| China's manufacturing industry is facing transformation and upgrading.Enterprise development not only faces the two-way squeeze between developed countries and other developing countries in the international market,but also faces tremendous changes in the domestic economy.The cost of production factors such as labor costs has continued to increase,and customer requirements have become more and more personalized.In the past,the development model of resource element input and scale expansion that my country's manufacturing industry mainly relied on was unsustainable."Made in China 2025"proposes that Chinese manufacturing industry should integrate with a new generation of information technology,comprehensively improve innovation capabilities and quality brand building,promote the transformation and upgrading of manufacturing,and develop in the direction of intelligent manufacturing.In such an external environment,Chinese manufacturing enterprises need to adapt to changes in the external environment and make strategic changes in order to have a sustainable competitive advantage.Strategic changes are the only way for enterprises to smoothly pass the transition period.During the transformation and upgrading period of the manufacturing industry,as the margin benefits by expanding the scale of investment are getting less and less,it will be the general trend to promote the development of enterprises with investment efficiency.However,when making strategic changes,due to limited human rationality and information asymmetry,it is difficult for companies to fully understand the external environment.This will make strategic changes may cause companies to have agency problems,financing problems and many other problems,and then It may have a relatively negative impact on the investment efficiency of enterprises.And companies in different external environments,and companies with different internal capital,have different support and possible obstacles when making strategic changes.Therefore,this dissertation attempts to study the impact of strategic changes on investment efficiency,and further study the differences in the impact of strategic changes on investment efficiency under different external environments and different internal capital,with a view to contributing to the transformation and upgrading of Chinese manufacturing industry.Based on the theory of social capital,the supply chain relationship,as one of the key external networks of corporations,is a significant channel for corporations to obtain and utilize resources,and can enhance the ability of corporations to obtain information so that corporations can identify market opportunities more quickly.For Chinese manufacturing enterprises in the transitional period,maintaining a good supply chain relationship is an effective way to obtain resources,reduce environmental uncertainty and establish competitive advantages.Therefore,in the transformation and upgrading period of Chinese manufacturing industry,a better supply chain relationship should help companies overcome agency and financing problems that may be caused by strategic changes,and then optimize the impact of strategic changes on investment efficiency.In order to test whether the supply chain relationship can play this role,this paper studies the impact of supply chain relationship on the relationship between strategic changes and investment efficiency to test whether maintaining a good supply chain relationship can play a positive role in the transformation and upgrading of Chinese manufacturing industry.In addition,this dissertation further specifically studies whether the role of supply chain relationships is related to internal factors based on agency issues or external factors based on information asymmetry,in order to explore the role of supply chain relationships in the transformation and upgrading of Chinese manufacturing industry.This dissertation takes the Shanghai and Shenzhen A-share manufacturing listed companies from 2009 to 2019 as a sample,and uses a combination of normative research and empirical research to conduct this dissertation.Based on the definition of strategic change by numerous scholars and Miles et al.(1978)analysis of the strategic adaptive cycle,this dissertation divides strategic changes into strategic objective changes and strategic implementation changes from the objective level and implementation level,and further divides the strategic implementation changes into engineering strategic changes and administrative strategic changes,and study the impact of various strategic changes on investment efficiency under different supply chain relationships respectively,in order to deeply analyze the similarities and differences of the impact of different levels of strategic changes on investment efficiency under the effect of different supply chain relationships.Specifically,this dissertation first empirically analyzes the impact of strategic objective changes and strategic implementation changes on investment efficiency.And further tests the similarities and differences of the impact of strategic changes on investment efficiency when facing differences from external environment and internal resources.Subsequently,this dissertation empirically tests the impact of supply chain relationships on the relationship between strategic objective changes and investment efficiency,and further tests whether the impact of strategic objective changes on investment efficiency under different supply chain relationships is related to internal factors based on agency issues,such as agency costs,manager confidence,and manager's shareholding,and whether it is related to external factors based on information asymmetry,such as market environment and financing constraints.Finally,this dissertation empirically tests the impact of supply chain relationships on the relationship between strategic implementation changes and investment efficiency,and further examines whether the impact of strategic implementation changes on investment efficiency under different supply chain relationships is related to internal factors based on agency issues such as agency costs,manager confidence,and manager's shareholding,and whether it is related to external factors based on information asymmetry,such as market environment and financing constraints.Through the above research,this dissertation has the following conclusions:(1)During the transformation and upgrading period of Chinese manufacturing industry,the strategic changes of enterprises will affect the investment efficiency of enterprises.Among them,strategic objective changes will reduce the corporate investment efficiency,engineering strategic changes will reduce the corporate investment efficiency,and administrative strategic changes will increase the corporate investment efficiency.And further research found that in the face of industry differences,market differences,institutional differences and other external environmental differences and resource endowment differences,human resources differences and other internal capital differences,the impact of strategic changes on investment efficiency is also different.