Research On The Impact Of Expected Performance Gap On Enterprise Innovation Behavior

In recent years,with the deepening of the scientific and technological revolution in the world,scientific and technological innovation has gradually become the new focus of competition among countries.China’s 14 th Five-Year Plan points out that innovation should always be at the core in the process of modernization,and we should play the main role of enterprises,and gather more high-quality innovation resources to enterprises;We will give full play to the important role of financial subsidy policies in guiding and supporting enterprise innovation,and further introduce and implement corresponding preferential tax policies to improve the innovation ability and willingness of enterprises.From the perspective of enterprises,the implementation of technological innovation often faces the risk of high initial investment,long cycle and uncertain results,which makes enterprises comprehensively consider various factors when implementing innovation behavior.In addition,due to the intensified market competition and the COVID-19,many enterprises have poor performance and are unable to achieve the expected target state.Therefore,the innovation behavior of enterprises in the context of expected performance gap has become an important issue of management theory and management practice.However,due to different theoretical perspectives,different situational factors,and different research samples,domestic and foreign scholars have not reached a consistent conclusion on the research of enterprise innovation behavior under the expected performance gap.On the basis of combing the literature,this paper continues to promote the research on the relationship between the expected performance gap and enterprise innovation behavior,and focuses on the innovation behavior of domestic high-tech manufacturing enterprises under the expected performance gap.Considering the risk characteristics of innovation behavior,the decision-making status of senior executives and the key role of internal innovation resources that can be used for technological innovation in innovation and results,this paper incorporates the factors such as senior executives’ shareholding level,human capital resources and financial and technological subsidies into the research of enterprise innovation behavior under the expected performance gap situation,and combines the theory of enterprise behavior,prospect theory,this paper also combines the theory of enterprise behavior,prospect theory,principal-agent theory and resource-based theory to carry out theoretical analysis,and then constructs the research model.This paper takes the listed enterprises in China’s high-tech manufacturing industry from 2012 to 2020 as the empirical research sample,and uses the panel data fixed effect regression model to conduct empirical test.This paper finds that: first,the expected performance gap of high-tech manufacturing enterprises has a positive role in promoting their innovation behavior.Second,the level of senior executives’ shareholding positively regulates the relationship between the expected performance gap and innovation behavior of high-tech manufacturing enterprises,that is,for high-tech manufacturing enterprises with high level of senior executives’ shareholding,the expected performance gap has a stronger role in promoting enterprise innovation behavior.Third,human capital resources are positively regulating the relationship between the expected performance gap and innovation behavior of high-tech manufacturing enterprises,that is,high-tech manufacturing enterprises with more abundant human capital resources,the expected performance gap has a stronger role in promoting enterprise innovation behavior.Fourth,financial science and technology subsidies are positively regulating the relationship between the expected performance gap and innovation behavior of high-tech manufacturing enterprises,that is,high-tech manufacturing enterprises that receive more financial science and technology subsidies,the expected performance gap has a stronger positive effect on enterprise innovation behavior.Fifth,the interaction between the executive shareholding level and human capital resources positively regulates the relationship between the expected performance gap and innovation behavior of high-tech manufacturing enterprises,that is,when the executive shareholding level and human capital resources reach a high level,it will have a superimposed strengthening effect on the positive relationship between the expected performance gap and innovation behavior of high-tech manufacturing enterprises.Sixth,the interaction between the executive shareholding level and the financial science and technology subsidy positively regulates the relationship between the expected performance gap and innovation behavior of high-tech manufacturing enterprises,that is,when the executive shareholding level and human capital resources reach a high level,it will have a superimposed and reinforcing effect on the positive impact of the expected performance gap on innovation behavior of high-tech manufacturing enterprises.The research contributions of this paper are as follows.First,the impact of expected performance gap on enterprise innovation behavior under different boundary conditions has been more comprehensively examined,and the boundary conditions for enterprises to implement innovation behavior under expected performance gap have been enriched,especially the test of the regulatory effect of human capital that has not been included in the research framework in the past,as well as the test of the interactive regulatory effect of executive shareholding level and innovation resources,It is helpful to expand the boundary conditions of the relationship between the expected performance gap and enterprise innovation behavior.Secondly,the research results of this paper can provide theoretical guidance for enterprises under the expected performance gap to carry out innovation activities,implement the executive stock ownership plan and accumulate human capital,as well as the government to implement the financial science and technology subsidy policy.