%0 Journal Article
%T Environmental Dynamics, Financial Flexibility and Enterprise Strategic Change
%A Ping Yang
%J American Journal of Industrial and Business Management
%P 124-138
%@ 2164-5175
%D 2019
%I Scientific Research Publishing
%R 10.4236/ajibm.2019.91010
%X Enterprise strategic change is affected by the external environment, so
the research on the relationship between external environment and strategic
change </span><span style=\"font-family:Verdana;\">has always been concerned by academic circles.</span><span style=\"font-family:&quot;\"> </span><span style=\"font-family:Verdana;\">Based on contingency theory and resource-based
theory,</span><span style=\"font-family:&quot;\"> </span><span style=\"font-family:Verdana;\">this paper analyzes the influence of environmental dynamics
on the strategic change of manufacturing enterprises,</span><span style=\"font-family:&quot;\"> </span><span style=\"font-family:Verdana;\">and</span><span style=\"font-family:&quot;\"> </span><span style=\"font-family:Verdana;\">explore</span><span style=\"font-family:Verdana;\">s</span><span style=\"font-family:Verdana;\"> how corporate financial
flexibility adjusts the relationship between environmental dynamics and
strategic change.</span><span style=\"font-family:&quot;\"> </span><span style=\"font-family:Verdana;\">Taking the 2011-2017</span><span style=\"font-family:&quot;\"> </span><span style=\"font-family:Verdana;\">A-share </span><span style=\"font-family:Verdana;\">listed manufacturing companies in Shanghai and
Shenzhen stock markets as the research object,</span><span style=\"font-family:&quot;\"> </span><span style=\"font-family:Verdana;\">the empirical results show that:</span><span style=\"font-family:&quot;\"> </span><span style=\"font-family:Verdana;\">1)</span><span style=\"font-family:&quot;\"> </span><span style=\"font-family:Verdana;\">the environmental</span><span style=\"font-family:&quot;\"> </span><span style=\"font-family:Verdana;\">dynamism </span><span style=\"font-family:Verdana;\">is </span><span style=\"font-family:Verdana;\">positively</span><span style=\"font-family:&quot;\"> </span><span style=\"font-family:Verdana;\">related to strategic change¡ªthe more dynamic the environment
is, the more the manufacturing enterprise inclined to implement the strategic
change</span><span style=\"font-family:Verdana;\">; </span><span style=\"font-family:Verdana;\">2)</span><span style=\"font-family:&quot;\"> </span><span style=\"font-family:Verdana;\">financial</span><span style=\"font-family:&quot;\"> </span><span style=\"font-family:Verdana;\">flexibility positively regulates the impact of
environmental dynamics on strategic change. The high level of financial
flexibility means abundant</span><span style=\"font-family:&quot;\"> </span><span style=\"font-family:Verdana;\">resources
for strategic
%K Environmental Dynamics
%K Financial Flexibility
%K Strategic Change
%U http://www.scirp.org/journal/PaperInformation.aspx?PaperID=89938