企业战略变化幅度对财务绩效的影响研究

The Research on the Impact of Scope of Strategic Change on Financial Performance

在“世界百年未有之大变局”的背景下,微观企业的战略变化幅度对其财务绩效产生的影响受到实务界和学术界的广泛关注。以2011—2021年我国A股上市企业为研究样本,实证检验了战略变化幅度对企业财务绩效的影响。研究发现,企业战略变化幅度与财务绩效之间呈负相关性,即战略变化幅度增大会降低企业的财务绩效,经内生性处理与稳健性检验后该结论依然成立。基于生命周期视角发现,战略变化幅度对财务绩效的削减效应在成熟期的企业中更为明显,并且企业的创新投入在二者关系中发挥中介作用,即战略变化幅度增大会抑制企业的创新投入,进而降低企业的财务绩效。据此,为管理层在应对激烈的市场竞争中如何把握企业的战略变化幅度、实现可持续发展提供了合理可行的建议。

Under the background of "the profound shifts unseen in a century",the impact of the scope of strategic change on the financial performance of micro enterprises has drawn wide attention of the practical and academic circles.Taking Chinese A-share listed companies from 2011 to 2021 as the research sample,the article empirically tests the impact of the scope of strategic change on the financial performance of micro enterprises.It is found that there is a negative correlation between the scope of corporate strategic change and financial performance,i.e.,an increase in the scope of strategic change can reduce the financial performance,which still holds after endogeneity treatment and robustness test.From the perspective of life cycle,it is found that the reduction effect of the scope of strategic change on financial performance is more pronounced in mature firms,and the innovation investment plays a mediating role in the relationship,that is,an increase in the scope of strategic change can suppress the innovation investment of firms,which in turn reduces the financial performance of firms.Accordingly,the authors provide reasonable and feasible suggestions for the management to know the scope of strategic change and realize sustainable development in the face of fierce market competition.