关键词: 企业创新投入, 组织韧性, 数字化战略转型, 绿色战略转型

Abstract: Organizational resilience is not only crucial to a firm’s own survival and development, but also to the overall security and stability of the broader socio-economic system. Based on the sample of Chinese A-share listed companies from 2010 to 2019, this paper empirically examines the impact of corporate innovation investment on organizational resilience. The results show that innovation investment significantly enhance organizational resilience. Specifically, firms with higher levels of innovation investment exhibit lower volatility and stronger growth. This conclusion remains robust after the endogeneity treatments, robustness test, and the exclusion of alternative explanations. Mechanism nalyses indicate that promoting strategic transformation, particularly digital strategic transformation and green strategic transformation, is an important pathway through which innovation investment affects organizational resilience. Heterogeneity analyses further reveal that the positive effect of innovation investment on organizational resilience is more pronounced in firms whose executives have research and development backgrounds, a higher innovation-to-output efficiency, a more positive managerial tone, a greater analyst coverage, and a stronger strategic flexibility. Additional analysis shows that even under shocks from extreme events such as COVID-19, corporate innovation investment continues to help strengthen organizational resilience. Overall, this paper demonstrates that firms can “adapt to change with change” through innovation activities, dynamically adapting to environmental shifts and achieving stable and favorable development. The findings offer empirical evidence and managerial insights on how firms can enhance organizational resilience when confronted with environmental changes and shocks.

Key words: corporate innovation investment, organizational resilience, digital strategic transformation, green strategic transformation