Sailing Again Through The Wind And Waves-Path Of Strategy Transformation For Bohai Shipbuilding Heavy Industry Company

Bohai Shipbuilding Heavy Industry Co.,Ltd.(hereinafter referred to as the Bohai shipyard or BSHIC),was founded in 1954,which is one of the 156 key projects assisted by the Soviet Union after the founding of the People’s Republic of China.It is a state-owned large modern shipbuilding enterprise integrating shipbuilding,ship repairing,marine engineering,large steel structure processing,metallurgical equipment and large-scale hydroelectric equipment manufacturing.The company’s development strategy from the initial "military-based",to the later "secure military and convert to civilian",and then to the "civil-military integration",till the current "civil-military division",its development process basically covers all stages of state-owned manufacturing enterprises.Its strategic transformation in different historical development stages is very representative among state-owned manufacturing enterprises,especially state-owned shipbuilding enterprises.However,after the"civil-military division",BSHIC fell into the dilemma of "no contracts waiting death,new contracts courting death" under the interactive influence of the complex internal and external environment.In view of three times strategic transformation in the Bohai shipyard’s history,this paper adopts the method of case study,applies the resource-based theory and dynamic capability theory,uses the VRIN framework to analysis the tangible heterogeneous resources and intangible heterogeneous resources,uses the dynamic capability framework to analysis the external and internal dynamic capability for each development stage of Bohai shipyard;finally,through SWOT analysis,it draws to the conclusion that the development strategy of BSHIC should shift to "military oriented"in the future.Based on the development history and current situation of BSHIC,combined with different interpretations of the strategic transformation process of the two theories,this paper completely presents the management rules and principles behind the three times strategic transformations of Bohai shipyard,investigates the similarities and differences in the interpretation of the same strategic transformation process under different theoretical paradigms.At the same time,it is hoped to provide valuable reference for other state-owned manufacturing enterprises,especially state-owned shipbuilding enterprises in the strategic transformation of the company.