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In today's economic globalization and the rapid development of information technology, driven by increasingly turbulent business environment, any business can not rely on a technology or product superiority has maintained growth momentum, must be based on the dynamic changes in the market environment to adjust the company's products, technology or capacity to meet changes in the environment in order to achieve sustainable growth.
How to achieve sustainable growth in a dynamic environment, has become the theoretical and practical business management workers urgently need to answer the question. In order to benefit in this in-depth study, research in this area is now on the Status and Problems of giving commentary: Part I: the concept of sustainable growth, Content and measurement; Part II: Research the causes of sustainable growth; first three parts: research on the sustainable growth of enterprises commentary and future research whereabouts.
1. Put forward the concept of sustainable growth of enterprises, content and measurement
1.1 propose the concept of sustainable growth
Sustainable growth of enterprises in the market concept is presented in what context? Yang Du (1996) considered the rapid changes in the external environment and the business life cycle - specific performance of the product life cycle or cause life-cycle - increasingly shortened situation presented. The face of rapid changes in the environment and businesses increasingly shorter life cycle, how to extend the corporate life in order to achieve the enterprise (may) have become a prominent problem continues to grow. Sustainable growth of enterprises the fundamental question is how to go beyond the life cycle of products and career destiny and achieve further growth problems. Enterprises (can) continue to grow, especially beyond the re-growth of the entire life cycle of the business community faces a serious issue.
1.2 Content and Measurement
Understanding of sustainable growth, there are a variety of views and perspectives.
(1) Li Zhanxiang (2000) that "a number of companies have been alive, but they are not necessarily in the growth, for instance, some centuries bun shop, we say that such a business is a continued but no grow another enterprise, set up quickly after expansion of fame within a few years, but soon the strategic mistakes or environmental changes disappeared. Such high platform diving athletes with growth-oriented enterprises is no sustained. "They pointed out that the sustainable growth of enterprises to define than the above two class, they are defined as enterprises of sustainable growth over a longer period of time from small to big, from weak to strong continuous process of change, and that this concept includes three o'clock meaning: first, persistence, a longer period is sustainability indicators; Second, growth, from small to big, from weak to strong is the company's growth targets, companies can use a variety of resources, and continuously improve the performance or enhanced to reflect; Three is constant change, constant change is to achieve growth and sustainability means.
(2) Yang Du (1996) point of view. Yang Du believes that product has a life cycle, career life cycle, the enterprise itself is also a life. But he also pointed out that "this does not need pessimism, despite a recession, companies have sooner or later inevitably move toward the demise of the" fate ", but through the efforts of companies can extend their life, this is precisely the mission of entrepreneurs or managers." He also noted that "prolonging life or growing business means that innovation, first technology - product innovation, beyond the life of a particular product and sustained growth; Second, innovative career, spanning a career life and sustained growth; Finally, through institutional innovation, to infuse vitality and continued growth. " Thus, Yang Du businesses continued to grow in view of clearly established the concept of life-cycle basis, is to extend the corporate life through innovation. From Yang Du understanding on sustainable growth of enterprises continued to grow at least more than one product life cycle. Thus, an enterprise beyond the product or business cycle more shows to achieve a more sustainable business growth.
(3) the sense of sustainable competitive advantage continues to grow (Huang Qun-hui, 2008). Or is that sustained growth is sustainable competitive advantage, as long as companies realize the (product) sustainable competitive advantage, he said, the company has achieved sustained growth (Huang Qun-hui, 2008). This paper argues that product - the sense of technological innovation continued growth is basically the idea of dynamic capabilities, products - technological innovation purpose is to gain sustainable competitive advantage. Under this view of sustainable growth measurements, the available indicators to measure sustainable competitive advantage, such as the recent 3-5 years the company's sales revenue growth is higher than the peer companies; companies last 3 to 5 years of profit margin is higher than peers. If yes, explain enterprises to achieve sustainable growth.
