社会创新导向的企业（SIOE）研发投入绩效研究：双重绩效差异在哪里

越来越多的企业开始将旨在运用商业手段解决社会问题的社会创新，作为企业创新发展新机遇，但在研发投入中如何处理好经济绩效和社会绩效的关系，却面临两难选择。将社会创新融入企业可持续发展中，聚焦社会创新导向企业（SocialInnovation-OrientedEnterprise，下文简称SIOE）的研发为企业发展提供新机遇。利用我国上市公司2012-2017数据，探讨SIOE研发对双重绩效（社会绩效与经济绩效）的影响，分析绩效差异性形成原因。研究结果显示，SIOE研发对经济绩效有即时效应且持续显著，对社会绩效有滞后效应，滞后期为1；基于东中西部地区经济发展水平和制度政策差异，研究发现，仅东部地区和中部地区SIOE研发对经济绩效的推动作用得到证实，西部地区SIOE研发对经济绩效的影响作用没有得到实证支持，但西部地区SIOE研发投入对社会绩效有滞后性影响。而且上述差异与企业年龄和企业成长性有关；SIOE研发投入的经济绩效和社会绩效平衡不仅存在地区差异，而且与参照的时间点有关。

Research on R&D Performance of Social Innovation-Oriented Enterprises (SIOE) : where are the Differences in Dual Performance

More and more enterprises begin to regard social innovation, which aims to solve social problems by commercial means, as a new opportunity for the innovative development of enterprises, however, how to deal with the relationship between economic performance and social performance in R&D is a dilemma. In this paper, the impact of SIOE investment on the relationship between social performance and economic performance is studied, and the 2012-2017 data of listed companies whose main businesses are social innovation-oriented in eastern and western China are taken as samples for hypothesis testing, and its internal mechanism is discussed in detail. The results show that SIOE investment has an immediate and sustained significant effect on economic performance, and a lagging effect on social performance, with a lag period of 1; based on the different economic development and institutional policy, the study found that only SIOE investment of the eastern region and central region confirmed role in promoting development of economic performance, but in the western region SIOE investment has a hysteresis effect on social performance. Moreover, the above differences are also related to the age of enterprises and the growth of enterprises: the balance of economic performance and social performance of R&D in SIOE is not only different from region to region, but also related to the reference time point