Research On The Influence Of Organizational Slack On Innovation Efficiency Of Manufacturing Enterprises

In recent years,the total R&D spending of Chinese enterprises has been increasing year by year,ranking the second in the world since 2015.However,the high R&D investment has not brought the corresponding amount of innovation for China.In order to change the passive situation that China is "big but not strong" in R&D innovation,it becomes an urgent research topic to study how to effectively enhance the innovation efficiency of Chinese manufacturing enterprises.Enterprise innovation depends on resource support.Organizational slack is the discrepancy between the enterprise resources and the resources required for daily operation,which is considered as the“buffer” for enterprises to respond to environmental changes and internal conflict.Also,it is the resource base for enterprises' strategic expansion and innovation activities.However,research on the mechanism by which organizational slack affect innovation efficiency is far below adequacy.In addition,there is also a lack of discussion on the transmission path of the impact of organizational slack on the innovation efficiency.The channels by which the organizational slack can be applied to improve the innovation efficiency of enterprises still need to be further studied.This paper is structured as follows.First,we collected,sorted out and summarized previous literature.We then proceeded to analyze the influence mechanism and transmission path of organizational slack on innovation efficiency based on strategic management theory.Then we put forward our research hypotheses and constructed our research model.Finally,we used multiple regression analysis and stochastic frontier approach to test our hypotheses taking the data of A-share manufacturing listed companies in Shanghai and Shenzhen from 2008 to 2018.Our results show that financial slack and human resource slack of Chinese manufacturing enterprises will significantly affect their innovation efficiency.In addition,our results verify the transmission path of “financial slack-cost stickiness-innovation efficiency”,showing how enterprises' resource holding influences their behavior and finally influences their innovation performance.The research conclusion of this paper has enriched the research on factors that influence innovation efficiency ofmanufacturing enterprises.We also offered management suggestions for senior managers of manufacturing enterprises on how to efficiently deploy,develop and utilize different types of organizational slack.