【管理评论】组织与战略管理｜谁在“穷则思变”？基于中国民营与国有上市公司的对比分析

谁在“穷则思变”？基于中国民营与国有上市公司的对比分析

Who will Start Thinking about Changes in Low Performance? Comparative Analysis between Private-controlled Listed Companies and State-owned Listed Companies

• 宋铁波：华南理工大学工商管理学院教授,博士生导师,博士

• 钟熙（通讯作者）：华南理工大学工商管理学院博士研究生

• 陈伟宏：华南理工大学工商管理学院博士研究生

面临经营期望落差时，企业都将积极实施风险性的战略变革吗？这仍是一个值得考察的重要理论和现实问题。利用以2008-2012年为基期的中国A股上市公司经验数据，本文实证检验了民营企业与国有企业中经营期望落差对战略变革的影响，并进一步探讨了企业规模的调节作用。研究结果表明：当企业实际绩效低于渴望水平时，经营期望落差越大，民营企业越倾向战略变革，国有企业则越不倾向于战略变革。进一步研究发现：与规模较大的民营企业相比，规模较小的民营企业面临经营期望落差时更倾向于战略变革；而与规模较大的国有企业相比，规模较小的国有企业面临经营期望落差时更不倾向于战略变革。本研究增进了文献对企业战略变革行为的理解，对深化国有企业改革也具有一定的启示意义。

关键词：经营期望落差,  企业所有权,  企业规模,  战略变革

国家社会科学基金重点项目（15AGL003）

教育部重大攻关项目（15JZD020）

华南理工大学中央高校基本科研业务费社会科学类项目（2015ZDXMPY02）

Both in theory and practice, it has always been of great importance to understand whether all enterprises would take a strategic change decision under the performance-aspiration deficit. By researching the data of A-share listed companies in China during the base years from 2008 to 2012, this paper empirically examines the impact of performance-aspiration deficit on the strategic change between private enterprises and state-owned enterprises. Meanwhile, this paper further analyzes the moderating effect of enterprise scale. Results suggest that when the actual performance below aspiration level, the larger the performance-aspiration deficit, private-controlled listed companies are more likely to choose strategic change, but state-owned listed companies are less likely to choose strategic change. Further analyses demonstrate that in the sample of private-controlled listed companies, compared with the large-scale companies, the small-scale companies are more inclined to implement strategic change when they face performance-aspiration deficit. In the sample of state-owned listed companies, compared with the large-scale companies, the small-scale companies are less inclined to implement strategic change when they face performance-aspiration deficit. So, this paper enhances the understanding on enterprise strategic change behavior, which has important implications for further promoting of the reform of state-owned enterprises.

Key words：performance aspiration deficit，corporate ownership，corporate scale，strategic change

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