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战略、业绩评价体系与业绩——对中国上市公司的研究【外文翻译】

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    • 1、外文翻译原文Strategy, performance-measurement systems, and performance: A study of Chinese firmsMaterial Source: The International Journal of Accounting 44 (2009) 256278 Author: Damon M. Fleming, Chee W. Chow, Gongmeng Chen AbstractNumerous studies in developed Western countries have shown that firms strategic choices are responsive to attributes of their external environment. In turn, performance-measurement systems are used to support strategy implementation, which then affect firm performance. Howe

      2、ver, institutional factors may limit the extent to which these linkages exist in the transitional Chinese economy. We analyze survey and publicly available data for 104 listed Chinese manufacturing firms and find that, despite a number of identifiable impediments, these firms strategic emphasis on growth is responsive to the competition and uncertainty that they face. In the case of uncertainty, the relationship goes in the opposite direction to that found in Western firms. Like their Western co

      3、unterparts, Chinese firms with greater emphasis on growth also tend to make greater use of balanced/integrated performance measurement systems, and, in turn, they perform at a higher level.1. IntroductionNumerous studies have shown that firms make strategic choices often in response to their external environment. Firms also use performance-measurement systems (PMSs) to support strategy implementation that increases their performance. This literature, however, is largely focused on firms from the

      4、 more developedWestern economies (see Chenhall, 2003, 2007 forreviews). Whether or not these relationships hold true for Chinese firms has not yet beenempirically tested.We believe that such an investigation is warranted, in part, because Chinahas become one of the worlds largest export and import countries (OECD, 2005; Roberts &Engardis, 2006), and in part because its transitional economy has certain attributes which might suppress a managers motivation and/or ability to respond to his/her firm

      5、s challenges and opportunities. With the expanding global presence of Chinese firms, an increased understanding of the strategic nature and performance effects of their current management practices might help investors, creditors, joint-venture partners, suppliers, and competitors in assessing their relationships with Chinese firms. These findings can also be of use to Chinese firms as they plan improvements. We obtained data for this study from multiple sources (surveys and actual financial rep

      6、orts) for 104 exchange-listed Chinese manufacturing firms. We then used path analysis to examine simultaneously the extent to which these firms strategic emphasis on growth is a function of the competition and uncertainty in their environment, the relation between their emphasis on growth and the use of balanced/integrated PMSs, and how their PMSs affect performance. For the sample firms, we find that the emphasis on growth increases (decreases) with the perceived competition (uncertainty) in th

      7、e business environment. Notably, the relationship with uncertainty goes in the opposite direction to that found in Western settings. The a higher use of balanced/integrated PMSs, and that the PMSs have a significant, positive link with firm performance. These findings suggest that despite the many institutional impediments that we identify, Chinese firms are responding to the opportunities and challenges in their business environment, though not always in the same way as their Western counterpar

      8、ts.The remainder of this paper is organized as follows. Section 2 provides an overview of Chinas institutional characteristics and then develops three hypotheses based primarily on the extant (Western) literature. Section 3 explains how we collected data, and Section 4 reports the results. Section 5 concludes the paper with a discussion of the findings and their implications. China had a command economy up to the end of the 1970s, wherein business enterprises were merely units for implementing g

      9、overnment plans and had very little autonomy (Expert Group, 1995). Although privatization was adopted as official policy in 1978, the Chinese government chose to “grow out” of central planning gradually, rather than following the Russian approach of dramatic policy shifts (Peng, 2003). As a result, the Chinese government has maintained a central role in guiding the economic transition (Luo, 2005), and many of the policies and institutions supporting this change (e.g., establishment of the Shanghai and Shenzhen stock exchanges, termination of financial support for most state-owned enterprises) did not come into being until the 1990s (Chow, Duh, & Xiao, 2007).Since then, the continued opening of markets and the ascendancy of private ownership have brought about an expansion in both management autonomy and the demand for “scientific management” systems to improve efficiency and effectiveness (Chow et al., 2007).Despite these developments, Chinese firms still

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