企业战略中的自然气候因素:来自极端降雨影响中国上市公司战略调整的证据

Natural Climate Factors in Corporate Strategy:Evidence from Extreme Rainfall Affecting Strategic Adjustment of Chinese Listed Companies

异常气候加剧了市场环境的不确定性,面对极端降雨引起的经营困境,企业会如何做出战略抉择?本文以2009年至2017年中国A股上市公司作为研究样本,实证检验了极端降雨条件与降雨敏感企业战略调整之间的关系。研究结果表明:(1)相比于非降雨敏感企业,极端降雨条件显著提高了降雨敏感企业战略调整的程度;(2)行业竞争程度会强化极端降雨条件与企业战略调整之间的正相关性,而地方政企关系则会弱化上述关系;(3)过量降雨条件下,企业倾向扩张型战略发展,赤字降雨条件下,企业倾向收缩型战略发展;(4)极端降雨条件下,实施战略调整具有积极作用,有利于提高企业绩效成长性。本文系统性地检验了异常降雨现象对企业战略调整的影响,丰富了自然气候经济后果以及组织战略行为动机的相关文献。在实证基础上,也为企业管理者提供了经验性证据,即在面对气候造成的经营困境时,战略调整是改善企业绩效成长表现的有效途径。

The abnormal climate has exacerbated the uncertainty of the market environment.In the face of operating dilemmas caused by extreme rainfall,how will companies make strategic choices?This article uses China's A-share listed companies from 2009 to 2017 as a research sample to empirically test the relationship between extreme rainfall conditions and the strategic adjustments of rainfall-sensitive companies.The research results show that:(1)Compared with non-rainfall-sensitive firms,extreme rainfall conditions significantly increase the degree of strategic adjustment of rainfall-sensitive firms;(2)The degree of industry competition will strengthen the positive correlation between extreme rainfall conditions and corporate strategic adjustments,and local government-enterprise relations will weaken the above relationship;(3)Under conditions of excessive rainfall,companies tend to expand strategically;under deficit rainfall conditions,companies tend to shrink strategically;(4)Under extreme rainfall conditions,implementing strategic adjustments has a positive effect on improving corporate performance growth.This paper systematically examines the impacts of extreme rainfall on corporate strategic adjustments,and enriches the literature on the economic consequences of natural climate and organizational strategic behavior motives.On the basis of empirical results,it also provides evidence for corporate managers that in the face of business dilemmas caused by the climate,strategic adjustment is an effective way to improve business performance.