融资约束、环境不确定性与多元化战略有效性

Financing Constraints, Environmental Uncertainty and Diversity Strategic Effectiveness

本文将环境不确定性因素嵌入管理层动机层面,探寻环境不确定性对多元化战略影响的内在逻辑和作用机理。实证研究表明,出于价值驱动动机、机会主义动机和非理性动机,环境不确定性将促使管理层采取多元化战略;在环境不确定性较高的情况下,企业多元化战略将降低企业绩效,加大企业陷入财务困境的可能性。进一步的研究表明,融资约束加剧了环境不确定性对企业多元化战略有效性的抑制作用。本文结论为"环境不确定性与企业战略行为"领域的文献提供了来自中国的经验证据。

This paper embeds the environmental uncertainty factors into the management motivation level,and explores the internal logic and the mechanism of environmental uncertainty influence on diversification strategy. Empirical studies indicate that environmental uncertainty will encourage management to adopt diversification strategy for valuedriven motivation, opportunistic motivation and irrational motivation,and in the case of high environmental uncertainty,corporate diversification strategy will reduce corporate performance and increase the possibility of enterprises falling into financial distress. Further research indicates that financing constraints exacerbate the inhibitory effect of environmental uncertainty on the effectiveness of corporate diversification strategy. The conclusions of this paper provide empirical evidence from China for the literature in the field of "environmental uncertainty and corporate strategic behavior".