产品市场竞争、融资约束与组织冗余结构

Product Market Competition,Financing Constraints and the Structure of Organizational Slack

从产品市场和金融市场的视角,分析产品市场竞争对组织冗余结构的影响,并在此基础上研究融资约束的情境效应,最后讨论冗余结构偏离对企业绩效的影响。研究结果发现:产品市场竞争越激烈,企业持有的非沉淀性冗余资源比例越少;企业面临的融资约束程度越严重,表现为企业规模越小、企业负债率越低时,产品市场竞争对组织冗余结构的负向影响越强;最后,当企业实际冗余结构偏离标准冗余结构时,将会对企业绩效产生不利影响。研究结论为理论界和企业界进一步加深对组织冗余结构的理解和管理提供了新的理论诠释和实践指导。

From the perspective of product and financial marke competition on the structure of organization slack, the context effects ts, of this paper analyzes the impact of product market financing constraints on that basis, and the impact of the deviation of the structure of organizational slack on the performance. The main conclusions are as follows. Firstly, product market competition becomes more intense, and the percentage of unabsorbed slack that the corporate holds will be less. Secondly, when the financing constraints that firms are faced with become more serious, particularly the size of firm being smaller, the ratio of corporate debt being low organizational slack become stronger. Finally, when er, th the negative effect of product market competition on the structure of e actual structure of organizational slack deviates from the standard structure, it will have disadvantaged effects on performance. This study provides a new theoretical interpretation and practical guidance for the theoretical circles and the business community to further deepen the understanding and management of the structure of organizational slack