(4) Built to Last. From the entire life point of view, if the company did Everlasting, say companies achieve sustainable growth (Collins and Porras, 2002). Under this view of sustainable growth measurement is to see whether the enterprise to achieve everlasting. This paper argues that the entrepreneur Everlasting lifelong effort, the pursuit of sustainable growth is to start from the front.
According to the above point of view, this paper considers sustainable growth of enterprises can be defined as companies over a longer period of time can continue to adapt to environmental change, not because of environmental changes may affect growth, specific performance: During this period, the company's sales revenue and profitability other indicators to maintain a constant growth in the state. The oft-quoted definition of sustainable growth in the academic concept (Li Zhanxiang, 2000), is essentially the same. Enterprises can continue for a longer period of time to adapt to environmental change, not because of environmental changes may affect growth, we must continue to change, through constant change, adaptation to climate change in order to achieve from small to big, from weak to strong.
2. Source of sustainable growth
Currently on how to achieve sustainable growth of roots or internal mechanism broadly grouped into exogenous theory, internal and external due to a combination of theory and dynamic point of view. The following three aspects from these studies were reviewed and abroad.
2.1 On the external
1. Based on the theory of industrial organization Sustainable Growth
Sustainable growth of enterprises in industrial organization theory, also known as industry selection view that industry to a certain extent determine the enterprise development space and the possibility of sustainable growth. Choose to grow strong, profitable space industry can bring business growth; rather poor growth, profit margins of small industries will hinder or delay the pace of business growth.
Select Industry impact on the sustainable growth of enterprises can be analyzed in two ways: (a) the attractiveness of enterprises or industries where the competitive structure in which the industry is to determine the profitability of enterprises an important factor. In general, the more intense competition within the industry, the industry attractiveness is small, in this industry, where it is difficult to obtain a high level of profitability. About the importance of the industry, Porter (1997) on the "how much does industry matter, really?" In one article, empirical research results: industry is really important to the business sector profits of 19%.
(2) industry evolution. In general, with the social development and changes in the economic environment, every industry will experience generated, growth, maturity, decline evolution grasp this process, the timely entry and exit, for the sustainable growth of enterprises of great significance. Guangdong Galanz Group company is able to long-term sustainable growth, and its timely entry and exit business transformation industries have a great relationship.
2. Based on the theory of competitive strategy for sustainable growth of enterprises
Poter (1980,1985) From a market structure - conduct - performance model, this paper proposes a structural analysis based on industry competitive strategy theory. The theory is that the growth in the product on the market depends on two factors: First, according to industry structure analysis select "a good industry that is attractive industry", the second is based on the industry's five forces competitive state, correct positioning of the firm in the product market on the strategy, or cost leadership, differentiation, or unique, or focus it. If the company can achieve success in the product market of one of the three general strategies, the enterprise can achieve growth in this market, and if this strategy is not to imitate or substitute, the enterprise can continue to grow. However, in a dynamic environment, competitive strategy often been imitated, or even destroyed, so the theory of competitive strategy based on sustainable growth theory in a dynamic environment guiding role in the decline.
2.2 On the internal
1. Based on resource-based theory of sustainable growth
About the origin of the resource base school, academics acknowledged originated in Penrose's "Enterprise Growth Theory," Penrose that neoclassical economics simply understood as the enterprise production function, is not conducive to the growth of the enterprise to understand. The theoretical framework can be summarized as "enterprise resources owned enterprises have the ability to decide and ultimately decide the growth of enterprises."
