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本文通过对233家中国非上市公司成长绩效的研究,揭示了战略与资源这两种因素分别对新创企业与成熟企业成长绩效的影响方式。结果显示,在新创企业中,战略对于企业成长绩效不存在直接影响,而是通过影响新创企业资源的转换效率提高其成长绩效。专用资源对新创企业成长绩效有直接作用,通用资源促进专用资源的形成,进而提高成长绩效。在成熟企业中,战略清晰度直接对成长绩效产生作用,通用资源与专用资源能够影响战略清晰度。研究结论丰富了创业理论与战略理论对于企业成长的理解,为进一步研究企业成长机制提供了新的视角。
This paper studies the growth performance of 233 Chinese non-listed companies and reveals how the two factors of strategy and resources affect the growth performance of newly-founded and mature enterprises respectively. The results show that in the new venture, the strategy does not have a direct impact on the growth performance of the firm, but improves its growth performance by affecting the conversion efficiency of the new venture. Dedicated resources have a direct impact on the growth performance of new start-ups, while universal resources promote the formation of dedicated resources, thereby improving growth performance. In mature enterprises, strategic clarity has a direct impact on growth performance, and general and specialized resources can influence strategic clarity. The conclusions of the study enriched the understanding of entrepreneurial theory and strategic theory for the growth of enterprises and provided a new perspective for further research on the growth mechanism of enterprises.