企业成长战略的政府导向抑或市场导向：珠三角173个样本

Government Guidance or Market Guidance of Growth Strategy of Enterprises:173 Samples in the Pearl River Delta in Guangdong Province

以政治关联构建代表企业"红"的行动,而以创新能力的培育来代表企业"专"的努力,并在文献和理论研究的基础上构建"红"、"专"与企业绩效之间关系的概念模型,然后以珠三角地区173家企业为调查对象进行实证检验。结果发现:即使在市场化程度高的珠三角地区,无论是"红"或者"专",对于企业财务绩效和创新绩效均有显著的正面影响;"红"和"专"还可以交互作用,对企业财务绩效和创新绩效产生更为积极的影响。"又红又专"依然是现阶段制度情境下中国企业成长的最优战略选择。

We define ＂red＂ as the enterprise politically ＂expert＂ as the efforts paid for the enterprise creativity conscious action and their political connections while define accumulation. Based on theoretical studies in the literature, we constructe a conceptual model to study the relationship between ＂red＂ and ＂expert＂ strategy and the enterprise performance. After that, we carry out an empirical test based on the data from 173 enterprises surveyed from the Pearl River Delta in Guangdong Province. The results show that： Even in Guangdong Pearl River Deha region, an area with higher degree of marketization, both ＂red＂ and ＂expert＂ can exert a significantly positive impact on the corporate financial performance and innovation performance. positive impact through their interaction. The combination of business under the current institutional context. ＂Red＂ and ＂expert＂ can bring about a much higher ＂red and expert＂ is still the optimal choice for China