业绩期望差距与公司数字创新

摘要/Abstract

摘要： 数字创新正在对中国经济发展和社会进步产生深刻影响，越来越多的上市公司开始投资数字技术，引发理论界和实务界的关注。本文探讨了业绩期望差距与公司数字创新之间的关系，发现当公司实际业绩与期望业绩差距较大时，管理者将面临更高的变革压力，驱动企业进行转型升级，提升数字技术创新能力和水平。进一步探讨业绩期望差距对公司数字创新水平的影响路径发现，业绩期望差距通过提高公司数字化战略变革动机，最终促进公司数字创新水平的提升。此外，在同等的业绩期望差距状态下，融资环境越宽松、行业竞争程度越激烈、人力资本质量越高，业绩期望差距越大的企业越有可能提高其数字创新水平。本研究不仅诠释了公司进行数字创新的动因，也揭示了业绩反馈促进数字创新的作用机制，对企业的长远发展和资本市场的有序运行具有重要启示意义。

关键词: 业绩差距, 数字技术, 公司创新

Abstract: Digital innovation is exerting a profound impact on China’s economic development and social progress, with an increasing number of listed companies investing in digital technologies-drawing significant attention from both academia and industry. This paper examines the relationship between the attainment discrepancy and the company’s digital innovation, finding that when a company’s actual performance and expected performance differ significantly from each other, its management team will face greater pressure for change, thereby driving company to pursue transformation and enhance its digital innovation capabilities. Further analysis reveals that the attainment discrepancy stimulates corporate digital transformation motivations, ultimately improving digital innovation levels. Moreover, under the same level of performance expectation gap, firms are more likely to enhance their digital innovation when external financing is more accessible, industry competition is more intense, and human capital quality is higher. This study not only explains the underlying drivers of corporate digital innovation but also uncovers the mechanism through which performance feedback fosters digital transformation. The findings offer important insights for the sustainable development of enterprises and the orderly functioning of capital markets.

Key words: attainment discrepancy, digital technology, company innovation

宋迪, 郑登津, 林东杰. 业绩期望差距与公司数字创新[J]. 管理评论, 2025, 37(12): 196-208.

Song Di, Zheng Dengjin, Lin Dongjie. Attainment Discrepancy and Digital Innovation for the Company[J]. Management Review, 2025, 37(12): 196-208.

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