Research On The Relationship Between Performance Aspiration Gap And Innovation Investment

In recent years,the performance of listed companies in China has generally declined because of the pressure of domestic and international economic downturn.When the market is intensifying and domestic and foreign demand is sluggish,whether enterprises can forge ahead and continue to innovate will become the key factor that undoubtedly affect the growth of corporate performance.However,in actual operation process,not all enterprises can achieve “poor thinking”,and the innovation power and R&D investment of each enterprise are quite different.Based on behavior theory and prospect theory research,the decline in corporate performance will affect its subsequent decision-making behavior to varying degrees,especially high-risk behaviors like innovation.A considerable number of scholars believe that the performance aspiration gap(ie,the gap between actual business performance and expected performance)will promote risk-taking behaviors such as innovation.However,due to the different market environment,enterprise risk-taking level and management decision-making power characteristics,the impact mechanism of performance expectation gap on enterprise innovation investment will be very different.The existing theoretical research has failed to reveal the internal logic,and it has not provided sufficient theoretical guidance for the actual innovation practice of enterprises.In this context,this paper combines the characteristics of the times and the actual situation of the development of Chinese enterprises,exploring the relationship between performance aspiration gap and enterprise innovation investment and its adjustment mechanism,which has important theoretical and practical significance.This paper firstly analyzes and sorts out the relationship between performance aspiration gap and enterprise innovation and its related influencing factors.On this basis,it comprehensively applies theories of corporate behavior,performance feedback and path dependence,constructing a theoretical model of the relationship between performance aspiration gap and innovation input and proposing relevant research hypotheses combined with the specific situation of Chinese enterprises.Secondly,this paper takes the balance panel data of 486 A-share listed companies in China from 2013 to 2016 as the research sample,and uses Stata14.0 and other software to empirically analyzes the impact through the fixed-effect model,and focuses on testing the regulatory effect of management shareholding,corporaterisk-taking and regional marketization on the relationship between the two.Finally,this paper proposes relevant management recommendations to the enterprises based on the research conclusions,and pointed out the shortcomings of this study and the direction of improvement of subsequent research.This paper mainly draws the following conclusions:(1)There is a significant positive correlation between the performance aspiration gap and the innovation input intensity of the enterprise.That is,when the actual performance is lower than the expected performance,the greater the difference in performance aspiration,the more likely the enterprise is to increase the innovation input intensity;(2)Management shareholding plays a significant positive adjustment role between the performance aspiration gap and the enterprise innovation investment.Under the same performance aspiration gap,the higher the management shareholding ratio,the more likely it is to increase the intensity of innovation activities.(3)The level of enterprise risk-taking plays a significant positive adjustment role between the performance aspiration gap and the enterprise innovation investment.That is,under the same performance aspiration gap,the enterprises with high risk-taking level are more likely to increase the innovation input intensity.(4)The regional marketization level plays a significant negative adjustment role between the historical aspiration gap and the enterprise innovation investment.That is,under the same historical aspiration gap,the enterprises in the regions with high marketization level are more likely to decrease the intensity of innovation activities,but the marketization level has little impact on the relationship between industry aspiration gap and enterprise innovation investment.