| 摘要: |
| 多重绩效反馈是指决策时存在多个参照点，且决策主体存在多样性与群体性，致使绩效反馈出现多重性，多重绩效反馈状态可用绩效反馈相关性指标度量。企业数字化投入与其自身绩效反馈状态息息相关，多重绩效反馈下企业如何通过数字化投入实现“涅槃重生”是企业数字化转型须关注的重要问题。本文基于2007—2020年沪深A股上市公司数据，探究了绩效反馈相关性对企业数字化投入的作用，得到如下结论：绩效反馈相关性与企业数字化投入呈U形关系。对绩效反馈相关性进行细分后发现，绩效反馈一致性顺差、一致性落差以及不一致性均提升了企业数字化投入水平；研发背景高管权力深度强化了前述关系；研发背景高管权力广度弱化了绩效反馈相关性、绩效反馈一致性顺差与数字化投入间的关系；董事会正式权力层级强化了绩效反馈相关性与数字化投入的U形关系；董事会非正式权力层级强化了绩效反馈一致性落差与企业数字化投入的关系。考虑企业产权性质，非国有企业的调节作用基本能得到验证；考虑行业属性，在数字产业化企业样本中，多重绩效反馈对企业数字化投入的影响并不明显。本文对多重绩效反馈状态下企业数字化投入行为进行刻画，并考虑了研发背景高管权力结构与董事会权力层级的因素，研究结论有助于企业加深数字化投入决策前置因素的认识，也有助于政府合理制定企业数字化转型支持政策。 |
| 关键词: 多重绩效反馈 模糊性 数字化投入 研发背景高管权力结构 董事会权力层级 |
| DOI：10.13581/j.cnki.rdm.20221433 |
| 分类号:F270 |
| 基金项目:国家社会科学基金项目“大数据情境下国有企业高管层激励与监管动态耦合研究”（18BGL081）；辽宁大学学术型研究生科研创新项目“共同机构所有权与实体企业金融化：协同治理还是竞争合谋”（21GIP004）。 |
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| “Rebirth in the Fog”: Multiple Performance Feedback and Enterprise Digital Investment |
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SHAO Jian-bing, LI Na
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Business School of Economics Department， Liaoning University， Shenyang 110036， China
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| Abstract: |
| Multiple performance feedback refers to the presence of multiple reference points in decision-making， as well as the diversity and group nature of decision-makers， resulting in multiplicity of performance feedback. The state of multiple performance feedback can be measured by performance feedback correlation indicators. Enterprises’ digital input is closely related to their own performance feedback status. How to achieve nirvana rebirth through digital input under multiple performance feedback is an important issue that enterprises must pay attention to in digital transformation. Based on the data of A-share listed companies in Shanghai and Shenzhen from 2007 to 2020， it explored the effect of performance feedback correlation on digital input of enterprises. The results are as following. There is a U-shaped relationship between performance feedback correlation and digital input of enterprises. After subdividing the correlation of performance feedback， it finds that the consistency surplus， consistency gap， and inconsistency of performance feedback all increase the level of digital input of enterprises. The power depth of executives with R&D background strengthens the aforementioned relationship. The power breadth of executives with R&D background weakens the relationship between performance feedback correlation， performance feedback consistency surplus， and digital input. The formal power hierarchy of the board of directors strengthens the U-shaped relationship between performance feedback correlation and digital input. The informal power hierarchy of the board of directors strengthens the relationship between consistency gap of performance feedback and digital input of enterprises. Considering the nature of enterprise property rights， the moderative role of non-state-owned enterprises is basically verified. Considering industry attributes， in the sample of digital industrialization enterprises， the impact of multiple performance feedback on digital input of enterprises is not significant. By depicting digital input behavior of enterprises in the state of multiple performance feedback， and taking into account the factors of power structure of executives with R&D background and power hierarchy of the board of directors， it helps enterprises deepen understanding of the antecedents of digital investment decisions， and also helps the government to reasonably formulate supporting policies for digital transformation of enterprises. |
| Key words: multiple performance feedback fuzziness digital input power structure of executives with R&D background power hierarchy of the board of directors |
