| During the critical period of the transformation and upgrading of China's manufacturing industry,the technological innovation level and capabilities of enterprises have become the key elements for enterprises to gain market competitiveness,as well the key support for the realization of the blueprint for "Made in China 2025." However,the enterprises ' innovation choices and resource allocation will be affected by internal and external environmental factors,such as the organization's own development level,market environment changes,policy environment changes,and managers' willingness to take risks and etc.Among them,the feedback of the organization's performance is one of the important factors.The quality of the performance directly affects the goals and direction of the enterprises' future development,the adequacy of internal resources,the risk appetite and behavior choices of managers,and so on.At the same time,performance has multi-dimensional evaluation standards due to different interest groups of the enterprises have different goal expectations.Among them,historical performance feedback that focuses on its own development and industrial performance feedback compared with industry development are the most concerned by enterprises and academic research.Facing with the consistent,inconsistent,and ambiguous feedback base on the historical and industrial dual performance,how enterprises recognize and interpret them? Affected by different feedback,how enterprises choose innovation strategies? Those questions are worthy of depth discussion.After combing and summarizing the existing domestic and foreign related theoretical and empirical research,this paper introduces the feedback correlation between historical performance and industrial performance in continuous periods into innovation strategy research,and then further refines the impact of multiple performance feedback on R&D invest.At the same time,this paper explores the moderating effect of government subsidy on the relationship between “historical and industrial dual performance feedback-R&D invest”.Based on the existing theoretical and practical research,this paper proposes a theoretical model and assumptions for the research.Using the 420 A-share listed manufacturing high-tech enterprises as a research sample,basing on its 2007-2018 financial and innovative data,this paper conducts a serial empirical research,and the empirical results are discussed and summarized.Empirical results show that,first,the correlation between enterprises dual performance feedback and R&D investment has a positive U-shaped relationship.The stronger performance feedback positive correlation(consistent feedback)and stronger performance feedback negative correlation(inconsistent feedback),the more likely to enhance R&D investment,and the weaker performance feedback correlation(ambiguous feedback),the more likely to weaken R&D investment.Second,the positive correlation of performance feedback(consistent feedback)includes two cases of consistent above aspiration and consistent below aspiration.Compared with the consistent below aspiration,the higher the consistent above aspiration,the more likely to weaken the enterprises' R&D investment.Third,government innovative subsidy has significantly positively adjusted the relationship between performance feedback correlation and enterprises' R&D intensity.On the whole,government support has effectively guided the innovation choices of enterprises.But The detailed research found that government subsidy significantly enhanced the positive effects of inconsistent performance feedback and consistent deficits on R&D behavior.However,when enterprises face a state of consistent performance feedback surplus,the increase in government innovative subsidy have further weakened the motivation of well-performing enterprises for problem search,Strengthened the legitimacy of the organization,but magnified the negative relationship between “historical and industrial multiple performance feedback-R&D investment”.Further research found that,compared with state-owned enterprises,the innovative behavior of private enterprises is more susceptible to performance feedback,and more sensitive to government subsidy.This paper describes the R&D behavior of enterprises when they are facing multiple performance feedback states.,and it adds the government subsidy situation,which helps to deepen the existing research on the antecedents of enterprise innovation behavior,enriches the research content of enterprise innovation behavior,also has certain reference significance to the enterprises practice. |
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