The Relationship Between TMT Faultlines And Enterprises Growth Of High-tech Enterprises

The manufacturing industry is the main body of the national economy,is the foundation of the country,the country,the foundation of power.With the advantage of low cost disappears,enterprises in the past to rely on the extensive development mode of resource inputs,expansion of manufacturing in China and difficult to continue,and external demand downturn,overcapacity exacerbated manufacturing industry crisis.Since 2014,China's manufacturing enterprises face the dilemma of "front and rear attack",the transformation and upgrading is imminent.In May 2015,the State Council issued the "Made in China 2025",proposed manufacturing enterprises to improve innovation investment,accelerate the transformation and upgrading,efforts to promote China to become a manufacturing powerhouse.However,in the process of transformation,on the one hand,the rapid changes in the dynamic environment for manufacturing enterprises at a loss,how to transform,how to find a way to change the survival and development of enterprises? Manufacturing enterprises look around and do not know what to do;on the other hand,the new international and domestic economic situation,facing many new risk factors for the manufacturing enterprise's survival and development,how to effectively distinguish and bear the risk factors of manufacturing enterprises is not only an urgent need to explore and think about the development of the national economy,also is the current problems to be solved.Therefore,it is of great significance to study the relationship between strategic change,risk taking and performance.On the basis of absorbing and drawing lessons from the existing research results,this study will distinguish from enterprise strategic change into two types: strategic variation and strategic deviation,to investigate the effects and mechanism of strategic transformation of China's manufacturing enterprises on the performance of enterprises and through the research perspective of risk.This paper uses the data of 230 listed companies in China's Shanghai and Shenzhen A shares from 2009 to 2015 to make empirical analysis.The results show that:(1)Strategic change and corporate performance are U type.Due to the implementation of strategic change has a certain risk,in the early performance of enterprise strategic changes will be reduced,so the small and medium-sized manufacturing enterprises should be weaker in the choice of whether to implement strategic change careful consideration;the strength of the largemanufacturing enterprises should also avoid weaknesses,and time in the implementation of the strategy in the process of changing,according to the change of the optimal advantage enterprise resource planning,minimize the organizational inertia and key resources allocation adjustment factors such as cost,promote enterprise strategic change to net gain,improve enterprise performance.(2)The strategic deviation is positively related to firm performance,and the research shows that the differentiation strategy can bring better performance.Manufacturing enterprises should make great efforts to carry out the strategic deviation,dare to open up new ideas,establish a new and unique competitive advantage,which is different from the competitors in the same industry,and carry out the innovation and differentiation strategy.(3)The impact of strategic adjustment and strategic deviation on the performance of firms.On the one hand,manufacturing enterprises should try to implement the strategy of deviation,and in the process should have the courage to take risks,positive enterprising,by increasing R & D investment,carry out new projects such as the risk of investment companies can accelerate the return on investment.On the other hand,it is difficult to accept the strategic change of enterprises should be reduced to reduce the performance of risk investment,to avoid the damage performance;and manufacturing enterprises to take risks can be both strategic change and strategic deviation,go hand in hand coordinate two kinds of strategic change,accelerate the transformation and upgrading of enterprises,establish the competitive advantage,obtain excellent enterprise performance.The research and study the relationship between the development of strategic change,risk and business performance,the conclusion provide some theoretical enlightenment and management for manufacturing enterprises in China through the selection of strategic change in different ways in the new economic and social conditions to choose the path of enterprise transformation,and the reasonable and effective risk.