of Korean manufacturing firms[J].Journal of Development Economics,1996,50(1):197-210.
[4] LOS B,VERSPAGEN B.R&D spillovers and productivity:evidence from U.S.manufacturing microdata[J].Empirical Economics,2000,25(1):127-148.
[5]董静,苟燕楠.研发投入与上市公司业绩——基于机械设备业和生物医药业的比较研究[J].科技进步与对策,2010,27(20):56-60.
[6] CYERT R,MARCH J.A behavioral theory of the firm[M].New Jersey:Prentice-Hall.1963.
[7] FINKELSTEIN S,HAMBRICK D C.Top-managementteam tenure and organizational outcomes:the moderating role of managerial discretion[J].Administrative Science Quarterly,1990,35(3):484-503.
[8] EISENHARDT K M,TABRIZI B N.Accelerating adaptive processes:product innovation in the global computer industry[J].Administrative Science Quarterly,1995,40(1):84-110.
[9] LARRANETA B,ZAHRA S A,GONZALEZ J L G.Strategic repertoire variety and new venture growth:the moderating effects of origin and industry dynamism[J].Strategic Management Journal,2014,35(5):761-772.
[10] HANNAN M T,FREEMAN J.Structural inertia and organizational change[J].American Sociological Review,1984,49(2):149-164.
[11] ZAJAC E J,KRAATZ M S.Modeling the dynamics of strategic fit:a normative approach to strategic change[J].Strategic Management Journal,2000,21(4):429-453.
[12] HANNAN M T,FREEMAN J.The population ecology of organizations[J].American Journal of Sociology,1977,82(5):929-964.
[13] KELLY D,AMBURGEY T L.Organizational inertia and momentum:a dynamic model of strategic change[J].Academy of Management Journal,1991,34(3):591-612.
[14]斯格特.组织理论[M],邱泽奇,译.北京:华夏出版,2004:244.
[15] WAAGO A C S J.Organizational performance of technology-based firms——the role of technology and business strategies[J].Enterprise&Innovation Management Studies,2001,2(3):205-223.
[16] JENSEN M C.Agency costs of free cash flow,corporate finance,and takeovers[J].American Economic Review,1986,76(2):323-329.
[17]吕一博,韩少杰,苏敬勤.企业组织惯性的表现架构:来源、维度与显现路径[J].中国工业经济,2016(10):144-160.
[18] BARNEY J.Firm resource and sustained competitive advantage[J].Journal of Management,1991,17(1):99-120.
[19] MENS G L,HANNAN M T,POLOS.Organizational obsolescence,drifting tastes,and age dependence in organizational life chances[J].Organization Science,2015,26(2):550-570.
[20] POSEN HE,LEVINTHAL DA.Chasing a moving target:exploitation and exploration in dynamic environments[J].Management Science,2012,58(3):587-601.
[21]连燕玲,贺小刚.CEO开放性特征、战略惯性和组织绩效——基于中国上市公司的实证分析[J].管理科学学报,2015(1):1-19.
[22] TUSHMAN ML,REILLEY C.Winning through innovation[M].Harvard:Harvard Business Press,1996.
[23]刘海建,周小虎,龙静.组织结构惯性、战略变革与企业绩效的关系:基于动态演化视角的实证研究[J].管理评论,2009,21(11):92-100.
[24] GITTELL J H.Coordinating mechanisms in care provider groups:relational coordination as a mediator and input uncertainty as a moderator of performance effects[J].Management Science,2002,48(11):1408-1426.
[25] NADKAMI S,NARAYANAN V K.Strategic schemas,strategic flexibility,and firm performance:the moderating role of industry clockspeed[J].Strategic Management Journal,2007,28(3):243-270.
[26] JANSEN JJ,VAN DEN BOSCH FA,VOLBERDA HW.Exploratory innovation,exploitative innovation,and performance:effects of organizational antecedents and environmental moderators[J].Management Science,2006,52(11):1661-1674.
[27] WHOLEY DR,BRITTAIN JW.Organizational ecology:findings and implications[J].Academy of Management Review,1986,11(3):513-533.
[28] STIEGLITZ N,KNUDSEN T,BECKER M C.Adaptation and inertia in dynamic environments[J].Strategic Management Journal,2016,37(9):1854-1864.
[29] UTTERBACK J M.Mastering the dynamics of innovation[J].Research-Technology Management,1994,37(1):1-16.
[30]高良谋,李宇.企业规模与技术创新倒U关系的形成机制与动态拓展[J].管理世界,2009(8):113-123.
[31]孙晓华,王昀.企业规模对生产率及其差异的影响——来自工业企业微观数据的实证研究.中国工业经济,2014(5):57-69.
[32] JENSEN M C.Agency costs of free cash flows,corporate finance,and takeovers[J].American Economic Review,1986,76(2):232-329.
[33]辛清泉,林斌.债务杠杆与企业投资:双重预算软约束视角[J].财经研究,2006,32(7):73-83.
[34] ZHANG Y,RAJAGOPALAN N.Once an outsider,always an outsider?CEO origin,strategic change,and firm performance[J].Strategic Management Journal,2010,31(3):334-346.
[35] DATTA D K,RAJAGOPALAN N,ZHANG Y.New CEO openness to change and strategic persistence:the moderating role of industry characteristics[J].British Journal of Management,2003,14(2):101-114.
[36]申慧慧,于鹏,吴联生.国有股权、环境不确定性与投资效率[J].经济研究,2012,58(7):113-126.
[37] LUEG R,BORISOV B G.Archival or perceived measures of environmental uncertainty?conceptualization and new empirical evidence[J].European Management Journal,2014,19(32):132-155.