Industry Aspiration Performance Feedback,Government Subsidy And R&D Investment Of Enterprises

In the dynamic market environment,the market demand is constantly updated and the competition is increasingly fierce.Innovation has become the key point for enterprises to gain competitive advantage and profit growth.Innovation itself has high risk,high cost,and the nature of public goods.Whether an enterprise will actively carry out innovation activities is influenced by many factors inside and outside the enterprise.R&D investment of enterprises is an important decision that affects the future development of enterprises.Enterprise behavior theory points out that because of the complexity of information and the limited rationality of managers,managers tend to simplify the decision-making process.By setting the aspiration performance goal,managers compare the gap between the actual performance and the aspiration performance goal,and form the aspiration performance feedback,which is the main decision-making basis.According to the different choice of aspiration performance objectives,aspiration performance feedback can be divided into industry aspiration performance feedback and historical aspiration performance feedback.Among them,industry aspiration performance feedback is an important factor for managers to consider in their R&D investment decision-making.From the external perspective of enterprises,in order to make up for the loss of profits caused by the externality of innovation activities and improve the overall innovation level of society,the state provides government subsidies to enterprises.Government subsidies affect the resource constraints of expected performance feedback results and the risk level of R & D investment of enterprises,and then regulate the relationship between industry expected performance feedback and R&D investment.In this paper,industry aspiration performance feedback and government subsidies are both included in the research framework to explore the impact of both on R&D investment of enterprises.In the research,firstly,the paper discusses the impact of industry aspiration performance feedback on R&D investment of enterprises by using redundancy driven theory,prospect theory and threat rigidity theory.The analysis shows that the industry aspiration performance feedback affects the resource acquisition ability of R&D investment of enterprises activities and the risk preference of managers,and then affects the R&D investment of enterprises decision-making of enterprises.Among them,The positive industry aspiration performance feedback improves the enterprise's ability to acquire resources,and the existence of the positive industry aspiration performance feedback makes the enterprise generate the motivation of upward comparison,which realizes the redundant drive for the R&D investment of enterprises;the negative industry aspiration performance feedback reduces the enterprise's ability to acquire resources,and the gap makes the enterprise face the threat of being eliminated,and the managers tend to avoid risks,thus inhibiting the enterprise's R&D investment of enterprises.Furthermore,the paper discusses the impact of government subsidies on the relationship between aspiration performance feedback and R&D investment of enterprises.On the basis of theoretical analysis,this paper takes A-share Manufacturing Listed Companies in Shanghai and Shenzhen as the research sample,empirically tests the relationship between industry aspiration performance feedback and R&D investment of enterprises,and discusses the regulatory role of government subsidies as an external factor.The results show that:(1)The larger the positive industry aspiration performance feedback,is,the higher the R&D investment of enterprises level of enterprises;(2)The larger the negative industry aspiration performance feedback is,the lower the R&D investment of enterprises level of enterprises;(3)The positive regulatory effect of government subsidies on the positive industry aspiration performance feedback and R&D investment of enterprises is not obvious;(4)The government subsidy weakens the negative relationship between the negative Industry aspiration performance feedback and R&D investment of enterprises.This paper deepens the research of aspiration performance feedback on R&D investment of enterprises,enriches the related theory of aspiration performance feedback,and supplements the research on the influencing factors of R&D investment of enterprises.The conclusion of this paper provides a theoretical basis for enterprises to make R&D investment of enterprises decisions based on industry aspiration performance feedback reasonably,and also provides some suggestions for better exerting the policy effect of government subsidies.