业绩期望差距与企业战略导向——基于中国上市公司的实证分析

管理评论 ›› 2022, Vol. 34 ›› Issue (1): 242-254.

业绩期望差距与企业战略导向——基于中国上市公司的实证分析

钟熙¹, 宋铁波², 陈伟宏³, 翁艺敏²

1. 广东工业大学管理学院, 广州 510520;
2. 华南理工大学工商管理学院, 广州 510640;
3. 广西大学经济学院, 南宁 530004

收稿日期:2018-09-10 出版日期:2022-01-28 发布日期:2022-02-25
通讯作者: 宋铁波(通讯作者),华南理工大学工商管理学院教授,博士生导师,博士。
作者简介:钟熙,广东工业大学管理学院讲师,博士;陈伟宏,广西大学经济学院助理教授,博士;翁艺敏,华南理工大学工商管理学院,硕士。
基金资助:
国家社会科学基金一般项目（20BGL103）。

Attainment Discrepancy and Corporate Strategic Orientation——An Empirical Analysis Based on Chinese Listed Companies

Zhong Xi¹, Song Tiebo², Chen Weihong³, Weng Yimin²

1. School of Management, Guangdong University of Technology, Guangzhou 510520;
2. School of Business Administration, South China University of Technology, Guangzhou 510640;
3. School of Economics, Guangxi University, Nanning 530004

Received:2018-09-10 Online:2022-01-28 Published:2022-02-25

摘要/Abstract

摘要： 已有文献大量考察了战略导向的影响后果，但却对战略导向的前因因素知之甚少。基于企业行为理论的洞见，本文探讨了业绩期望差距与企业战略导向之间的关系，并分析了业绩波动性与财务冗余对上述关系的调节作用。利用2007—2016年中国A股上市公司的经验数据，本文研究发现：负向业绩期望差距与企业探索型战略呈倒U型关系；正向业绩期望差距与企业防御型战略呈倒U型关系；业绩波动性增强了负向业绩期望差距与企业探索性战略之间的倒U型关系，以及正向业绩期望差距与企业防御型战略之间的倒U型关系；财务冗余增强了负向业绩期望差距与企业探索型战略之间的倒U型关系，但削弱了正向业绩期望差距与企业防御型战略之间的倒U型关系。

关键词: 负向业绩期望差距, 正向业绩期望差距, 探索型战略, 防御型战略

Abstract: Existing literature has examined the impact of strategic orientation, but revealed little about the antecedents of strategic orientation. Based on firm behavior theory, this paper explores the relationship between attainment discrepancy and corporate strategic orientation, and the moderating role of performance volatility and financial slack. Using the empirical data of Chinese A-share listed companies from 2007 to 2016, this study finds that: Negative attainment discrepancy has an inverted U-shaped relationship with prospector strategy; Positive attainment discrepancy has an inverted U-shaped relationship with corporate defensive strategy; Performance volatility enhance the inverted U-shaped relationship between the negative attainment discrepancy and the corporate prospector strategy, as well as the inverted U-shaped relationship between the positive attainment discrepancy and the corporate defensive strategy; Financial slack enhances the inverted U-shaped relationship between the negative attainment discrepancy and the corporate prospector strategy, but weakens the inverted U-shaped relationship between the positive attainment discrepancy and the corporate defensive strategy.

Key words: negative attainment discrepancy, positive attainment discrepancy, prospector strategy, defensive strategy

钟熙, 宋铁波, 陈伟宏, 翁艺敏. 业绩期望差距与企业战略导向——基于中国上市公司的实证分析[J]. 管理评论, 2022, 34(1): 242-254.

Zhong Xi, Song Tiebo, Chen Weihong, Weng Yimin. Attainment Discrepancy and Corporate Strategic Orientation——An Empirical Analysis Based on Chinese Listed Companies[J]. Management Review, 2022, 34(1): 242-254.

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