The Relationship Between Quality Of The Sme Stakeholders, To Strategic And Steering Performance Study

The small and medium sized enterprises (SMEs) have important socio-economic status, in sharp contrast to their common short-lived phenomenon. When SMEs are performing poorly or suffering the survival and development crisis, they need to take measures to survive declines. The turnaround is to stop the firm's decline and return it to health.Summary of existing research, many foreign scholars focus on the factors for enterprises successful turnaround, but the domestic scholars have rarely involved in this study. The stakeholder theory is an important theory that affects the survival and development of enterprises. However, foreign scholars rarely do empirical research of turnaround management from the perspective of stakeholder. Therefore, this paper is devoted to an integral model which contains stakeholder theory, turnaround strategy and turnaround performance simultaneously, and the comprehensive analysis of the relationship among the three variables and the mechanism.This paper selects sample enterprises from Hunan region with turnaround process to make questionnaire survey. Using SPSS 16.0 and Lisrel8.7 software, this paper provides reliability,validity analysis and structural equation model to the obtained sample data. The results are as follow. SMEs's key stakeholders include suppliers,customers,governments,funders and insiders, the relationship quality between SMEs and their key stakeholders is a multi-dimensional high-order variable. Communication, trust, commitment, dependence and participative governance are the important dimensional of the relationship quality. The cost reduction, aggressive strategy and growth strategy have a positive and direct impact on turnaround performance. High relationship quality between SMEs and key stakeholders can contribute to acquire the resources, implement the turnaround strategy and improve the turnaround performance. The SMEs should emphasis on maintaining relationship with suppliers, goverments and funders, at the same time, give attention to other stakeholders.