Innovation is the power source of economic growth, and performance is the decisive factor of enterprise inno－vation.Based on the data of Chinese listed companies from 2007 to 2015, the relationships between the directions of per－formance change and innovation are tested.The results show that the innovation behaviors are obvious different between the company of performance growth and the company of performance decline: there is a significant inverted U－shaped re－lationship between the degree of performance decline and the innovation intensity, but there is a significant U－shaped re－lationship between the degree of performance growth and the innovation intensity, and the above relationships show obvi－ous differences with the different of property rights, that is, the innovation has significant impacts on both the short－term and the long－term value improvement to the company of performance decline, but only has a significant impact on the short－term value improvement to the company of performance growth.%创新是经济增长的动力源,绩效是企业创新的决定性因素.基于2007 年－2015 年沪深上市企业数据实证检验绩效变动方向与创新强度的关系,本文发现绩效衰退型企业和绩效提升型企业的创新行为存在明显差异,主要表现为绩效衰退幅度与创新强度呈显著的倒U型关系,而绩效提升幅度与创新强度呈显著的U 型关系,且上述关系因企业产权性质的不同而存在明显差异:绩效衰退型企业的研发创新对企业短期和长期价值的提升具有显著影响,而绩效提升型企业的研发创新仅对企业短期价值的提升具有显著影响.
展开▼
