【摘要】 我国经济新常态下,为践行供给侧改革国家战略,企业需要调整其战略定位和资源配置模式,而企业战略变革对企业绩效的影响仍然存在理论分歧。促进企业实现发展战略是内部控制的最高目标,但是内部控制在战略执行中发挥哪些作用?对战略变革和企业绩效关系产生何种影响?现有研究中较少涉及。笔者以2007—2016年我国上市公司为研究对象,运用曲线调节效应回归模型,发现:战略变革程度与企业绩效呈现倒U型曲线关系,适度战略变革对企业绩效产生积极作用,而过高幅度的战略变革可能带来业绩损害;内部控制质量能够对战略变革程度与企业绩效的曲线关系产生显著的调节效应,高质量的内部控制使曲线关系的形态更加平缓、拐点发生右移、业绩整体水平更高。理论层面,本文丰富了内部控制战略目标方面的研究,同时也为战略管理领域有关战略控制的研究提供了新的理论视角;方法层面,本文拓展了倒U型(U型)曲线调节效应的分析视角和检验方法。更多还原

【Abstract】 With China’s economy entering the new normal situation,it is necessary for firms to change the strategic position and the pattern of resource allocation to implement national strategy of supply-side reform,but there are still some theoretical differences on the impact of strategic change for firm performance. Promoting the realization of firm development strategy is the highest goal of internal control,however,what role internal control plays in strategic execution and what its impact on the relationship between strategic change and firm performance are less involved in existing studies. We focus on the listed companies in China( 2007—2016),and use the curve moderating effect regression model,we find that the level of strategic change has an inverted U-shaped relationship with firm performance. Moderate strategic change has positive effect on firm performance,and excessive strategic change may bring performance decline. The quality of internal control has a significant moderating effect on the curve relationship between the level of strategic change and firm performance,high-quality internal control can flatten the curve of the level,shift the curve’s turning point to the right,enhance the overall level of firm performance after the strategic change. At the theoretical level,this paper not only enriches the research on strategic objectives of internal control,but also provides a new theoretical perspective for the study on the strategic control of the field of strategic management; at the method level,this paper extends analytic procedure and test method of moderating effect in inverted U type curve.更多还原