A Research On The Impact Of Performance Expectation GAP On Innovation Of Listed Companies

Innovation is the driving force of the country’s sustainable development.It is crucial for enterprises to learn and obtain long-term competitive advantages,and it is also favored by the academia.As the main body of innovation in the economy,enterprises have attracted much attention from the academic circle.How to stimulate and improve the innovation level of enterprises is a difficult problem that both enterprises and the academic circle have been trying to overcome.Scholars mainly carry out research from two major directions: One is the perspective of external factors,such as market structure,macro-economy,institutional environment,industrial policy,etc.;second,the perspective of internal factors of enterprises,such as corporate heterogeneity,corporate internal governance.The preliminary research mainly focuses on exploring the external factors that influence enterprise innovation,and the research results have been quite comprehensive.From the perspective of enterprise heterogeneity,the later research gradually focuses on the internal factors that affect enterprise innovation,such as the characteristics of management and enterprise.In recent years,scholars at home and abroad began to analyze the relationship between enterprise behavior theory and prospect theory from a new perspective.99/5000According to the behavioral theory of enterprises,enterprises,as a goal-oriented organizational system,will set a satisfactory reference point,namely the level of performance expectation,in the process of evaluating the actual performance of enterprises,and the gap between the actual performance of enterprises and the level of performance expectation will affect the adjustment of enterprises to existing strategies or practices.The reference point,namely the performance expectation level,is not only generated from the internal self-evaluation based on past performance,namely the historical performance expectation,but also generated from the target level of the industry,namely the industry performance expectation.When the actual performance level of the enterprise is lower than the performance expectation level,the enterprise is in the performance expectation gap state;When the actual performance level is higher than the expected performance level,the enterprise is in the expected performance surplus.On the basis of sorting out relevant researches on enterprise innovation andexpectation gap,this paper analyzes and verifies the relationship between performance expectation gap and enterprise innovation from a new perspective of enterprise behavior theory and prospect theory on the basis of mechanism and demonstration.At the mechanism level,according to the performance expectation level of the reference point,the performance expectation gap subdivides the performance expectation gap and the performance expectation surplus,and then draws on the organizational risk preference model,the two states of the gap and the surplus,respectively,the “survival point” and the “success point” Based on two more detailed reference points,the performance expectation gap is subdivided into two scenarios:business distress and bankruptcy threat.The performance expectation surplus is subdivided into two scenarios: excellent operation and successful operation.Explain the impact of the performance expectation gap and the performance expectation surplus on the enterprise innovation under different reference point scenarios,and further analyze whether the above-mentioned influences are heterogeneous among different enterprise properties,and propose research hypotheses.On the empirical level,based on the sample data of 1304 Chinese A-share listed companies in2011-2017,based on the measurement results of the performance expectation gap,the performance expectation gap indicator is measured,and the performance expectation gap of China’s A-share listed companies is analyzed.The current status of enterprise innovation.Finally,based on the above research sample data and calculation results,the index system and empirical model are constructed.The Stata SE15.1 software is used to perform random effects model regression and robustness test.The research conclusion is robust and the research hypothesis is verified.The research findings of this paper are as follows :(1)there is a linear positive correlation between the performance expectation gap and enterprise innovation,that is,the innovation intensity of enterprises will increase with the increase of the performance expectation gap.(2)the relationship between the expected surplus of performance and enterprise innovation is not a simple linear relationship,but a u-shaped relationship,that is,with the continuous increase of the expected surplus of performance,enterprise innovation will first decrease and then increase.(3)The influence of performance expectation gap on enterprise innovation is heterogeneous among different enterprise natures.Compared with non-state-owned enterprises,the state-owned nature of state-owned enterprises may weaken the innovation of listed enterprises,no matter in the condition of performance expectation gap or surplus.The empirical results show that the weakening coefficients are-0.3497 and-0.3472,bothsignificant at the significance level of 5%.(4)There is a positive correlation between the level of management compensation and enterprise innovation,that is,the innovation of listed enterprises will increase with the increase of the level of management compensation.(5)The redundant resources of listed enterprises can promote the innovation of enterprises,and the lower financial leverage can enhance the innovation ability of enterprises.And the above research conclusions are robust.Research of this paper enriches the research concerning the performance gap and enterprise innovation,to help the management of listed companies the correct view of enterprise’s performance expectations or surplus and improve management in response to divide,and surplus of four kinds of scene decision-making ability,to improve the innovation ability of listed companies to provide some practical implications.