| In recent years,our country’s economy is under great downward pressure.Although the government has continuously introduced new policies such as tax reduction and fee reduction,enterprises’ strategic transformation is inevitable due to the fierce market competition and profit-seeking capital.In the process of enterprise development,internal and external factors work together make the enterprise dynamic ability gradually strengthen,and dynamic capabilities in a certain extent,affect the enterprise’s strategic choice,relying on the dynamic capability analysis strategy layout planning for the future,is based on the main business to launch a new business form diversification,or focus on the main adhere to professional development.After choosing different development strategies,the investment behavior of enterprises will definitely change on the original basis.How to make the investment scale and investment efficiency of specialized development maintain a steady rising trend,and how to make the investment resources of diversified development balance distribution and avoid inefficient investment are the key points that enterprises pay attention to.If non-efficient investment occurs after enterprise diversification,it will inevitably reduce the competitiveness of the enterprise in the market,thus leading to the decrease of enterprise value.By reviewing relevant theoretical studies at home and abroad and sorting out the empirical results,this paper defines the relevant concepts of enterprise dynamic capability,strategic choice and investment behavior,and then proposes the research idea of this paper based on the further analysis of the relationship among the three,and selects and compares case enterprises for research.Through comparative study and analysis of BAIRUN CORPORATION and CCGB and fragrance enterprises,AHP analytic hierarchy process was used to calculate and compare the dynamic capability of the two enterprises,the impact of dynamic capability on the strategic choice of enterprises and the impact of strategic choice on investment behavior.This paper finds that: 1.Under the three dimensions of opportunity identification,response selection and integration and reconstruction ability,enterprises with strong dynamic ability tend to pursue diversified development strategies,while those with weak dynamic ability focus on professional development.2.After the strategic choice,the diversification strategy is eager to expand the production and sales of new business,which shows an explosive growth in the scale of investment,such as a sharp rise in fixed assets.However,due to limited allocation of resources,the balanced development of multiple businesses cannot be achieved,which leads to the decrease of investment efficiency and excessive investment.3.Enterprises that rely on endogenous growth and adhere to professional strategy can maintain stable growth of investment scale on the original basis,focus on product innovation and research,gradually lay out new products,maintain stable investment efficiency,and ensure market competitiveness while enhancing value.In this paper,by means of case study analysis "the enterprise dynamic competence,and the impact of strategic choice of the enterprise,the enterprise strategic choice and thus impact on firms’ investment behavior" the conduction process,the enterprise strategic financial management,enriches the research field of the two,as well as enterprise in the process of development of spices and essential focus on dynamic capabilities,enterprise strategy choice and provides some inspiration from the practice of investment behavior. |
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