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以2012—2015年A股上市公司为样本,分析绩效下滑公司提高竞争优势摆脱经营困境的决策机制。研究发现:相比发展前景较好的公司,绩效下滑公司更迫切提高技术创新能力,且绩效下滑程度越大,公司对提高创新能力的愿望越强;绩效下滑公司可以依赖企业集团的扶持提高创新绩效,也可以在外部市场利用慈善捐赠释放信号,传递公司拥有较强的竞争优势的信息。进一步分析发现,上市公司依附企业集团、慈善捐赠两种决策手段对创新的影响存在替代效应。
Taking the A-share listed companies in 2012-2015 as a sample, this paper analyzes the declining performance of the company’s decision-making mechanism to improve its competitive advantage and get rid of the operational difficulties. The results show that: Compared with the good prospects of the development of companies, the decline in performance companies are more urgent to improve technological innovation capability, and the greater the performance decline, the company’s desire to improve innovation ability stronger; Performance decline Companies can rely on the support of enterprise groups to improve innovation Performance, you can also use the charity donation in the external market to release the signal, pass the company has a strong competitive advantage of the information. Further analysis found that listed companies dependent on enterprise groups, charitable donations two kinds of decision-making means there is a substitution effect on innovation.