中国A股制造业上市公司业绩期望差距与研发投入 ——冗余资源的调节效应研究
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摘要
本文对制造业上市公司业绩差距他企业研发投入的关系进行分析，并探讨了冗余资源对上述关系的的调节效应，其目的在于为中国制造企业提高核心竞争力，促进资源有效利用提出合理化建议。通过对中国A股制造业2011-2017年间732家上市公司5142个观测值构成的面板数据进行实证检验，本文得到以下结论：业绩期望差距与企业研发投入负相关，顺差企业研发投入强度低于落差企业，冗余资源的调节作用因资源持有量高低不同而不同。本文的结论揭示了不同业绩反馈信号下的企业研发投入特征，也拓展了以往研究着眼于冗余资源简单线性调节作用的局限。
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Chinese Journal of Social Science and Management Editorial Division
The Office of Research and Development, Panyapiwat Institute of Management
85/1 Moo 2, Chaengwattana Rd., Bang Talat, Pakkred, Nonthaburi 11120, Thailand
Tel. 02 855 01048 E-mail: cjssm@pim.ac.th
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