企业绩效、财务资源与战略风险--对鲍曼悖论及财务资源调节效应的实证分析

摘要

鲍曼悖论———跨企业绩效与战略风险负相关，是战略管理研究领域的经典谜题，自20世纪80年代提出以来引发了众多学者持续的研究和争论。文章选取国内937家民营上市公司作为样本，结合前景理论、行为理论以及资源基础理论，通过构建二次回归模型探讨了跨企业战略风险与绩效之间的关系，以及财务资源配置对二者关系的调节作用。研究结果显示，我国民营上市公司绩效与战略风险之间呈现正U型曲线关系；财务资源配置负向调节绩效与战略风险的相关关系。%Bowman paradox has been a classic puzzle in the field of strategic management. It has caused many scholars continued research and debate since it was put forward in 1980 s. In this paper,We select 937 domestic listed companies as samples,and combined the prospect theory, behavior theory and the Resource based view to examined the relationship between inter-enter-prise strategic risk and performance by constructing a quadratic regression model. The results showed that the performance-risk relationship of the private listing Corporation in China is U shaped;the financial resources is negative to adjust corporate performance-risk relationship.