总经理继任对创新可持续性的影响

创新活动具有较高调整成本，因而保证创新可持续性对中国企业发展意义重大。以2006-2014年A股制造业上市公司为样本，分析了总经理继任对创新可持续性的影响，并考虑了产品市场竞争和期望绩效反馈的情境效应。实证结果显示：总经理继任对创新可持续性具有负向影响；产品市场竞争越激烈，总经理继任对创新可持续性的负向作用越强；当企业实际绩效低于期望绩效时，产品市场竞争的负向调节作用更为显著；然而，在实际绩效高于期望绩效的情况下，产品市场竞争的负向调节作用被减弱。

Succession of General Manager and the Persistence of Firm Innovation

The innovation activities will result in high adjustment cost.Therefore,keeping the sustainable innovation is very important to the development of firms in China.Using the data of A-share listed companies in manufacturing industry from 2006 to 2014,this paper analyzes the influence of the succession of general manager on the persistence of firm innovation.Therefore we discuss the moderating effects of product market competition and expected performance feedback effect between succession of general manager and the persistence of firm innovation.As a result,we find that succession of general manager has a negative impact on the persistence of firm innovation and intense product market competition can promote their negative relationship.Also,when the actual performance is lower than expected performance,the negative impact of product market competition on the relationship of succession of general manager and the persistence of firm innovation is stronger.However,when the actual performance is higher than expected performance,the negative impact of product market competition is weaken.