Research On The Relationship Among Dynamic Capabilities,related Diversification And Firm Performance

How to obtain sustainable competitive advantage in a dynamic environment? It has always been a hot topic in academia and business.In the process of promoting the market economy in China,both the market environment and the production technology have changed dramatically.In order to pursue economies of scale and synergies,enterprises in the volatile environment are keen to implement a related diversification strategy.However,practice has proved that the development path of diversification is not smooth.In the process of the implementation of diversification strategy,it is the key to establish the competitive advantage through the effective integration of resources and innovation.Therefore,the purpose of this study is to explore the relationship between dynamic capabilities and related diversification performance of Chinese enterprises,and help enterprises to create sustainable competitive advantage in a dynamic environment.Through reviewing and combing the literature,this study discusses the relationship among dynamic capabilities,related diversification strategy and enterprise performance.Considering the Chinese market environment,we introduces the dynamic environment as regulated variable.On the basis of the establishment of the relevant theoretical model,the paper selects 437 listed companies in China's Shanghai and Shenzhen A shares in 2015 as the sample,and makes a regression analysis and hypothesis test on the relationship between the variables.Finally,the results are as follows: First,The ability of integration and innovation can positively affect the related diversification strategy.Second,the ability of integration and reconstruction can effectively improve the performance of enterprises,while the ability of innovation has no significant effect on firm performance.Third,the relevant diversification strategy can have a positive impact on corporate performance through scale economy and synergistic effect.Fourth,the related diversification strategy plays an intermediary role in the relationship between the ability of integration and the performance of enterprises.Fifth,environmental dynamism can positively regulate the relationship between the ability of integration and firm performance.The results of this study show that dynamic capabilities play an important role in the effective implementation of diversified development strategy.It is also helpful to establish competitive advantage for companies.In the dynamic environment,enterprises should always pay attention to the cultivation of their dynamic capabilities,and maintain the strategic and environmental matching.This study not only enriches the existing research results on the theory of dynamic capabilities,but also has a certain guiding significance for the implementation of diversification strategy.