企业战略激进度、管理者变更与技术距离

把握战略激进度是企业绩效提升的关键，以往研究未关注战略激进度对企业技术距离的影响。以中国A股制造业上市公司数据为样本，使用系统GMM检验企业战略激进度与技术距离间的关系，以及管理者变更的调节作用。结果发现：企业战略激进度与技术距离之间存在U型关系，即分析型战略有助于技术距离缩小，但进攻型和防御型战略不利于缩小技术距离。在管理者变更频率较高的企业中，战略激进度与技术距离间的U型关系更显著。进一步研究表明，战略激进度与技术距离间的U型关系在竞争程度相对较低的行业中表现更显著。相比于职业经理人，由控股股东继任董事长或总经理，以及在较少继任者两职兼任的情景下，管理者变更的调节作用更显著。

Corporate Strategic Radicalization,Managers Turnover,and Technological Distance

A fundamental issue in the field of strategic management is the impact of corporate strategy which is discussed by a large number of theoretical and empirical studies.Some studies divide corporate strategy types into attack strategy, analyzer strategy, and defender strategy, and extensively discuss the impact of strategic differences on corporate cash flow, earnings management, over-investment, and so on.It also extends the concept of "strategic radicalization".Attack strategy has the highest strategic radicalization, followed by analyzer strategy, and defender strategy has the lowest.However, we find that few scholars study the impact of strategic radicalization on enterprise innovation.This has provided us with impetus to carry out research.This study mainly discusses the impact of strategic radicalization on technological distance and the boundary of its effect.Technological distance refers to the technological gap between a company and its frontier company in the industry.Compared with the traditional innovation performance measurement indicators, technological distance can better reflect the technological innovation efforts of enterprises in a competitive environment.First, existing studies have extensively examined the impact of corporate strategic radicalization, but have ignored the impact of strategic radicalization on corporate innovation.By studying the impact of strategic radicalization on technological distance, this study enriches the literature on the impacts of corporate strategic radicalization and is a useful supplement to existing research.Second, it is a common research perspective to study the impact of strategy types from the perspective of management behavior.From the perspective of managers turnover, which affects enterprise strategic change, this paper studies the frequency of managers turnover, the source of successors and the boundary function of integration of chairman or general manager, which is helpful to further clarify the boundary of strategic radicalization.Third, this research provides a reference for how companies choose strategic positioning to narrow the technological distance.According to the research conclusions, companies should choose the analyzer strategy of moderate radicalization, rather than the attack strategy of over radicalization and the defender strategy of insufficient radicalization, so as to achieve the best technology catch-up effect.This article uses the data of listed companies in China's A-share manufacturing industry as a sample, and uses the system GMM to examine the relationship between corporate strategic radicalization and technological distance, as well as the boundary effect of the corporate governance factor of managers turnover.The results are as follows: First, there is a U-shaped relationship between corporate strategic radicalization and technological distance.Appropriate strategic radicalization can reduce the technological distance.Over radicalization or insufficiently radicalization is not conducive to narrowing the technological distance.Second, the higher the frequency of managers turnover, the more obvious the relationship between strategic radicalization and technological distance.Third, the U-shaped relationship between strategic radicalization and technological distance is evident in industries where competition is relatively weak.Fourth, compared with professional managers, when the controlling shareholder succeeds the chairman or general manager, and in the case of a lower successor with integration of chairman or general manager, the boundary effect of managers turnover is more significant.This article has certain practical implications.First of all, this research reveals that analyzer strategies can help companies narrow the technological distance.This enlightens companies that they should adopt appropriate radical strategies, not only to avoid corresponding risks, but also to be wary of backwardness caused by insufficient strategic radicalization.When formulating strategies, companies should also reasonably evaluate the intensity of competition in their industries, and be wary that relatively weak industry competition will lead to insufficient incentives for corporate innovation.In this situation, companies need to adopt a moderately radical strategy to shorten the technological distance with frontier company in order to overcome the lack of incentives in the industry, but they still need to avoid the negative effects caused by over-radical strategies.Secondly, the managers turnover affects the strategic choice of the enterprise.This study suggests that the successor manager should choose a moderately radical analyzer strategy to narrow the technological distance.But at the same time, it should be noted that the succession of the chairman or general manager by the controlling shareholder can effectively reduce the agency costs and enhance strategic execution.Avoiding the concurrent appointment of the successor chairman and general manager can reduce the negative impact of managers' overconfidence and help to improve the rationality of strategic decision-making.This provides a reference for how to determine the source of successors and position arrangements in the process of managers turnover.