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中文摘要：
企业战略理论认为战略调整显著影响公司绩效，然而就战略调整测度方法、战略调整对绩效的作用关系等问题的研究尚未达成一致结论。针对战略调整测度，提出基于关键资源配置向量的调整测度方法，通过关键战略资源配置向量的角度变化、变化模和变化弧度等来分别测度战略调整的角度、幅度和总量。运用我国沪深A股1317家上市公司2005—2012年的财务数据，建立动态面板数据回归模型，实证分析战略调整对企业绩效的影响。研究发现，战略调整对企业未来绩效的影响存在适应性和破坏性效应，随着战略调整程度的增大，适应性效应递减而破坏性效应递增，战略调整与绩效呈现倒U型关系，这为进一步探寻战略调整与绩效的函数关系和最优战略调整决策提供了理论参考。
英文摘要：
Notwithstanding that strategic changes significantly affect performance, there are conflicting re- sults regarding the measurements of strategic changes and trajectory sketched. In this paper, a feasible way to measure strategic changes using a key strategic resource allocation vector is proposed, the angle, amplitude and total amount of strategic changes are approximated by the angle variation, norm variation and radians variation of the vector respectively. Our sample contains 1317 listed companies in China. The data of their annual report from 2005 to 2012 is collected, and the relationship between strategic changes and performance is examined. The results are intuitive. We suggest that strategic changes affect perform- ance in an adaptive and disruptive way. We find that as the level of strategic changes increases, the adap- tive effect declines and the disruptive effect increases. Last but least, the inverted U-shaped relationship between strategic changes and performance is also found. Our findings can be interpreted as a theoretical evidence for further exploring functional relationship between strategic changes and performance, and a reference for optimal decision-making in strategic changes.
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