投资效率与战略变革:基于“TMT认知-环境”情景嵌套  

Investment Efficiency and Strategic Change:Based on the Nesting of“TMT Cognition-Environment”Scenarios

作　　者：赵卫东[1] 肖莲 熊家阔 王晓明[1] 王艺霖 ZHAO Wei-dong;XIAO Lian;XIONG Jia-kuo;WANG Xiao-ming;WANG Yi-lin(University of Electronic Science and Technology of China,Chengdu 611731 China)

机构地区：[1]电子科技大学经济与管理学院,成都611731

出　　处：《电子科技大学学报（社科版）》2022年第2期9-18,28,共11页Journal of University of Electronic Science and Technology of China(Social Sciences Edition)

基　　金：国家自然科学基金项目(71672022).

摘　　要：【目的/意义】高投资效率保证了企业将资金有效地应用于正确的投资项目,用于支撑企业的战略发展。战略变革的目的是增强企业竞争力,从而提高企业的绩效。探究投资效率与战略变革之间的关系,对提高企业战略变革成功率,创造和维持企业自身竞争优势有重要意义。【设计/方法】以我国2014~2018年沪深上市企业为样本,通过双向固定效应回归模型,研究了投资效率与战略变革之间的关系以及TMT乐观对二者关系的调节作用,并进一步剖析了竞争强度对TMT乐观调节作用的影响。【结论/发现】(1)投资效率正向影响战略变革。(2)TMT乐观负向调节投资效率与战略变革之间的正向关系。(3)随着竞争强度的提高,TMT乐观对投资效率与战略变革之间正向关系的负向调节效应被弱化。(4)拓展了投资效率、战略变革以及管理者乐观研究文献。[Purpose/Significance]High investment efficiency ensures that enterprises can effectively apply funds to correct investment projects to support the strategic development of enterprises.The purpose of strategic change is to enhance the competitiveness of enterprises,thereby improving the performance of enterprises.Exploring the relationship between investment efficiency and strategic change is important to improve the success rate of corporate strategic reforms,create and maintain their own competitive advantages.[Design/Methodology]This paper takes listed companies in Shanghai and Shenzhen from 2014 to 2018 as a sample,through a two-way fixed effects regression model,and studies the relationship between investment efficiency and strategic change and the adjustment effect of TMT optimism on the relationship between the two,and further dissects the influence of the intensity of competition on the optimistic regulation of TMT.[Conclusions/Findings](1)Investment efficiency positively influences strategic changes.(2)TMT optimistically negatively regulates the positive relationship between investment efficiency and strategic change.(3)With the increase of competition intensity,the negative moderating effect of TMT optimism on the positive relationship between investment efficiency and strategic change is weakened.(4)This paper expands the literature on investment efficiency,strategic change,and managerial optimism.

关 键 词：投资效率 战略变革 TMT乐观 竞争强度 

分 类 号：F275[经济管理—企业管理]