摘要
本文依据公司行为理论,研究期望绩效下滑与子公司创新行为的关系,以及在外部市场融资难、成本高的制度环境下,母公司财务状况与母子公司控制层级对绩效下滑子公司创新变革的影响。基于2012-2015年上市公司数据发现:子公司期望绩效下滑更有动机提高创新能力;母公司财务困境、母子公司间金字塔控制层级削弱了子公司期望绩效下滑程度与创新绩效提升的负向关系。将子公司样本按绩效状况分为盈利与亏损两部分,进一步分析发现:当子公司盈利时,期望绩效下滑提高了公司创新能力;当经营亏损时,子公司创新能力随期望绩效下滑而下降,即子公司实施创新变革的最佳时机是公司经营绩效低于预期目标且处于盈利状态。母公司对子公司创新行为的影响视子公司经营状况权变而定:当子公司盈利时,母公司财务困境与子公司创新绩效负相关,母子公司控制层级与子公司创新能力正相关;当子公司亏损时,母公司财务困境和金字塔控制层级与子公司创新绩效的关系不明显。
How do companies respond to the performance shortfalls？ According to the theory of corporate behavior, when the operating performance is lower than the aspiration target, the company has more motivation to investigate the problem mechanism that leads to the performance shortfall and implement changes. However, the existing literature on the influence of the performance shortfall on the change behavior of a company has not reached a consistent conclusion, which makes the universality of the theory of corporate behavior questioned. This paper suggests that subsidiaries＇ performance shortfalls mean the loss of headquarters＇ earnings, and headquarters have the motivation to intervene subsidiaries＇ change behaviors, which may lead to the ambiguous conclusions of the relationship between negative performance-aspiration gaps and companies＇ change behaviors. Therefore, this paper employs the data of business groups to study whether subsidiaries have motivation to implement innovation change when performance aspiration declining, and the impact of headquarters on subsidiaries＇ innovative change in the context of the imperfect institutional environment. Based on the relevant data of listed firms from the year 2012 to 2015, the empirical results show that： subsidiaries have more motivation to improve their innovation performance, when their performance declines below aspirations for acceptable performance; the finance pledge of headquarters and pyramidal control layers of headquarters-subsidiary weaken the negative relationship between subsidiaries＇ performance shortfalls and innovation performance. Further study finds that： the shortfall of performance aspiration improves subsidiaries＇ innovative capacity when subsidiaries are profitable and reduces the innovation performance when subsidiaries operate at a loss, suggesting that subsidiaries must grasp the appropriate opportunity of innovation change. The impacts of headquarters on subsidiary innovation performance depend on the context of subsidiaries�
作者
陈志军
郑丽
马鹏程
Chen Zhijun;Zheng Li;Ma Pengcheng(School of Management,Shandong Universit)
出处
《南开管理评论》
CSSCI
北大核心
2018年第5期213-224,共12页
Nankai Business Review
基金
国家自然科学基金项目(71672102)
国家自然科学基金青年项目(71602099)
山东省社会科学规划研究项目(18BSJJ14)资助
关键词
母子公司
期望绩效
金字塔层级
创新变革
Headquarters-Subsidiary
Performance Aspiration
Pyramidal Layers
Innovation Change
