战略差异对企业经营绩效波动影响的路径研究

Research on the Path of Strategic Differences on Business Performance Fluctuations

文章以2012-2018年我国沪深两市制造业上市公司的财务数据为样本,对战略差异与企业经营绩效波动关系进行实证检验,并基于杜邦分析理论,考察战略差异对企业经营绩效波动的影响路径。研究发现:战略差异与企业经营绩效波动呈显著正相关关系,且战略差异大的企业盈利能力和运营效率下降,但偿债能力增强。进一步研究发现,企业的盈利能力、营运效率和偿债能力分别在战略差异对企业经营绩效波动的影响中起到部分中介作用。因此,当企业选择战略时,不仅要重点考虑对企业经营绩效波动的直接影响,还应当关注企业盈利能力、运营效率和偿债能力的变化,从而制定合理的战略,降低企业经营风险。

This paper takes the financial data of listed companies in Shanghai and Shenzhen in 2012-2018 as a sample,and empirically tests the relationship between strategic differences and fluctuations in business performance. Based on DuPont’s analysis theory,the influence of strategic differences on the fluctuation of business performance is investigated.The results showed that there is a significant positive correlation between the strategy differences and the corporate business performance fluctuations,and the profitability and operational efficiency of enterprises with large strategic differences are declining,but the solvency is enhanced. Further study shows that the profitability,operational efficiency and solvency of enterprises play a partial intermediary role in the impact of strategic differences on business performance fluctuations. Therefore,when corporation choose strategies,they should not only focus on the direct impact of strategic differences on business performance fluctuations,but also on the changes in profitability,operational efficiency and solvency caused by strategic differences,so as to develop a rational strategy and reduce business risk of the enterprise.