新时期新阶段，我国企业所处的经营环境异常复杂多变，这对于企业的发展既是一 是一种挑战更是一种机遇。企业决策者在面临这种复杂多变的经营环境之时，对于决策 信息的正确判断就显得格外重要，尤其当企业实际绩效未达到期望绩效而出现绩效衰退 的时候。创新是企业成长的动力之源，它能够为企业获得竞争优势。因此，当企业实际 绩效低于期望绩效的时候，越来越多的企业决策者开始关注创新驱动发展战略，并且他 们逐渐意识到企业进行创新或许能够改善绩效或者避免陷入生存危机。企业创新行为对 于改善绩效衰退现象具有重要的现实意义。 考虑到企业创新行为对于推动企业长远健康可持续发展起着至关重要的作用，当今 国内学者对我国经济转型时期的企业创新研究越来越重视，也取得了较为丰富的成果， 但研究也发现在当前严厉的环境规制政策及趋势下，高污染企业在面临绩效衰退情况之 时，绩效衰退对企业创新行为是否有影响，并未进行深入研究与探讨；此外，已有学者 研究表明绩效衰退对营销能力有影响，营销能力对企业创新行为有影响，但是营销能力 是否在绩效衰退与企业创新行为之间起中介作用尚未进行深入研究。虽然已有研究可以 从理论框架方面对企业创新理论加以完善，但还是存在诸多不足之处。企业决策者对于 绩效衰退所采取的态度不同：有的倾向于冒险特征的创新活动，有的倾向于风险规避， 选择哪种风险态度这仍旧是一个尚未解决的问题。鉴于此，本研究将绩效衰退状态下的 企业营销能力以及政府制定的环境规制纳入决策行为模型，试图探讨企业内部的营销能 力对绩效衰退与企业创新行为关系的中介作用以及外部环境规制对绩效衰退与企业创 新行为关系的调节作用。本研究以我国沪深 A 股市场为样本总体，从中筛选了 128 家 2011—2015 年符合标准的重污染企业作为研究样本，采用 stata.14 软件对模型进行了实 证检验，并得出结论：（1）绩效衰退对企业创新行为有显著正向影响；（2）绩效衰退 对营销能力有显著正向影响；（3）营销能力对企业创新行为具有显著正向影响；（4） 营销能力在绩效衰退与企业创新行为之间起部分中介作用；（5）环境规制在绩效衰退 与企业创新行为之间起正向调节作用。本文从实证角度验证了营销能力的有效性与环境 规制的必要性，为我国绩效衰退企业如何走出困境提供了崭新的视角。 关键词：绩效衰退；企业创新行为；营销能力；环境规制；重污染企业II Abstract In the new stage of the new era, the business environment in which Chinese enterprises are located is extremely complex and changeable. This is both a challenge and an opportunity for the development of enterprises. When corporate decision makers face this complex and ever-changing business environment, the correct judgment of decision-making information is particularly important, especially when the actual performance of the enterprise does not reach the expected performance and performance decline occurs. Innovation is the driving force behind the growth of a company, and it can provide a competitive advantage for the company. Therefore, when the actual performance of the company is lower than the expected performance, more and more corporate decision-makers begin to pay attention to the innovation-driven development strategy, and they gradually realize that the enterprise innovation may improve performance or avoid a survival crisis. Enterprise innovation behavior has important practical significance for improving performance decline. Considering that corporate innovation behavior plays a vital role in promoting the long-term healthy and sustainable development of enterprises, today's domestic scholars pay more and more attention to the research of enterprise innovation in China's economic transition period, and have also achieved rich results, but the research also found that Under the current strict environmental regulation policies and trends, when high-pollution enterprises are facing performance decline, whether performance degradation has an impact on corporate innovation behavior has not been thoroughly studied and discussed; in addition, scholars have shown that performance decline Marketing ability has an impact, marketing ability has an impact on corporate innovation behavior, but whether marketing ability plays a mediating role between performance decline and corporate innovation behavior has not been studied in depth. Although existing research can improve the theory of enterprise innovation from the theoretical framework, there are still many shortcomings. Corporate decision makers have different attitudes toward performance decline: some tend to be risky innovative activities, some tend to risk avoidance, and which risk attitude is still an unresolved issue. In view of this, this study incorporates corporate marketing capabilities in the state of declining performance and government-defined environmental regulations into the decision-making behavior model, in an attempt to explore the mediating role of intra-firm marketing capabilities on the relationship between performance degradation and corporate innovation behavior, and external environmental regulation for performance decline. The role of regulation in relation to corporate innovation behavior. This study takes China's Shanghai and Shenzhen A-share market as the sample population, and screens 128 heavily pollutingIII enterprises that meet the standards from 2011 to 2015 as a research sample. The model is tested empirically using stata.14 software and concludes: (1) Performance decline has a significant positive impact on corporate innovation behavior; (2) performance decline has a significant positive impact on marketing capabilities; (3) marketing ability has a significant positive impact on corporate innovation behavior; (4) marketing capability in performance The recession and the innovation behavior of the enterprise play a partial intermediary role; (5) the environmental regulation plays a positive adjustment role between the performance decline and the enterprise innovation behavior. This paper verifies the effectiveness of marketing capability and the necessity of environmental regulation from an empirical perspective, and provides a new perspective for how China's performance decline enterprises can get out of the predicament. Key words: Performance recession; Enterprise innovation behavior; Marketing ability; Environmental regulation; Heavy polluting enterprise 、目录 摘要............................................................................................................................................ I Abstract ..................................................................................................................................... II 第 1 章 绪论........................................................................................................................... 1 1.1 研究背景.................................................................................................................... 1 1.2 研究目的.................................................................................................................... 3 1.3 研究意义.................................................................................................................... 3 1.3.1 理论意义.......................................................................................................... 3 1.3.2 实践意义.......................................................................................................... 3 1.4 研究内容.................................................................................................................... 4 1.5 研究方法与技术路线................................................................................................ 