绩效期望落差与企业研发投入——基于广义倾向得分匹配的再估计

doi:10.15936/j.cnki.1008-3758.2022.02.003

东北大学学报（社会科学版） ›› 2022, Vol. 24 ›› Issue (2): 15-24.DOI: 10.15936/j.cnki.1008-3758.2022.02.003

绩效期望落差与企业研发投入——基于广义倾向得分匹配的再估计

李孔岳，王宇，刘新恒

(中山大学管理学院，广东广州510275)

修回日期:2020-11-11 接受日期:2020-11-11 发布日期:2022-05-18
通讯作者: 李孔岳
作者简介:李孔岳(1967-)，男，安徽阜阳人，中山大学教授，博士生导师，主要从事企业战略、制度经济学研究;王宇(1994-)，男，河南开封人，中山大学博士研究生，主要从事企业创新战略、企业社会责任研究;刘新恒(1992-)，男，湖南长沙人，中山大学博士研究生，主要从事公司治理、公司金融研究。
基金资助:
国家自然科学基金资助项目(71272204)。

Performance-Aspiration Gap and Corporate R&D Investment: Re-estimation Based on Generalized Propensity Score Matching

LI Kongyue， WANG Yu， LIU Xinheng

(School of Business， Sun Yat-sen University， Guangzhou 510275， China)

Revised:2020-11-11 Accepted:2020-11-11 Published:2022-05-18
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摘要/Abstract

摘要： 通过使用2009—2018年中国上市企业面板数据，采用广义倾向得分匹配法及多种稳健性检验方法对企业绩效期望落差与企业R&D投入之间关系进行了分析与检验，有效解决了以往研究中存在的内生性问题。研究发现企业绩效期望落差对企业R&D投入存在显著的促进作用，且基于历史期望的绩效期望落差对企业R&D投入存在显著倒U型影响，但基于行业期望的绩效期望落差与企业R&D投入呈线性关系。异质性检验表明，董事长与总经理两职兼任、地区市场化程度对这一关系起到了显著的正向调节作用。

关键词: 绩效期望落差; 企业创新; 研发投入; 广义倾向得分匹配

Abstract: Based on a sample of China's listed corporates from 2009 to 2018， combined with the method of generalized propensity score matching (GPSM) and various robustness tests， theoretical analysis as well as empirical testing on the relationship between corporate performance-aspiration gap and its R&D investment were conducted， which effectively solved the existing endogenous problems in the previous research. It was found that corporates' performance-aspiration gap is beneficial to corporate R&D investment， and the historical performance-aspiration gap has a significant inverted U-shaped effect on corporate R&D investment， while the relationship between industrial performance-aspiration gap and corporate R&D investment is linear. Besides， the heterogeneity test shows that both the CEO-chairman duality and the degree of regional marketization play a significant positive regulatory role in this relationship.

Key words: performance-aspiration gap; corporate innovation; R&D investment; generalized propensity score matching (GPSM)

中图分类号:

F027

李孔岳，王宇，刘新恒. 绩效期望落差与企业研发投入——基于广义倾向得分匹配的再估计[J]. 东北大学学报（社会科学版）, 2022, 24(2): 15-24.

LI Kongyue， WANG Yu， LIU Xinheng. Performance-Aspiration Gap and Corporate R&D Investment: Re-estimation Based on Generalized Propensity Score Matching[J]. Journal of Northeastern University(Social Science), 2022, 24(2): 15-24.

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绩效期望落差与企业研发投入——基于广义倾向得分匹配的再估计

Performance-Aspiration Gap and Corporate R&D Investment: Re-estimation Based on Generalized Propensity Score Matching

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