进攻还是防御? 供应链视角下企业战略激进度对企业绩效的影响

摘要/Abstract

摘要： 企业战略决定长期发展，供应链中的企业进行战略规划时必须有更多考量。为全方面探索供应链中企业战略激进度对企业绩效的影响，研究基于战略三脚架理论的制度、产业和资源框架，对2007—2019年中国沪深A股上市公司数据进行实证分析，发现：①企业战略激进度显著提升了企业绩效。②经济政策不确定性在这一关系中起负向调节作用，而市场竞争强度则起正向调节作用。③企业战略激进度能够以降低下游客户集中度或提高企业吸收能力的方式提高企业绩效，而供应商集中度尽管显著负向影响企业绩效，但并未表现出中介作用。④在东部地区、制造业、非国有企业以及内部控制质量高的企业中，战略激进度与企业绩效的正向关系更为显著。研究拓展了战略三脚架理论在供应链情境下的应用，揭示了制度、产业与资源因素在战略激进度影响绩效过程中的多层次作用机制，为企业在复杂供应链环境中制定适应性战略及政府优化营商环境提供了实践指导。

关键词: 供应链, 企业战略激进度, 企业绩效, 战略三脚架理论

Abstract: Corporate strategy is crucial for long-term development, and firms within supply chains must account for a broader range of considerations in strategic planning. This study aims to comprehensively examine the impact of strategic aggressiveness on firm performance in supply chains, employing the strategy tripod framework, which integrates the institution-industry-resource dimensions. An empirical analysis is conducted using data from China's A-share listed companies on the Shanghai and Shenzhen stock exchanges from 2007 to 2019. The findings reveal that: (1) Strategic aggressiveness significantly enhances firm performance. (2) Economic policy uncertainty negatively moderates this relationship, while market competition intensity positively moderates it. (3) Strategic aggressiveness improves firm performance by reducing downstream customer concentration or increasing absorptive capacity, while supplier concentration does not exhibit a mediating effect although it has a significant negative impact on performance. (4) The positive relationship between strategic aggressiveness and firm performance is more pronounced in eastern regions, manufacturing industries, non-state-owned enterprises, and firms with higher internal control quality. This study extends the application of the strategy tripod framework within the supply chain context, revealing the multi-level mechanisms through which institutional, industrial, and resource factors influence the relationship between strategic aggressiveness and firm performance. It provides practical guidance for enterprises to formulate adaptive strategies within complex supply chain environments and for government to optimize the business landscape.

Key words: supply chain, corporate strategic aggressiveness, corporate performance, strategy tripod theory

曹裕, 寇芙柔, 庄严. 进攻还是防御? 供应链视角下企业战略激进度对企业绩效的影响[J]. 管理评论, 2026, 38(3): 224-237.

Cao Yu, Kou Furou, Zhuang Yan. Offensive or Defensive? The Influence of Corporate Strategic Aggressiveness on Corporate Performance from the Perspective of Supply Chain[J]. Management Review, 2026, 38(3): 224-237.

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