Research On Expected Performance Gap And Enterprise R&D Investment

R&D is an effective mean for enterprises to improve their competitiveness.R&D investment is an important and key strategic decision-making behavior of enterprises.This paper integrates the enterprise behavior theory and the upper echelons theory,and conducts empirical research on the relationship between expected performance gap,managerial autonomy and enterprise R&D investmentBased on the summarization of relevant theories and literatures,this paper proposes research models and hypotheses,and selects 126 listed companies in the automobile manufacturing industry as the research samples for hypothesis testing.This paper empirically analyzes the relationship between expected performance gap at different levels and enterprise R&D investmentThe results show that:First,the expected performance gap and the enterprise R&D investment are inverted U-shaped related,that is,as the expected performance gap increases,the enterprise R&D investment increases at the beginning and then decreases.Second,the institutional autonomy of the management group is positively regulating the relationship between the expected performance gap and R&D investment,that is,when senior managers have higher institutional autonomy(a better regional institutional environment and corporate political connections,non-state-owned enterprises),it is expected that the inverted U-shaped relationship between the performance gap and enterprise R&D investment becomes more significant.Third,the organizational autonomy is positively regulating the relationship between the expected gap and the R&D investment,that is,when the senior management team has a higher degree of organizational autonomy(more organizational slack),the inverted U-shaped relationship becomes more significantThis paper applies the enterprise behavior theory and upper echelons theory to reveal the relationship between expected performance gap and R&D investment,enriching the research content of performance feedback.This study also explores the regulatory role of management autonomy and deepens our understanding of expected performance gap and R&D investment.