摘要
利用2011—2015年中国A股上市公司数据,本文实证探讨了经营期望落差对企业研发投入与广告投入的影响,以及未来绩效预期负反馈对上述关系的调节作用.研究结果表明:当企业实际绩效低于经营期望水平时,经营期望落差与企业研发投入显著负相关,经营期望落差与企业广告投入显著正相关;未来绩效预期负反馈负向调节经营期望落差与企业研发投入之间的负相关关系,以及经营期望落差与企业广告投入之间的正相关关系.本文研究结论对深入理解企业研发投入和广告投入行为具有一定的启示意义.
Using the data of A-share listed companies in China from 2011 to 2015,it empirically examined the relationships among the negative performance gap,advertising investment and RD investment,and the moderating effect of the future negative performance feedback on the above relationships. Results show that： when the actual performance below aspiration level,negative performance gap is negatively associated with firm＇s RD investment and positively associated with firm＇s advertising investment. In addition,the future negative performance feedback has negative moderating effects on the negative relationship between existing negative performance gap and firm＇s RD investment,and the positive relationship between existing negative performance gap and firm＇s advertising investment as well. Such findings provide a more comprehensive understanding about firms＇ RD investment and advertising investment behaviors.
出处
《研究与发展管理》
CSSCI
北大核心
2018年第1期12-21,91,共11页
R&D Management
基金
国家自然科学基金青年项目"地方市场分割制度环境对企业跨区市场进入模式选择的影响与作用机理研究"(71102052)
国家社会科学基金重点项目"转型升级制度压力下优势制造企业战略反应与政策"(15AGL003)
教育部重大攻关项目"中国制造业转型升级战略研究"(15JZD020)
关键词
经营期望落差
研发投入
广告投入
未来绩效预期负反馈
negative performance gap
R＆D investment
advertising investment
future negative performance feedback
