Research On Nonlinear Relationship Between Strategic Change And Enterprise Performance Under The Influence Of Institutional Environment

Since China entered the economic transition period,China's economic development has achieved great achievements and faced more challenges.The internal and external environment on which enterprises depend for survival and development are constantly enhancing their complexity and dynamics.If they want to break through in the market,Accurate and efficient corporate strategic change is required to maintain or gain new competitive advantages and to achieve superior corporate performance.The latest research shows that there is a complex nonlinear relationship between strategic change and corporate performance,which opens up a new direction for the theoretical study of strategic change.With the continuous deepening of reform and opening up,the relationship between typical institutional characteristics and corporate behavior has become closer,and regional differences in institutional environment have gradually emerged.Incorporating the overall analysis of institutional environmental systems in strategic management research can better guarantee the theoretical research.Suitability and effectiveness and the uniqueness of China's strategic management.Based on the resource-based theory and the environmental adaptation theory,this study builds a relationship model between strategic change,corporate performance and institutional environment.Combined with qualitative and quantitative analysis,the data of the A-share listed companies of the Shanghai and Shenzhen Stock Exchanges from 2011 to 2017 are used as samples.It reveals the impact mechanism of the main effect strategic change on corporate performance,and examines the regulatory effect of the institutional environment on the main effect.The main conclusions are as follows:(1)The relationship between strategic change and firm performance is an inverted "N" type nonlinear relationship,which is expressed as a "negative correlation-positive correlation--threshold value--negative correlation" four-stage change process;The synergistic adjustment of the scope and direction of strategic change helps the performance of enterprises to improve;(3)The loose institutional environment plays a negative role in the adjustment of the impact of strategic change on corporate performance,and there is no significant impact on the impact of the direction of change on corporate performance.Regulatory effect.This paper explores and verifies the latest research results of the relationship between strategic change and corporate performance,guarantees the universality and validity of the conclusion of "non-linear relationship";reveals the regulatory role of institutional environment,expands the research perspective of strategic change,and enriches The empirical research data of institutional economics;the management implications of promoting the strategic transformation of enterprises based on the conclusions provide new ideas for researchers in strategic management of enterprises during economic transition,providing new ideas for educators and providing theory for practitioners.Basis and decision making.