业绩期望顺差、知识产权保护与绩优企业创新

研究绩优企业创新行为，探讨了产权性质与知识产权保护的情景效应，回答了企业组织是遵循“富则思安”的行为惯性抑或是“富而思进”的可能性。基于2011-2017年主板A股上市公司数据研究发现，业绩期望顺差显著抑制企业创新投入，且这种抑制作用在国有企业中更强，总体上绩优企业创新行为遵循“富则思安”的行为惯例。进一步研究发现，随着我国创新驱动发展战略的实施及知识产权保护制度的完善，知识产权保护能促进企业创新投入，且能有效降低业绩期望顺差对企业创新投入的抑制作用。这一作用机制在知识产权保护越强的情况下，越能引导绩优民营上市公司从“富则思安”向“富而思进”转变。

Performance Expectation Surplus,Intellectual Property Protection and Innovation Investment

This paper studies the innovative behavior of merit companies, explores the situational effect of the nature of property rights and the protection of intellectual property, and answers the question that enterprises follow "comfortable" or "enterprising" behavior after making profits.The study based on the data of the A-share listed companies from 2011 to 2017 shows that the performance expectation surplus can significantly inhibit the innovation investment of enterprises, especially in state-owned enterprises.It means that the innovation of merit companies tends to the "comfortable" behavior after making profits.Meanwhile, we find that the protection of intellectual property can promote enterprise innovation investment and reduce the negative?impact of performance expectation surplus on enterprise innovation investment with the implementation of innovation-driven development strategy and the improvement of intellectual property protection system in China .Furthermore, the stronger protection of intellectual property can promote the mechanism’s effect more effectively to guide merit private companies from "comfortable" to "enterprising" after making profits.This study demonstrates the importance of optimizing the legal environment for scientific and technological innovation in the process of cultivating merit enterprises as innovative leading enterprises.