(2)For Chinese manufacturing companies,companies with poor supply chain relationships are more likely to reduce investment efficiency if they change their strategic objectives.And through further research,it is found that companies with poor supply chain relationships may be more likely to reduce investment efficiency if changing strategic objectives due to agency problems,while financing constraints can constrain the behavior of managers;market environment and equity incentives and other external Internal governance factors can play an effective role in governance,and manager confidence can reduce managers' willingness to conduct self-interested behaviors subjectively,thus improving investment efficiency.A better supply chain relationship can promote the role of equity incentives and alleviate the negative impact of strategic objective changes on investment efficiency.(3)For Chinese manufacturing companies,regardless of the supply chain relationship,engineering strategic changes will reduce investment efficiency.And in companies with better supply chain relationships,engineering strategic changes will reduce investment efficiency to a greater extent.However,only companies with better supply chain relationships can improve investment efficiency through administrative strategic changes.The results of further testing show that the impact of engineering strategic changes on investment efficiency is more likely to be caused by agency problems in companies with better supply chain relationships;while for companies with poor supply chain relationships,it is more likely to be caused by financing constraints;and a better market environment is more about bringing more financing to companies with engineering strategic changes,rather than better governance of agency issues;manager stock holdings may also be invalid in the impact of engineering strategic changes on investment efficiency;but managers'self-confidence will not further enhance the managers'subjective willingness to self-interest.The impact of administrative strategic changes on investment efficiency,in companies with poor supply chain relationships,can ease financing constraints and thus improve investment efficiency,but it may increase agency problems and thus reduce investment efficiency;manager stock holdings can play a effective role as an internal governance tool,but the market environment may fail as an external governance method;and in companies with better supply chain relationships,managers' confidence may reduce the positive impact of administrative strategic changes on investment efficiency.The main contributions and possible innovations of this dissertation are as follows:(1)This dissertation expands the research of the factors affecting investment efficiency.In the past,the research on investment efficiency has been relatively solid,and many scholars have studied the influencing factors of investment efficiency from different directions such as the macro environment,policy changes,corporate governance,and internal control.In recent years,with the development of the transformation and upgrading of Chinese manufacturing industry,the problem of corporate strategic changes has become more prominent,but only a few scholars have studied the issue of investment efficiency from the perspective of corporate strategy.This dissertation studies the impact of different types of strategic changes on investment efficiency,enriches the research on the factors affecting investment efficiency,and has a certain reference value for understanding investment efficiency issues in the transition period.(2)From the perspective of corporate investment,this dissertation deepens the exploration of the economic consequences of strategic changes.Regarding whether the economic consequences of strategic changes are positive or negative,previous research conclusions have failed to reach consensus.This dissertation subdivides strategic changes into strategic objective changes and strategic implementation changes,specifically analyzes whether different types of strategic changes have different effects on investment efficiency,and explores the heterogeneity of the economic consequences of different types of strategic changes from the perspective of investment efficiency.It also provides a new explanation for the differences in the economic consequences of strategic changes in the previous literature.This research also has certain practical significance for Chinese manufacturing enterprises to carry out strategic changes.Enterprises need to understand that strategic changes are not only changes in the general direction of business operations,but also need to pay attention to how to implement strategies to complete the transformation efficiently and steadily.(3)This dissertation puts the supply chain relationship,strategic change and investment efficiency into one framework,enriching the research of strategic change and investment efficiency from the perspective of supply chain relationship.Based on the theory of social capital,this dissertation studies the supply chain relationship as an important external relationship of the enterprise,through information,resources,supervision,etc.,to affect the relationship between strategic changes and investment efficiency,and emphasizes the importance of managing supply chain relationship in manufacturing enterprises.Companies can actively establish a good supply chain relationship and make reasonable use of this relationship to optimize the impact of strategic changes on investment efficiency.Relevant departments should also provide a good environment for the development of supply chain relations through policies or supervision,promote the sound development of supply chain cooperation,and avoid the reduction of investment efficiency due to the development of strategic changes.(4)This dissertation explores the impact of strategic changes on investment efficiency from two perspectives:strategic objective change and strategic implementation change,and refines the research methods for strategic changes,which will help companies understand the meaning of strategic changes from different levels.In the past empirical studies on strategic changes,most of them did not distinguish the difference between the changes in strategic objectives and the changes in strategic implementation,let alone classify the changes in strategic implementation.This dissertation divides strategic changes into strategic objective changes and strategic implementation changes,and further divides strategic implementation changes into engineering strategic changes and administrative strategic changes,and more comprehensively and specifically studies the impact of different types of strategic changes on investment efficiency,striving to make breakthroughs in the research methods of strategic changes and also provides more comprehensive and in-depth empirical evidence for how companies can carry out strategic changes to improve their impact on investment efficiency. |
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