An Empirical Study Of The Relationship Between Strategic Orientation And Enterprise Performance: The Moderating Effect Of Dynamic Capacity

China’s rapid economic development and the dynamic changes in the marketenvironment have brought the enterprises serious strategic problems. In these highlycompetitive and dynamic changes of market environment, enterprises can no longersimply rely on internal resources and relationships to gain a sustainable competitiveadvantage. Resources as a basis for the survival of enterprises whose role hasgradually been weakened, instead is the ability to quickly integrate, configure, and useresources. How to select and adjust strategic orientation, such as Market Orientationand technology Orientation, so that they could have a positive effect on enterpriseperformance has become important strategic problems faced by the latecomerenterprises in China. In the research field of strategy orientation, most existing studiesfocus on the influence mechanism of strategic orientation to enterprise performance,and the results of these research have many differences opinions. How does thestrategic orientation effect on enterprise performance still didn’t reach a commonunderstanding.To extend and enrich the strategic theory, and give some advice about howChinese companies obtain sustainable competitive advantage in a dynamicenvironment.This paper researches the basic topic on the mechanisms of strategicorientation to enterprise performance, integrates the perspective of strategy-orientedand dynamic capabilities theory, put Dynamic capabilities and its dimens ions into themodel of the mechanisms of strategic orientation to enterprise performance, build anew model of " the moderating effects of dynamic capability on the mechanisms ofstrategic orientation to enterprise performance" from the perspective of cultivation ofenterprise dynamic capability. Through a questionnaire survey and data analysis to273companies, this paper answers the following research questions:(1)How doesstrategic orientation impact enterprise performance;(2)How does dynamic abilityimpact enterprise performance;(3)How does dynamic ability moderate the influenceof strategic orientation to enterprise performance.Through theoretical analysis andempirical analysis, some conclusions can be presented as follows:(1)Marketorientation and technology orientation have positive impact on enterpriseperformance.(2)Adapt capacity, absorptive capacity and innovation capability havepositive impact on enterprise performance.(3)Adapt capacity and absorptive capacitycan positively moderate the influence of market orientation to enterprise performance, the higher adapt capacity and absorptive capacity are, the more improvement ofenterprise performance could be gotten. Innovation capability can not moderate theeffect of market orientation to enterprise performance.(4)Absorptive capacity andinnovation capability can positively moderate the influence of technology orientationto enterprise performance, the higher absorptive capacity and innovation capabilityare, the more improvement of enterprise performance could be gotten. Adaptcapability can not moderate the effect of technology orientation to enterpriseperformance.This paper studies the relationship of strategic orientation and enterpriseperformance and deeply analyzes the moderating effect of dynamic capability, such ashow do adapt capacity, absorptive capacity and innovation capability moderate theeffect of market orientation to enterprise performance and the effect of technologyorientation to enterprise performance. And enriches strategic orientation theory. Inpractice, enterprises should attach great importance to strategic orientation selection,nurture and enhance adapt capacity, absorptive capacity and innovation capability toimprove the dynamic capabilities, play the dynamic capacity’s moderate role in thestrategic orientation and enterprise performance, promote the improveme nt ofenterprise performance. Due to objective conditions and personal capacity limitations,this research requires much improvement. In the future, we can enrich the strategicorientation of dimension, expand sample collection and do some comparative researchon different industries and different types of enterprises.