|
|
|
| Organizational Slack,Product Market Competition of Enterprise and the Persistence of Firm Innovation |
| Li Jian,Li Tingting,Pan Zhen |
| Business School of Nanjing Normal University,Nanjing 210023,China |
|
|
|
|
Abstract The high adjustment cost makes the persistence of firm innovation really important for Chinese companies.Based on Tobin’s Q investment model,this paper analyses the smoothing function of organizational slack on innovation investment under the external financing constraints.Additionally,it discusses the different impacts of different types of organizational slack and the context effect that product market competition may have.The empirical results,based on the panel data of Chinese listed companies in manufacturing industry during 2003—2014,show that the persistence of firm innovation is vulnerable to external financing constraints.In this situation,organizational slack plays an important role on smoothing innovation activities,but this effect is only reflected in unfixed slack rather than fixed slack.Moreover,excessive competition in the market will weaken the effect of organizational slack.
|
|
Received: 29 April 2015
|
|
|
|
|
|
[1]鞠晓生,卢荻,虞义华.融资约束、营运资本管理与企业创新可持续性[J].经济研究,2013(1):4-16.
[2]鞠晓生.中国上市企业创新投资的融资来源与平滑机制[J].世界经济,2013(4):138-159.
[3]BROWN J,FAZZARI S,PETERSEN B.Financing innovation and growth:cash flow,external equity and the 1990s R&D boom[J].Journal of finance,2009,64(1):151-185.
[4]BROWN J,PETERSEN B.Cash holdings and R&D smoothing[J].Journal of corporate finance,2011,17(3):694-709.
[5]BOURGEOIS L J.On the measurement of organizational slack[J].Academy of management review,1981,6(1):29-39.
[6]陈晓红,王思颖.组织冗余与公司绩效关系研究——治理制度的调节作用[J].科研管理,2012(9):78-86.
[7]LEWIN A Y,SCHIFF M.The impact of people on budgets[J].Accounting review,1970,XLV(2):259-268.
[8]SHARFMAN M P,WOLF G,CHASE R B,TANSIK D A.Antecedents of organizational slack[J].Academy of management review,1988,13(4):601-614.
[9]李晓翔,刘春林.冗余资源与企业绩效关系的情境研究——兼谈冗余资源的数量变化[J].南开管理评论,2011(3):4-14.
[10]李文君,刘春林.经济危机环境下冗余资源与公司绩效的关系研究——基于行业竞争强度的调节作用[J].当代经济科学,2011(9):85-127.
[11]BAIN J S.Industrial organization[M].New York:John Wiley & Sons,1968.
[12]SINGH J V.Performance,slack and risk taking in organizational decision making[J].Academy of management journal,1986(29),562-585.
[13]姜付秀,屈耀辉,陆正飞,李焰.产品市场竞争与资本结构动态调整[J].经济研究,2008(4):99-110. |
|
|
|
2016, Vol. 0 
