Abstract: To improve the investment value of enterprises in the process of technological innovation, based on the sample data of 310 A-share listed enterprises from 2011 to 2017, this paper explores the impact mechanism of positive expected performance feedback effect on the investment value of enterprises by taking research and development innovation mode, market competition, and the combination of the two as situational effects. The results show that there is a significant positive relationship between the positive expected performance feedback effect and the enterprise investment value. Breakthrough innovation promotes the relationship between positive expected performance feedback effect and enterprise investment value, while progressive innovation plays the opposite role. The more intense the market competition is, the more the positive expected performance feedback effect can promote the improvement of enterprise investment value. The more intense the market competition is, compared with progressive innovation, breakthrough innovation can better promote the positive impact of positive expected performance feedback effect on the investment value of enterprises. The conclusion of this study is of great significance for enterprise decision makers and investors in the financial market.

Key words: positive expected performance feedback, research and development innovation mode, enterprise investment value, context effect

摘要： 针对R&D创新过程中的企业投资价值提升问题，基于2011~2017年间在A股上市的310家企业样本数据，分别以R&D创新方式、市场竞争以及两者的联合为情境效应，探索了正向期望绩效反馈效果对企业投资价值的影响机制。结果表明：正向期望绩效反馈效果与企业投资价值之间呈显著正向关系；突破式创新促进了正向期望绩效反馈效果与企业投资价值之间的关系，而渐进式创新起到了相反作用。市场竞争越激烈，正向期望绩效反馈效果越能促进企业投资价值的提升；市场竞争越激烈，与渐进式创新相比，突破式创新更能促进正向期望绩效反馈效果对企业投资价值的正向影响。研究结论对企业决策者和金融市场上的投资者都具有重要的决策参考意义。

关键词: 正向期望绩效反馈；R&, D创新方式；企业投资价值；情境效应