Research Of Influence Of Dynamic Capabilities On Corporate Diversification And Performance From A Knowledge

For half a century, diversification has been one of the central issues of management research, but also a research field with the most controversy and no unanimous conclusion. Based on different theories, scholars analyze the intrinsic motivation of diversification and verify the relationship between diversification and corporate performance from all angles but often reach different even opposite conclusions. Chinese enterprises will encounter issue of diversification in the growth process. Which is the motive of corporate diversification? What impact does diversification have on firm performance? These are issues worth studying. The purpose of this paper is to explore some useful conclusions in the motive of our corporate diversification and the issues of diversification and performance.Previous studies analyzed the motive of diversification from the economy of scope, spread risk, agency theory and other angles, whose conclusion had large differences and with no unified view and opinion. This paper studies the diversified behavior of enterprises from knowledge-based view and in accordance with the logical framework of the "knowledge-dynamic capability-diversification-performance". In this context, this research starts from the diversification theory, learns and fuses view of knowledge theory and dynamic capabilities perspective to put forward the following three research questions.(1) How should we define the dynamic capabilities from the knowledge-based view? What elements constitute knowledge-based dynamic capabilities? How should we measure the knowledge-based dynamic capabilities?(2) What is the impact the knowledge resources have on corporate diversification strategy? What impact does knowledge-based dynamic capability have on corporate diversification?(3) What is the impact knowledge-based diversification has on enterprise performance? This study adopts the method that combines both theoretical research and empirical research and qualitative research and quantitative research.Based on theoretical research and questionnaire survey, this study constructs the conceptual model of knowledge-based dynamic capabilities and types of corporate diversification and puts forward the corresponding research hypothesis. It also constructs the conceptual model of types of knowledge-based diversification and enterprise performance and raises the corresponding research hypothesis. Centering on the conceptual models and hypotheses, this paper adopts SPSS20.0for data reliability and validity analysis and AMOS20.0for structural equation analysis of the data.The main innovative work of this paper is as follows:(1) The previous researches on dynamic capabilities mainly expanded from four perspectives of strategy, technology, organization and evolution and believed that dynamic capability was an organizing capability (unique resources), a technical ability, an ability of creating organizational knowledge and a collective learning activity. This paper studies the dynamic capabilities from the knowledge-based view, puts forward the view that knowledge-based dynamic capabilities include three basic capability elements of knowledge absorption capacity, knowledge creation ability and knowledge integration capability through theoretical analysis and builds a measurement model of knowledge-based dynamic capacity. This paper states the knowledge-based dynamic capabilities as "the abilities enterprises absorb, create and integrate knowledge resources and adapt to the rapidly changing environment and enhance the ability of enterprises to obtain and maintain a competitive advantage through the development and utilization of knowledge". Also it tests the matching and applicability of the measurement model of knowledge-based dynamic capacity through reliability analysis, exploratory factor analysis and confirmatory factor analysis.(2) The previous studies on the driving factors of enterprise diversification mainly started from the economy of scope, market forces, internal market, spread risk, transaction costs, resource usage, agency theory and other perspectives. This paper studies the motive of corporate diversification from the perspective knowledge-based view, believes that dynamic capabilities (including knowledge absorption capability, knowledge creation ability and knowledge integration capability) and market failure of knowledge resources (decided by the natures of knowledge that it can be occupied, professional, scene related and path-dependent) are the most fundamental motivation of diversification and builds a conceptual model of knowledge-based dynamic capabilities and types of corporate diversification. It analyzes the relationship between the variables with the factor analysis and check system of structural equation model.(3) The current measurement about corporate diversification mainly starts from the strategic design theory, the industrial organization theory, resource-based theory and other perspectives, such as Rumelt classification, Herfindahl index method (based on SIC), entropy index method (based on SIC), skill-based measurement and so on. This paper studies types of corporate diversification from the knowledge-based view. It proposes that if enterprises proceed with knowledge utilization when entering new areas of business which means enterprises transfer and share the existing knowledge between different businesses for full realization of economies of scope contained, it will be defined as copy-based diversification. If enterprises proceed with knowledge development when entering new areas of business which means enterprises acquire new knowledge resources or competitiveness when they enter new business areas, it will be defined as innovation-based diversification. Through cluster analysis and analysis of structural equation model, it indicates that with strong dynamic capabilities, the performance of different diversification types has significant differences.