Study On The Strategic Change Of High-Tech Enterprise On The Basis Of Dynamic Financial Capacity

In current dynamic changing environment, the traditional strategic management mode and theory has could not meet the needs of the practice any more. Contingent short-term competitive advantage according to the dynamic changing environment has became the only source of Long-term competitive advantage. To ensure the survival and sustainable development, the enterprises have to carry out a series of strategic change. How to implement effective strategic change becomes a very significant research project.What is also a new subject for study.of strategic management.This paper carried out studies according to the logic of questions collection, literature review, relations study, model construction,empirical analysis and illustration.It analysed the content of the dynamic financial capacity, the relationship between the dynamic financial capacity and the strategic change of high-tech enterprises according to model construction.It also studied how the dynamic financial capacity play a role in early warning in the process of strategic change through the empirical analysis.In addition this paper studied the supporting role of the dynamic financial capacity during the time of the strategic change,types of the strategic change, and the approaches of the strategic change.Then it choosen Lenovo As a practical application of the theoretical model.The results show that strategy has the characteristics of the life cycle; strategic change has the characteristics of hierarch. Strategic change initiated in the Strategic recognition, followed the process of environmental change-performance differences-strategic conflict-strategic change. The main obstacles of the strategic change include Interest obstacles, Cultural barriers, Exit barriers, Inertia factors, Agency cost, Opportunity cost, Etc.There are four kinds of paths the strategic change followed, they are Early decision,After reaction(No conversion), Radical reform and Gradual change. There are obvious Threshold effect during the growth of high-tech enterprises.The time of strategic change are devided into opportunity opportunity situations and crisis situations, the aspirations of managers are major influencing factors.The Dynamic financial capacity is made of Strategic orientation, Financial capacity, Potential of Financial resources, Dynamic mechanism and Corporate culture. The features of the sensitivity and comprehensive determine that it can forecast the management crisis through changes in financial indicators effectively. Chosing the sample consistent with the proportion of high-tech enterprises in Current China as research objects improved the prediction accuracy of business crisis. It is reasonable to construct prediction model with method of Wilks'Lambda stepwise discriminant and Fisher Discriminant. Empirical evidence shows that it has higher accuracy. The Indexes of Operating leverage, ROA, Inventory turnover, Debt-to-equity ratio contained abundant discriminant information. The enterprises should not only consider the financial capacity when choosing the types and means of the strategic change, but also focus on developing and nurturing the dynamic financial capacity needed in the changing process and implementation of new strategy. The Dynamic financial capacity plays a key role in the initiation of strategic change, which provides a basis on material mechanism for the implementation of the new strategy.