| The year 2022 is the crucial year and the final year of the three-year campaign of soe reform.It is the call of the times for the development of state-owned enterprises to promote professional integration and accelerate the formation of a number of large enterprises with clear sectors and strong core competitiveness that eliminate ’small,scattered and weak’enterprises.It is the only way for state-owned enterprises to enhance their international competitiveness to separate the ’two non’ and ’two capital’,focus the resources on the main business,and strengthen the main business through horizontal and vertical integration.With the further deepening of the degree of excessive diversification,more and more enterprises through the implementation of refocusing strategy,cultivating core capabilities,forming synergies,optimizing resource allocation,to form a positive impact on corporate financial performance.Refocusing strategy is to correct excessive diversification by stripping non-core assets and focusing on core business,and to integrate or even reconstruct the main business operation process.The existing literature fails to reach a consistent conclusion on the implementation effect and mechanism of refocusing strategy.Most of them focus on the macro research field,and there is a lack of research on the refocusing process of specific cases and the impact of financial performance.Based on the reform of state-owned enterprises into the context of deep water area,selection of have the special nature of the industry of military class state-owned enterprisesHaige Communications as the research object,using literature research method combing the reason of the refocusing strategy implementation and paths,and resource base,core capability,internal control and internal links between the industrial chain,and identify the mechanism of action of impact on financial performance form.Then,the case analysis method is used to analyze the content of Haige Communications’ refocusing strategy under the above framework.Finally,the mechanism of refocusing strategy and its influence on the formation of corporate financial performance are verified,and the investigation of the problem is linked with the characteristics of specific events.This article attempts through the analysis of the dynamics of Haige Communications’refocusing strategy,introducing the resource-based theory,core competence theory,industrial chain theory,the internal control theory,aiming at refocusing path and mechanism to analyze Haige Communications’ refocusing strategy influence on corporate financial performance,provide some forward-looking reference for domestic related research,so have a certain theoretical significance.The research object selected in this paper has a special military background and is one of the target enterprises of military-civilian integration and state-owned enterprise reform.The specific ways of implementing the target refocusing strategy and acting on the financial performance of enterprises can provide useful experience for the current state-owned enterprises,especially military state-owned enterprises.Therefore,it has certain practical significance.This paper finds that the refocusing strategy is beneficial to the optimal allocation of enterprise resources,and the process of refocusing strategy is to realize the redistribution of homogenous and heterogeneous resources,which improves the utilization rate of resources and raises the income and value of enterprises.The implementation of the refocusing strategy is uncertain for the short-term performance of enterprises,but in the long run,the resource investment in the core business is conducive to the improvement of enterprises’ R&D and innovation ability,thus forming non-replicable core capabilities.In addition,the synergistic effect of the industrial chain will drive the continuous improvement of enterprise performance.The refocusing strategy is a long-term strategy,and its implementation depends on the matching status of its own core capabilities with the enterprise’s business conditions.The enterprise should continue to maintain sensitivity to the external environment,constantly adjust the strategic direction,and always implement the core idea of focusing on the main business. |
