摘要：通过研究545 家沪深上市公司2007—2016 年间共5450 个数据样本点，利用固定效应回归模型，基于当前的环境动荡情境，讨论了技术创新持续性与企业绩效在外部环境的复杂关系。结果表明，技术创新持续性与企业绩效存在倒U 型关系，技术环境波动对两者关系不存在显著的调节作用，而市场环境动荡性会激化两者的倒U 型关系：即随着市场的波动性加强,技术创新持续性对企业绩效提升的边际效益提升效果更明显，最高点更高。不过同时创新持续性强度过高带来边际效益下降速度也会被加速。因此企业要重视所在环境的动荡程度，在市场变化平稳的情况下可以适当提升持续性创新的强度，在市场动荡性过强的阶段避免盲目推进企业持续创新，抑或适当减少持续性创新的强度，避免“事倍功半”。

关键词: 环境动荡性, 持续创新行为, 企业绩效

Abstract:  The world is at the edge of a historical tech-revolution and China is standing at the center of storm that has the ability and possibility to completely reform current technology market. That's to say, Chinese enterprises are right in such huge a tide of global change: the technology environment, market environment turmoil or great changes (sometime, even structural reform) will become the common state of enterprise development. This change of commercial environment will bring a hard issue that the relationship between continuous innovation and enterprise performance may become more complex hence is hard to be taken advantage of by companies. Given such an environmental volatility scenario, how can enterprises fulfill corporate performance improvement through continuous innovation? This path is full of challenges and, meanwhile, opportunities. From the perspective of environmental dynamics, this paper tries to explain the complex relationship between continuous innovation and enterprise performance in the current situation, discuss the moderate effect of environmental dynamics on the relationship, and reveal the path of innovation sustainability to improve enterprise performance under different environmental turbulence. Based on the U model of continuous innovation and enterprise performance. Specifically, 5450 data sample points from 545 listed companies, within Shanghai and Shenzhen stock markets, from 2007 to 2016 are selected to conduct empirical evidence,. the complex relationship between technological innovation sustainability and enterprise performance in the external environment is discussed when combined with the current situation of environmental dynamics. The empirical analysis supports the following conclusions :(1) the impact of continuous technological innovation behavior on enterprise performance is nonlinear, there is an inverted U type of relationship. Empirical analysis results show that technological innovation sustainability has an inverted U relationship with enterprise performance. When technological innovation sustainability is low, technological innovation sustainability has a positive effect on enterprise performance. (2) The results of empirical

analysis show that technological environmental dynamics has no significant effect on the relationship between technological innovation sustainability and enterprise performance, while market dynamics plays an important role in the U relationship between technological innovation sustainability and enterprise performance. That is, with more significant fluctuation of market environment, the rising period of technological innovation persistence on enterprise performance will rise faster, and the decline of marginal reward caused by excessive and

continuous innovation behavior which does not match the size of the enterprise itself will be more obvious. There are still many shortcomings of this article, at least including : the technological innovation activities of enterprises are not further divided, the relationship between technological innovation persistence of different models (such as breakthrough innovation and progressive innovation) and different types of technological innovation persistence (such as management innovation, organizational innovation, etc.) and enterprise performance needs further study; third, the research on the environment from the industry level, did not examine the impact of "indirect environment" on the relationship between technological innovation sustainability and enterprise performance. Based on this, the future research topics can be classified to examine the impact of different types of technological innovation on enterprise performance; in addition, the research subjects can be expanded to carry out more in-depth related research on enterprises of different industries and different sizes.

Key words: environmental dynamics, innovation persistence, corporate performance

文章作者：许治 陈郑逸帆 朱明晶

作者单位：华南理工大学工商管理学院

全文已刊发在《科学学与科学技术管理》2020年第12期