新任CEO的企业战略转型动因理论模型研究

A Research on Theoretical Models of Cause of Strategic Transformation Initiated by A New CEO

企业战略转型已经成为学术界和企业界关注的热点议题。CEO作为企业战略领导者,决定了企业的战略导向,而CEO变更则可能给企业带来战略导向的变化,形成战略转型。本文关注CEO变更情境中,影响新任CEO战略决策的要素,通过整合战略管理、认知心理学和公司治理的相关理论分别从战略环境匹配观、认知心理差异和经理人防御三个理论视角,构建了新任CEO企业战略转型动因理论模型。在此基础上,本文一方面明确了三个动因理论模型之间的内在联系;另一方面阐述了本研究对企业如何把握领导权变更实现有效、稳健的战略转型所具有的启示意义。

In such a modem market fraught with uncertainty and complexity, strategic transformation in firms has become a heated topic drawing great attention not only from academic field but also enterprises. As firm＇s strate gic leader, CEO plays a pivotal role in determining the firm＇s strategic orientation, which means that CEO succession would inevitably give rise to changes in the firm＇s strategic orientation that further shape the strategic transformation after CEO succession. Comparing with the ample empirical research attempting to untangle the relationship between CEO succession and strategic change, theoretical research with the aim to analyze what motivates a new CEO to conduct strategic transformation after CEO succession is rare. Notably, strategic transformation differs from strategic adaptation which refers to the minor revision of corporate strategy according to environmental change or strategic change which covers changes in corporate strategy in a broad sense. In our research, strategic transformation means to systematically and intentionally transform the present strategic characters and organization structures in bid to alter the strategic position or the process of strategy decision-making in hope of acquiring the optimal fit between corporate strategy with internal and external environment confronting the firm. Focusing on the process of CEO succession, the paper attempts to find causes of strategic transformation conducted by a new CEO through observing the main factors affecting new CEO＇s strategy decision-making. Firstly, by defining corporate strategy as a way to acquire fit between strategy and environment, the paper claims that new CEO shoulders a duty to improve the degree of fit between corporate strategy and environment when the CEO turnover is caused by poor firm performance which means failure of present corporate strategy to fit the environment. Sincea new CEO has the duty to improve firm performance by means of strategic transformation, one cause of strategic transformation led by a new CEO is to acquire an optimal fit between corporate strategy and environment, so the paper establishes the environmental fit cause model of strategic transformation. Secondly, having realized that corporate strategy reflects CEO＇s cognitive and psychological characteristics which shape in his or her working experience and knowledge accumulating, the paper compares the difference of cognitive psychological characteristics in terms of cognitive approach and psychological com- mitment between new CEO and former CEO which drives new CEO＇s strategic deviation from strategic orientation mainly determined by former CEO. Therefore, the paper establishes the cognitive psychological difference cause model of strategic transformation which offers an answer to the question whether new CEO would initiate strategic transformation when CEO succession is not caused by worsen firm performance. Finally, by untangling the process of CEO selection, the paper explores the role played by board of director and maintains that the monitoring and assessing role played by board of director after CEO succession may result in a threat of forced turnover in short time the on new CEO. In order to eliminate the threat to be replaced soon after succession, the new CEO has a strong motive to build managerial entrenchment which makes strategic transformation a wise choice and effective measure for the following two reasons. On the one hand, strategic transformation is a good way to show the new CEO＇s willing and hardworking to improve firm value to the board and shareholders. On the other, strategic transformation is an ideal excuse to acquire more power and sufficient time to build managerial entrenchment. Therefore, the paper establishes the managerial entrenchment cause model of new CEO＇s strategic transformation. Based on the analysis mentioned above, the paper integrates theories in strategic management, cognitive psychology and corporate governance to devel- op three theoretical models to explain the causes of strategic transformation initiated by a new CEO, which also offer realistic directions to enterprises confronting CEO succession.