多重绩效反馈不一致性对企业技术创新影响的实证研究

叶红雨 赵也然

摘 要：企业从历史与社会2个维度对绩效做出评价，这种评价给予企业不同的反馈结果，不一致的反馈结果会影响企业技术创新，同时还受到管理层主观认知的影响。通过运用2013—2019年沪深两市A股制造业上市公司的面板数据，实证检验多重绩效反馈不一致性对企业技术创新的影响，以及管理层过度自信对上述关系的调节作用。研究结果表明，消极历史-积极社会绩效反馈正向影响企业技术创新，而积极历史-消极社会绩效反馈负向影响企业技术创新。进一步研究发现，管理层过度自信正向调节消极历史-积极社会绩效反馈和企业技术创新的关系，对积极历史-消极社会绩效反馈和企业技术创新之间的关系没有显著调节效应。研究成果有助于从主观认知角度剖析企业技术创新的影响因素，从而为企业管理实践提供借鉴。

关键词：行为经济学;多重期望绩效;多重绩效反馈不一致性;技术创新;管理层过度自信

中图分类号：F 272.91;F 273.1

文献标识码：A   文章编号：1672-7312（2021）04-0368-08

An Empirical Study on the Impact of Inconsistent Multiple

Performance Feedback on Enterprise Technological Innovation

YE Hongyu，ZHAO Yeran

（Business School，University of Shanghai for Scienceand Technology，Shanghai 200093，China）

Abstract：The enterprise evaluates performance from thehistorical and social dimensions.This evaluation gives the enterprise differentfeedback results.Inconsistent feedback results will affect the enterprisestechnological innovation，and it is also affected by the subjective perception ofthe management.Based on the panel data of Shanghais and Shenzhens A-sharemanufacturing listed firms from 2013 to 2019，an empirical test was made totestify the relationship between multiple performance feedback inconsistency andenterprise technological innovation，and the moderate effect of managerialoverconfidence in this relationship.The results show that：There is a positiverelationship between the negative history and positive industrial performancefeedback and enterprise technological innovation.On the contrary，there is anegative relationship between the positive history and negative industrialperformance feedback and enterprise technological innovation.Further studyindicates that managerial overconfidence have a moderating effect on therelationship between negative history and positive industrial performancefeedback and enterprise technological innovation，but have no significantmoderating effect on the relationship between positive history and negativeindustrial performance feedback and enterprise technological innovation.Thispaper is helpful to analyze the influencing factors of enterprise technologicalinnovation from the perspective of subjective cognition，so as to providereference for enterprise management practice.

Key words：behavioral economics;multiple aspiration levels;

multiple performance feedback inconsistency;technology innovation;managerialoverconfidence

0 引言

企業技术创新是企业的一项重大战略举措，具有高风险、长周期的特点，能否选择合适的时机进行技术创新决定了企业是否能在日益激烈的竞争中脱颖而出[1]。行为经济学认为，企业是目标驱动的，实际绩效与期望绩效目标之间的反馈结果能够为企业技术创新提供依据[2]。为了更好地评估绩效状况，企业通常设置历史与社会2个期望绩效维度，将实际绩效分别与之对比得到多重绩效反馈。……