中文摘要：

企业行为理论认为,当企业绩效低于期望绩效时,战略决策者会采取问题导向的搜索行为促发组织战略变革行为,然而,现有文献对负向绩效反馈如何影响组织战略变革方向鲜有研究。基于2007—2015年中国沪深两市所有A股上市公司的数据研究发现,当组织未达到期望绩效时,随着实际绩效与期望绩效缺口的增大,企业战略变革的动态性和独特性均显著增强,同时,两者之间关系还受到外部分析师跟踪的约束;当绩效低于期望时,相比于分析师跟踪较少的企业,分析师跟踪较多的企业其负向绩效反馈对组织战略变革的动态性和独特性均存在减弱效果。

英文摘要：

The behavioral theory of the firm suggests that performance below aspirations will trigger organizational changes.However,less is known regarding how such performance feedback shape the direction of the changes.Employing the data of all the publicly traded firms in China＇s A share market from 2007 to 2015,it finds out that negative performance feedback will lead to the strategic dynamism（year-on-year changes）as well as the strategic distinctiveness（deviates from the industry norms）of the changes,and analyst coverage will attenuate such effects.