Enterprise strategic change is affected by the external environment, so
the research on the relationship between external environment and strategic
change has always been concerned by academic circles.Based on contingency theory and resource-based
theory,this paper analyzes the influence of environmental dynamics
on the strategic change of manufacturing enterprises,andexplores how corporate financial
flexibility adjusts the relationship between environmental dynamics and
strategic change.Taking the 2011-2017A-share listed manufacturing companies in Shanghai and
Shenzhen stock markets as the research object,the empirical results show that:1)the environmentaldynamism is positivelyrelated to strategic change—the more dynamic the environment
is, the more the manufacturing enterprise inclined to implement the strategic
change; 2)financialflexibility positively regulates the impact of
environmental dynamics on strategic change. The high level of financial
flexibility means abundantresources
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