Research On The Impact Of Expected Performance Surplus On Enterprise RD And Innovation

Only innovation can advance.Innovation is an important source of power to promote economic development and a key engine for building an innovative economic system and building an innovative country in the new era.As a major player in the market economy,enterprises must recognize the huge power contained in innovation,and rely on innovation to reap greater value returns and develop steadily.Therefore,enterprises must be encouraged to adhere to the innovation and development strategy.In promoting my country’s economic growth,the manufacturing industry occupies a pillar position,but in terms of its overall development trend,the advantages of low-cost competitiveness and economies of scale are rapidly decreasing,and it has entered an important moment of transformation and upgrading.General Secretary Xi also emphasized that it is necessary to speed up the optimization and upgrading of Made in China,and be committed to building Chinese brand products,realizing Chinese creation,and developing Chinese quality.Among them,carrying out technological innovation activities is extremely important in the process of promoting the transformation and upgrading of the manufacturing industry to high-end business,and increasing RD expenditure is a key input for manufacturing enterprises to innovate.Existing studies have examined the impact of internal resources,governance structure,and external environment on innovation.However,there is still a large gap in the level of innovation among different enterprises.The innovation-driven advantages of many traditional manufacturing industries have not yet been established.It is of great significance for the higher quality integration of manufacturing and the new economy to discuss the issue of enterprise innovation from the aspect of performance such as performance.In this context,by reviewing previous relevant literature research,based on organizational behavior theory and prospect theory,starting from the perspective of expectation gap,this paper first analyzes the impact of expected performance surplus on enterprise RD and innovation activities,and then selects external market competition,institutional investor shareholding and institutional investor shareholding heterogeneity as the moderating variable of the external governance mechanism to examine the situational effect,and finally,the intermediate mechanism of the expected performance surplus acting on enterprise innovation is further tested.Based on the sample data of Shanghai and Shenzhen A-share manufacturing companies from2007 to 2020,this paper uses STATA15 statistical software to conduct double fixed-effect regression analysis and hypothesis verification.The regression results of this paper show that:(1)the larger the expected performance surplus,the lower the RD investment level of the enterprise,that is,the expected performance surplus inhibits the enterprise’s RD innovation activities;(2)the external market competition has a negative moderating effect on the relationship between the expected performance surplus and enterprise innovation,that is,when the enterprise is in a surplus of expected performance,a sufficient market competition environment helps to promote the enterprise to carry out RD and innovation activities.(3)Institutional investor stockholding has a negative moderating effect on the relationship between expected performance surplus and corporate innovation,that is,when a company is in a desired performance surplus,the more corporate shares held by institutional investors,the more beneficial it is to promote companies to increase RD Invest.(4)Compared with transactional investors,only stable investors’ shareholding plays a negative moderating role between expected performance surplus and corporate innovation,that is,in the sample of stable institutional investors’ shareholding,The inhibitory effect of the expected performance surplus on the RD and innovation activities of enterprise is not significant.(5)The level of risk-taking plays an intermediary mechanism between the expected performance surplus and enterprise innovation,that is,the increase of the expected performance surplus of the enterprise reduces the level of enterprise risk-taking,thus hindering RD investment.This paper verifies that the expected performance surplus will affect the RD and innovation activities of enterprises,and reveals the role path of the impact,which provides a new perspective for understanding the RD decision-making behavior of enterprises,and then the external governance situational variables are incorporated into the regression model to further explore the different regulatory effects of expected performance surplus on innovation.It is helpful to supervise managers to correctly evaluate the operating status and make correct feedback behaviors,which provides practical inspiration for promoting my country’s manufacturing enterprises to invest in RD,and has certain practical significance.