知识流量与企业绩效的关系--来自中国上市公司的经验证据

摘要

Based on the knowledge-based view,this paper uses 262 China′s listed firms during in the period 2010-2014 as the sample,and empirically studies the non-linear relationship between three sources of knowledge flow and firm performance, and the substitute or complement effect among three sources of knowledge flow. The result shows as follows:there is an inverted U-shape relationship between internal knowledge development as well as geo-graphic location as knowledge flow and firm performance respectively;while M&A have a U-sharp relationship with firm performance;there is the substitu-tive effect between internal knowledge development and M&A,and the substitutive effect has a negative impact on firm performance;no substitutive effect or complementary effect is found between internal knowledge development and geographic location.%基于知识基础观，以2010—2014年262家中国上市公司为样本，检验了不同来源的知识流量与企业绩效的非线性关系，以及不同来源的知识流量之间的互补或替代效应。研究结果表明：内部知识开发和地理位置分别与企业绩效之间存在倒U型关系；并购重组与企业绩效之间存在U型关系；内部知识开发与并购重组之间存在相互替代效应，该替代效应对企业绩效产生负向影响；未发现内部知识开发与地理位置之间存在互补或替代效应。