The Influence Of Institutional Environment On The Diversification Strategy Choice Of Manufacturing Enterprises:The Moderating Effect Of Entrepreneur's Social Capital

The huge impact of the financial turmoil are still repercussions worldwide.Face with such huge economic fluctuations,people begin to ponder the related risks behind the rapid global economic growth.More and more people begin to question that we should continue to enjoy virtual economic profits surge and risk coexist or re examine the role of the real economy in maintaining economic stability.Face with this problem,as a main support for the real economy,manufacturing industry is pushed to the teeth of the storm once again.The world's top manufacturing power begin to rethink the manufacturing industry in the process of economic development has played a role,and hope that it can turn the tide in the crisis.In view of this,China has actively introduced the �China manufacturing 2025�development strategy,With the German industrial 4.0 strategy,the United States and Japan manufacturing regression re industrialization strategy echoes,hope to wove the development of manufacturing industry into high gear,and promote the transformation development strategy of China manufacturing enterprises,and realize the multi-economy around the world.However,the diversification strategy is determined by different factors,Especially the restriction and restriction of institutional environment.At the same time,as the core of the manufacturing enterprise governance,the entrepreneur plays the role of the strategic decision-making body,which influences the strategic preference of the enterprise at the same time.In recent years,the entrepreneur social capital provides a new perspective for the study of strategic decision.This paper takes China's listed manufacturing enterprises as the research object,based on related literature review and summary on the system theory and based on resource based theory,starting from the perspective of institutional environment,set the social capital of entrepreneurs as variable,the empirical study of the relationship between institutional environment,entrepreneurial social capital and diversification strategy.Theoretical analysis and empirical analysis are used in this paper.This paper studies the direct impact and indirect impact of institutional environment on the development of manufacturing enterprise diversification strategy.Specifically,this paper mainly focuses on the two parts:(1)whether the institutional environment will have an effect on the development of manufacturing enterprises diversification strategy;(2)whether the entrepreneur's social capital has a moderating effect on the relationship between the institutional environment and manufacturing enterprise diversification strategy.Based on the above research findings,some counter measures are put for ward: Manufacturing enterprises should focus on the institutional environment is also different when it is making different types of diversification strategy.The industry diversification strategy system should pay attention to the internal sys tem of the enterprise,and regional diversification strategy should pay more atte ntion to the external system;at the same time.The play of the social capital of entrepreneurs and non state-owned enterprises is also different.so the enterp rise should take into account the impact of the nature of the enterprise owners hip when its development needs entrepreneurs to use their social resources.