殊途同归还是两歧遂分：战略调整度对企业创新绩效的影响

Different Routes Lead to the Same Goal or Diverge from Each Other: The Impact of Strategic Adjustment Degree on Enterprise Innovation Performance

摘要:

多变的市场环境会使企业的战略处于动态调整过程中，基于此现实背景，结合战略类型和战略激进度实证检验企业战略动态调整对企业创新绩效的影响。首先区分趋向保守型方向和趋向进攻型方向两种战略调整方向，落脚于企业创新绩效，以2011－2019年沪深A股上市企业为研究对象，测度不同方向下的战略调整度，并采用有调节效应的曲线回归模型讨论财务柔性对倒“U”型曲线形态和拐点的影响机制。结果表明：企业不同的战略调整方向会使创新绩效“两歧遂分”，趋向保守型战略调整度与创新绩效显著负相关，趋向进攻型战略调整度与创新绩效存在倒“U”型关系；财务柔性具有非对称的调节效应，在趋向进攻型方向的调整过程中会延长战略调整对创新绩效的正向影响区间。因此，企业要及时随着市场环境作出有关战略调整，既要关注调整可能产生的经济后果，又注意调整的方向和幅度。

Abstract:

The changeable market environment will make the enterprise strategy in the process of dynamic adjustment. Based on this realistic background, combined with the strategy type and the strategic radicalism, this paper studies the impact of strategy dynamic adjustment on enterprise innovation performance. Firstly, we distinguish two strategic adjustment directions: conservative direction and offensive direction, and focus on enterprise innovation performance. Taking the A-share listed enterprises in Shanghai and Shenzhen during 2011-2019 as the research object, we measure the degree of strategic adjustment in different directions, and use the curve regression model with moderating effect to discuss the influence mechanism of financial flexibility on the shape and inflection point of the inverted U curve. The results show that in the process of adjustment towards the offensive direction, the positive influence interval of strategic adjustment on innovation performance will be prolonged. Therefore, enterprises should timely make relevant strategic adjustments along with the market environment, and pay attention not only to the possible economic consequences of the adjustment, but also to the direction and amplitude of the adjustment.