资源约束框架下业绩反馈与战略调整方向研究——基于中国上市公司的数据分析

发布时间：2018-03-28 20:53

本文选题：业绩反馈　切入点：资源消耗型并购　出处：《经济管理》2017年03期

【摘要】：本文基于企业行为理论,探讨资源约束框架下业绩反馈与资源消耗型、资源释放型战略行为之间的关系及情境影响机制,并利用中国信息科技行业上市公司的数据进行实证研究,得到以下结论:第一,当企业的实际绩效低于业绩期望水平时,随着业绩期望落差的扩大,企业采取资源消耗型并购来规避损失的行为将减少,而采用资源释放型资产剥离来调整资源配置的行为将增加;第二,CEO权力越大,在战略选择中表现的管理者自利倾向越强,从而推动企业在业绩期望落差扩大状态下开展资源消耗型并购的行为;第三,股权集中度越高的企业,大股东在面临经营危机时参与战略决策的动机越强,随着业绩期望落差加大,大股东在战略选择时表现出较高程度的管家意识,从而采用资产剥离方式改善经营的行为减少。本文论述了业绩反馈与公司治理机制对战略调整方向的影响作用,进一步丰富了企业战略选择研究成果,也为企业冒险性行为的驱动力研究提供了新的视角。
[Abstract]:Based on enterprise behavior theory, this paper discusses the relationship between performance feedback and resource consumption, resource releasing strategic behavior and situational impact mechanism under the framework of resource constraints. Based on the data of listed companies in Chinese information technology industry, the following conclusions are obtained: first, when the actual performance of enterprises is lower than the expected level of performance, with the increase of the gap in performance expectations, The behavior of enterprises adopting resource-consuming mergers and acquisitions to avoid losses will be reduced, while the behavior of adjusting the allocation of resources by means of resource-releasing asset divestiture will increase. The second, the greater the power of CEO, the stronger the self-interest tendency of managers in strategic choice. In order to promote the enterprise to carry out the behavior of resource-consuming M & A under the condition of widening the gap of performance expectation. Third, the higher the degree of equity concentration, the stronger the motivation for large shareholders to participate in the strategic decision when facing the crisis of operation. As the gap in performance expectations increases, major shareholders show a high degree of housekeeping awareness in their strategic choices. This paper discusses the effect of performance feedback and corporate governance mechanism on the strategic adjustment direction, which further enriches the research results of enterprise strategic choice. It also provides a new perspective for the study of the driving force of enterprise risk-taking behavior.
【作者单位】：上海财经大学国际工商管理学院;上海应用技术大学经济与管理学院;上海应用技术大学企业战略管理协同创新中心;
【基金】：国家社会科学基金一般项目“我国企业逆式跨国并购的势差阻滞效应与产业环境驱动机制研究”(15BGL019) 上海财经大学研究生创新基金项目“业绩反馈、战略选择与企业成长”(CXJJ-2014-355)
【分类号】：F272;F275

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