摘要
经营困境中的企业家倾向于采取何种策略以提升组织价值再造能力,是战略领域的学者高度关注的研究热点。本文考察了经营困境对企业家活动配置的影响及外部制度因素与企业控股性质的调节作用,并探讨了不同的企业家活动配置对组织后续价值再造能力的差异化影响效应,得到如下结论。经营困境下的企业家活动配置存在双面性,困境不仅激发了企业家的创新投入动机,同时也提升了企业家的关系投入意愿,并且,相对于“求己”式创新投入,企业家更倾向于采用“求人”式关系构建等非生产性策略。地方政策不确定性越高,越发促使困境企业同时增加创新投入与关系投入,“求人”与“求己”双管齐下的动机越强。国有控股制约经营困境与企业家活动配置之间的关系,相对而言,困境企业在国有控股治理机制下的创新动力和关系运营动机都将弱化。困境企业通过增加创新投入提高自身能力能够起到抑制衰退、恢复市场价值的积极作用,而依赖他人的关系策略则并不利于企业价值再造能力的提升,困境企业要实现战略复苏,创新投入优于关系投入。本研究不仅丰富了企业家活动配置的前因研究范畴,而且有效拓展了顺序注意逻辑与企业价值再造理论的研究框架,同时通过比较企业家活动配置的差异化复苏效应探究了推动困境企业逆境重生的根源性因素,具有深刻的理论价值与现实意义。
It is an important theoretical and practical question that how firms in adversity realize turnaround and improve their market value through proper strategic decisions.It explored the influence of adversity on entrepreneur activity allocation,analyzed the moderating effect of external institutional factor and nature of state holding,and discussed the impact of entrepreneur activity allocation on firm’s future value re-creating ability.It obtained the following conclusions.There are two sides in the allocation of entrepreneur activity in adversity.Facing adversity makes entrepreneurs allocate their talents to active innovative behavior and guanxi investment.Entrepreneurs are more inclined to“seeking others”rather than“seeking themselves”while facing adversity.Local policy uncertainty plays a moderating role between adversity and entrepreneur activity allocation.The more turbulent local policy is,the more likely firms in adversity will engage in innovation and guanxi investment simultaneously.Nature of state holding also moderates the relationship between adversity and entrepreneur activity allocation.Compared with other firm,enterprises under state control are less likely to invest in innovation and guanxi input when facing adversity.Innovation is an important mechanism to help firms in adversity realize value re-creating in future.With the increase of innovation input,firms can restrain recession and restore market value by improving their own capacity.However,there is a negative relationship between guanxi input and firm’s value re-creating ability in future.Guanxi input will further deteriorate the long-term development of the organization.In order to achieve strategic recovery of enterprises in distress,“seeking yourself”by innovation investment is a better way than“seeking others”by relationship investment.It not only enriches the antecedent set of entrepreneur activity allocation,but also effectively expands the sequential attention logic and the framework of value re-creating theory.Meanw
作者
杨婵
贺小刚
王博霖
YANG Chan;HE Xiao-gang;WANG Bo-lin(College of Economics and Management,Zhejiang Normal University,Jinhua 321004,China;College of Business,Shanghai University of Finance and Economics,Shanghai 200433,China;College of Hospitality Management,Shanghai Business School,Shanghai 201400,China)
出处
《研究与发展管理》
北大核心
2023年第3期137-150,共14页
R&D Management
基金
国家自然科学基金青年项目“创业困境、非市场战略与新创企业成长机制研究”(72002204)
国家自然科学基金项目“家族连带、决策行为选择与私营企业成长机制研究”(71672105)。
关键词
经营困境
企业家活动配置
政策不确定性
国有控股
价值再造
firm adversity
entrepreneur activity allocation
policy uncertainty
state holding
value re-creating
