An Empirical Study On Enterprise Dynamic Capability Impacts Financial Performance In Uncertain Environment And Theorical Model

Dynamic capability is the competence that enterprise builds, integrates and re-configures the inside and outside resources to fit the changes in the environment. It could be divided into three sub-capabilities named sensing, seizing and reconfiguration. The corporate acquires competitive advantage from dynamically updates and releases resource, coordinates the internal and external relationship and resources to fit the market changes. Large amount of scholars support the point that the dynamic capability influences enterprise performance positively. But, the corporate performance contains financial performance and non-financial performance, and the non-financial performance will transform into financial performance in the end, so, non-financial performance has an indirect effect between the relationship of dynamic capability and financial performance is highly possible. Furthermore, enterprise survives in the market, the uncertain and complex environment outside must impact enterprise on decision-making, and may moderate the impact that dynamic capability produces on enterprise performance.Focusing on the two possible situations previous, based on researches existed, a second order three factors model of dynamic capability and a mediation model of non-financial performance will be built in this paper. Also, a moderation model about impacts environmental Uncertainty has on the relationship among dynamic capability, financial performance and non-financial performance will be established. For improving the data's quality , a pre-survey of small sample will be launched and the data collected from it will be used to conduct the project analysis, validity analysis and reliability analysis before the large sample survey. Then, a data of 195 manufacturing enterprises will be collected by questionnaires. In order to test the indirect effects of non-financial performance on the relationship between dynamic capability and financial performance, the method of SEM will be used. Furthermore, Group Comparison Analysis and Hierarchical Regression Analysis will be utilized to test the moderating effect of environment uncertainty on the relationships among dynamic capability, non-financial performance and financial performance. Finally,the research results indicates that dynamic capability impacts financial and non-financial performance positively ,and non-financial performance has an positive effect on financial performance. A partial indirect effect of non-financial performance impacts on the relationship of dynamic capability and financial performance is confirmed. What's more, the environment uncertainty not only moderates, positively, the relationship between the dynamic capability and non-financial performance remarkably but also moderates the direct effect that dynamic capability works on financial performance negatively, but, it lacks moderating effect on the relationship between non-financial performance and financial performance.