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

摘要： 组织韧性不仅关乎企业自身的生存与发展，也关系到社会经济宏观层面的整体安全与稳定。本文以2010~2019年中国A股上市公司为样本，实证检验了企业创新投入对组织韧性的影响。结果表明，企业创新投入能够显著增强组织韧性。具体表现为：创新投入较多的企业表现出更低的波动性与更高的增长性；在进行一系列内生性处理、稳健性检验并排除替代性假设后，该结论依然成立。机制检验表明，企业创新投入推动战略转型———包括数字化与绿色转型———影响组织韧性。异质性分析发现，在高管具有研发背景、创新投入转化效率更高、管理层语调更为积极、受到分析师关注以及战略柔性更强的企业中，创新投入对组织韧性的促进作用更为显著。进一步研究发现，即使在新冠疫情等极端事件冲击下，企业创新投入仍有助于增强组织韧性。本文揭示了企业通过创新活动“以变应变”，能够动态适应环境变化并实现稳健发展，为企业在面对环境变化与外部冲击时如何增强组织韧性提供了经验证据与管理启示。

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