5 1.5.1 研究方法.......................................................................................................... 5 1.5.2 研究技术路线图.............................................................................................. 5 1.6 研究的创新之处........................................................................................................ 6 第 2 章 文献综述................................................................................................................... 7 2.1 绩效衰退.................................................................................................................... 7 2.1.1 绩效衰退的内涵.............................................................................................. 7 2.1.2 绩效衰退的相关研究...................................................................................... 7 2.2 营销能力.................................................................................................................... 8 2.2.1 营销能力内涵.................................................................................................. 8 2.2.2 营销能力的相关研究...................................................................................... 9 2.3 环境规制.................................................................................................................. 10 2.3.1 环境规制的内涵............................................................................................ 10 2.3.2 环境规制的相关研究.................................................................................... 11 2.4 企业创新行为.......................................................................................................... 11 2.4.1 企业创新的内涵............................................................................................ 11 2.4.2 企业创新行为的相关研究............................................................................ 12 2.5 变量间的相互关系.................................................................................................. 12 2.5.1 绩效衰退与企业创新行为的关系研究........................................................ 12 2.5.2 绩效衰退与营销能力的关系研究................................................................ 13 2.5.3 营销能力与企业创新行为的关系研究........................................................ 14 2.5.4 环境规制与企业创新行为的关系研究........................................................ 14 2.6 研究评述.................................................................................................................. 15 第 3 章 理论基础与研究假设............................................................................................. 16 3.1 理论基础.................................................................................................................. 16 3.1.1 资源依赖理论................................................................................................ 16 3.1.2 企业行为理论................................................................................................ 16 3.1.3 制度理论........................................................................................................ 17 3.2 研究假设与模型构建.............................................................................................. 18 3.2.1 绩效衰退与企业创新行为............................................................................ 18 3.2.2 绩效衰退与营销能力.................................................................................... 19 3.2.3 营销能力与企业创新行为............................................................................ 203.2.4 营销能力的中介作用.................................................................................... 21 3.2.5 环境规制的调节作用.................................................................................... 22 3.2.6 理论模型构建................................................................................................ 22 第 4 章 研究设计................................................................................................................. 24 4.1 样本选择与数据来源.............................................................................................. 24 4.2 变量测量.................................................................................................................. 24 4.2.1 被解释变量：企业创新行为........................................................................ 24 4.2.2 解释变量：绩效衰退.................................................................................... 24 4.2.3 中介变量：营销能力.................................................................................... 25 4.2.4 调节变量：环境规制.................................................................................... 25 4.2.5 控制变量........................................................................................................ 26 4.3 模型设定.................................................................................................................. 27 第 5 章 实证结果分析......................................................................................................... 29 5.1 描述性统计分析...................................................................................................... 29 5.2 相关性分析.............................................................................................................. 29 5.3 多元回归分析.......................................................................................................... 31 5.3.1 绩效衰退与企业创新行为：营销能力的中介作用.................................... 31 5.3.2 绩效衰退与企业创新行为：环境规制调节作用........................................ 32 5.4 稳健性检验.............................................................................................................. 33 第 6 章 研究结论与展望..................................................................................................... 35 6.1 主要研究结论.......................................................................................................... 36 6.2 管理启示.................................................................................................................. 36 6.3 研究局限与展望...................................................................................................... 38