The Study And Evaluation Of Enterprise Strategic Type And Performance From The Perspective Of Resource Allocation

As capital market keeps developing and expanding, complex investment climatehad challenged investors when assessing the value inside enterprises. In currentinvestment decision system, investors determine the value of one enterprise byanalyzing its published financial records; however, the hysteretic nature ofperformance, combined with the delay of information disclosure, could forfeitinvestors’ investment opportunities. Facing this problem, new clues were introduced asapproaches in analyzing strategy as well as investment value of enterprises inside thecapital investment programs.Enterprise value comes from the implementation of the enterprise strategies,analyzing enterprise strategy directly would refrain existing decision-making stylefrom its hysteretic nature; however, normally investors could hardly acquire accurateinformation about one enterprise’s strategy. As resource allocation manifests oneenterprise’s strategy, it is undoubted that leading resource allocation into existinganalysis on enterprise strategy and its performance would refine the investmentdecision system on hand.From the perspective of resource allocation, this article used pharmaceutical andbio-manufacturing industries as subjects, identified and measured the elements ofresource allocation through analyzing various strategic resource theories, and applied aprincipal component analysis to extract key components in depicting enterprises’configuration of strategic resources. Enterprises with similar resource allocationpattern were classified into one category through cluster analysis, using thecharacteristic of resource allocation pattern of this certain category as that of thecertain strategy, existing strategies within Chinese pharmaceutical andbio-manufacturing enterprises were divided into several types, while the rationalityand stability of the result had been testified. Basing on different strategy types,constructing a performance evaluation system from the perspective of resourceallocation—that is, using stepwise multiply regression, we extracted those resourceallocation elements which had significant relevance with enterprise performance,observed whether under different strategy types there were any distinctions amongdifferent elements of performance-related resource allocation, and identified the wayhow extracting elements affect the performance. In the end, suggestions were made to investors with the outcome of this article: on the basis of determining the strategy typeof the target investing enterprise, investors should first analyze whether that enterprisehad correctly allocated its resource allocation elements under its chosen strategy type,and then assess the enterprise’s performance to evaluate its investment value.