摘要
随着我国经济进入新常态,企业面临的环境不确定性增强,保持适当财务柔性,实施差异化竞争战略加大双元创新投入是企业适应环境变迁的重要手段。本文以2012~2018年我国A股高新技术企业为样本,研究检验了差异化战略对双元创新投入的影响,并将环境不确定性、财务柔性作为调节变量纳入整体框架,考察它们对差异化战略与双元创新投入关系的调节作用。研究结果显示,差异化战略能显著促进企业双元创新投入;环境不确定性能加强差异化战略对双元创新投入的促进作用;财务柔性对差异化战略和双元创新投入间的正向关系具有显著的强化效应。因此,企业为了适应高度环境不确定性,保持财务柔性能够帮助企业实施差异化战略并加大双元创新投入,本文研究对促进我国高新技术企业创新实践有一定的启示。
With China’s economy entering the new normal,the external environment uncertainty faced by enterprises is enhanced,the proper financial flexibility is maintained,and the implementation of differentiated competition strategy to increase dual innovation investment is an important means for enterprises to adapt to environmental changes.Based on the sample of a high-tech enterprises in China from 2012 to 2018,this paper studies and tests the influence of differentiation strategy on dual innovation insestment,and brings environmental uncertainty and financial flexibility as adjustment variables into the overall framework to examine their regulatory role on the relationship between differentiation strategy and dual innovation investment.The results show that the differentiation strategy can significantly promote the enterprise dual innovation investment;the environmental uncertainty strengthens the promotion effect of the differentiation strategy on the dual innovation investment;and the financial flexibility has a significant strengthening effect on the positive relationship between differentiation strategy and dual innovation investment.Therefore,in order to adapt to the high environmental uncertainty,maintaining financial flexibility can help companies implement differentiation strategies and increase dual innovation investment,this study has some enlightenment to promote the innovation practice of high-tech enterprises in China.
作者
王文华
叶沁瑶
沈秀
WANG Wen-hua;YE Qin-yao;SHEN Xiu(Commercial College,Changzhou University,Changzhou 213164,China;Institute of Strategic Management,Nanjing University of Aeronautics and Astronautics,Nanjing 211116,China)
出处
《预测》
CSSCI
北大核心
2021年第2期47-54,共8页
Forecasting
基金
国家社会科学基金资助项目(18BGL082)
江苏省高校青蓝工程资助项目(苏教师〔2020〕10)。
关键词
差异化战略
双元创新投入
环境不确定性
财务柔性
differentiation strategy
dual innovation investment
environmental uncertainty
financial flexibility
