管理评论

管理评论 ›› 2025, Vol. 37 ›› Issue (7): 200-213.

• 组织与战略管理 • 上一篇    下一篇

管理者短视主义波动、多元化战略与企业投入

任声策1, 杜梅1, 操友根2   

  1. 1. 同济大学上海国际知识产权学院, 上海 200092;
    2. 安徽大学商学院, 合肥 230601
  • 收稿日期:2022-08-23 发布日期:2025-07-30
  • 作者简介:任声策，同济大学上海国际知识产权学院教授，博士生导师，博士;杜梅，同济大学上海国际知识产权学院博士研究生;操友根（通讯作者），安徽大学商学院讲师，博士。
  • 基金资助:
    国家自然科学基金项目（72472115；72072129）；上海市2023年度“科技创新行动计划”软科学研究项目（23692102900）；中央高校基本科研业务费专项资金资助项目（22120210242）；安徽省社会科学创新发展研究课题（2024CXQ023）；安徽省哲学社会科学规划项目（AHSKQ2024D040）。

Decision-makers’ Myopia Fluctuations, Diversification Strategies and Enterprise Investment

Ren Shengce1, Du Mei1, Cao Yougen2   

  1. 1. Shanghai International College of Intellectual Property, Tongji University, Shanghai 200092;
    2. School of Business, Anhui University, Hefei 230601
  • Received:2022-08-23 Published:2025-07-30

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摘要： 管理者作为企业重大战略的决策者，其长远导向是企业抵御环境威胁和维持长久发展的基石。然而，实践中突发重大公共危机事件给企业生产经营活动带来诸多挑战，使管理者往往陷入短期获益和长期发展平衡的两难之中，短视主义愈发普遍且波动愈加显著。因此，管理者如何在短视主义波动中做出战略选择，从而在危机中孕育新的增长机遇？基于高阶理论和资源基础观，剖析突发重大公共危机事件下管理者短视主义波动、多元化战略对企业投入的影响以及吸收能力和组织冗余的调节作用。结果表明：管理者短视主义波动会显著减少研发投入，同时显著增加广告投入。管理者短视主义波动对研发投入和广告投入的影响主要通过多元化战略来实现。企业吸收能力越强，管理者短视主义波动对研发投入的负面影响越弱，而对广告投入的正面影响越强。沉淀性冗余资源越丰富，管理者短视主义波动对广告投入的正面影响越弱，相反，未沉淀性冗余资源越丰富，管理者短视主义波动对广告投入的正面影响越强。结论从理论上揭示了突发重大公共危机下管理者短视主义波动的影响效果，拓展了管理者短视主义、多元化战略等相关研究，并为企业提升投资水平提供了理论依据和实践启示。

关键词: 管理者短视主义波动, 多元化战略, 吸收能力, 组织冗余, 企业投入

Abstract: For an enterprise, its decision-makers’ long-term orientation plays a prominent role in its withstanding environmental threats and maintaining sustainable growth. However, not all decision-makers have a long-term vision. Myopia becomes more and more common, especially during the outbreak and spread of public crises that bring challenges to the production and operation activities of an enterprise, and catch its decision-makers in the dilemma of balancing short-term benefits and long-term development. This problem arouses the question of how decision-makers should navigate myopia fluctuations to make strategic choices in sudden public crises and nurture new growth opportunities? Based on upper-echelon theory and a resource-based view, we analyze the impact of decision-makers’ myopia fluctuations and diversification strategies on enterprise investment, and the moderating effects of absorptive capacity and organizational redundancy. The results show that decision-makers’ myopia fluctuations will significantly reduce R&D investment and significantly increase advertising expenditures. The effect of fluctuations in decision-makers’ myopia on R&D investment and advertising is primarily realized through diversification strategies. When the corporate absorptive capacity is stronger, the negative impact of decision-makers’ myopia fluctuations on R&D investment is weaker, while the positive impact on advertising expenditures is stronger. When the absorbed slack resources are abundant, the positive impact of decision-makers’ myopia fluctuations on advertising expenditures is weaker. On the contrary, when the unabsorbed slack resources are abundant, the positive impact of decision-makers’ myopia fluctuations on advertising expenditures is stronger. The conclusion theoretically reveals the effect of decision-makers’ myopia fluctuations in sudden major public crises, expands the related studies of managerial myopia and diversification strategy, and provides certain theoretical guidance and practical insights for the improvement of enterprise input level.

Key words: decision-makers’ myopia fluctuations, diversification strategy, absorptive capacity, organizational redundancy, enterprise investment