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

作　　者：郑明贵[1,2,3] 潘咏雪 胡志亮 ZHENG Ming-gui;PAN Yong-Xue;HU Zhi-liang(School of Economics and Management,Jiangxi University of Science and Technology,Ganzhou 341000,China;Research Center of Mining Trade&Investment,Jiangxi University of Science and Technology,Ganzhou 341000,China;School of Management,University of Science and Technology of China,Hefei 230026,China)

机构地区：[1]江西理工大学经济管理学院,江西赣州341000 [2]江西理工大学矿业贸易与投资研究中心,江西赣州341000 [3]中国科学技术大学管理学院,安徽合肥230026

出　　处：《华东经济管理》2020年第8期120-128,共9页East China Economic Management

基　　金：国家社会科学基金重点项目“中国战略性矿产资源国家安全评估与预警系统研究(2020-2050)”(18AGL002);国家自然科学基金重点项目“大数据环境下的评价理论、方法和应用”(71631006);江西理工大学重大项目培育计划“大数据驱动下国家矿产资源安全战略管理现代化研究”(19ZDPY-08)。

摘　　要：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.

关 键 词：战略差异 企业经营绩效波动 杜邦体系 中介效应 

分 类 号：F272.1[经济管理—企业管理] F272.5[经济管理—国民经济]