After the 1980s, Wernerfelt (1984), Barney (1996), Collis & Montgomery (1994), etc. In the Penrose "enterprise growth theory" proposed on the basis of the resource-based theory of competition, from within the enterprise have a unique resource perspective to study sustainable source of competitive advantage that sustainable competitive advantage is built on the basis of internal unique resource, this resource must be valuable, rare, difficult to imitate and irreplaceable. Later, Barney (1991) in his paper "Corporate resources and sustainable competitive advantage" has been added, presented VRIO framework, namely the value of the problem, scarcity, inimitability and organizational issues. Value problem is the company's resources, or whether the ability of the environment to enable enterprises to respond to the threat or opportunity? Scarcity problem is that these resources are currently only a few enterprises owned or controlled? Inimitability companies that do not have these resources to get these resources are facing a cost disadvantage? Organizational problems is the company's organization, policies, procedures to support enterprises to take advantage of these resources do? VRIO framework proposed, based on the resource-based theory of sustainable growth matures. However, some scholars have pointed out that the resource is important, and only resource is not enough resources left behind specific people, is not to promote business growth, and it is unable to obtain sustainable competitive advantage (Prahalad & Hamel, 1990). So based on the enterprise capabilities, emphasis on the subject within the enterprise - the role of people's enterprise capabilities theory produced.
2. Ability of enterprises based on the enterprise sustainable growth theory
Enterprise capabilities including core competence theory and the theory behind dynamic capabilities theory, where the first to analyze the competing enterprises based on core competencies for sustainable growth theory. 1990s, Prahalad and Hamel (Prahalad & Hamel) proposed theory of core competence, from the enterprise perspective to research firm internal capacity growth problems that sustainable growth is built on core competence based on . Prahalad and Hamel (1990) the core competencies (core competencies) is defined as "cumulative knowledge within the enterprise, particularly in the various production skills and how to coordinate a variety of technical schools combine knowledge." Core competencies "is also the organization and provide value"; it "requires adequate communication between the various business units, participation and involvement, involving many levels of staff and all the functions." 1994, Hamel & Prahalad in "Competingfor the future" as supplemented by another book that core competencies are "enterprises due to past investments and learning behavior skills and knowledge accumulated by the combination of features it is a corporate expertise is make one or more businesses to achieve industry-leading levels of ability. "core competencies generally have the following characteristics: (1) a unique easy to
learn and imitate; (2) to the customer is valuable; (3) to enter the relevant operating areas of the channel.
Core competencies and business growth is closely related to those who have the core competitiveness of enterprises in the fierce competition in the can firmly grasp the initiative to make themselves more than others, invincible. For example: Japan's Honda's core competence is its engine technology, with this in motorcycles, lawn mowers, cars, generators industry, firmly occupy the dominant position of the engine supplier for Honda won the advantage. Therefore, a fundamental change in technology does not occur in the case, the core competitiveness of enterprises is often the basis for sustainable development. However, as the environment changes, the core competitiveness of the value will depreciate, or even due to the long process of nurturing enterprise core competencies done a lot of investment and effort, to face changes in the environment rather than change, showing rigidity characteristics. Therefore, in a dynamic environment and the company's core capabilities for the enterprise can not continue to grow forever.
3. Knowledge-based sustainable growth theory
Knowledge theory suggests that firm heterogeneity among enterprises is the core of the knowledge accumulated inventory differ between companies doing similar business reason exhibit different capabilities, which is the company behind the accumulation of knowledge in this area of different from any person or business will not make their own, or do not know something. From the above description of the core competencies of the concept can also be seen that the nature of core competence is knowledge dynamic capabilities, whether it is production skills, a variety of technology flows, or their combination or coordination, are essentially within the enterprise knowledge. Enterprise capabilities, especially the core value of the capacity and non-imitative, in essence, there is the hidden knowledge of its internal nature of the decision. Rooted in the long-term business activities in the accumulation of shared tacit knowledge is the source of sustainable growth. However, it is noteworthy that these rooted knowledge, often in the face of a dynamic environment has shown rigidity characteristics, can not adapt to the dynamic changes of the environment. So, in a dynamic environment, enterprises in order to sustainable development, but also need to cultivate the ability to quickly learn new knowledge.
2.3 Based on Dynamic viewpoint sustainable growth theory
Theory of the Growth of enterprises above have a common feature - are on a static perspective, compared to a static analysis or static analysis. These analyzes are implicit in such an assumption - enterprises in which the external environment is stable and unchanging. This assumption is obviously an ideal assumptions, away from the actual business. Based on the dynamic environment in which to analyze the growth of enterprises in order to truly meet the actual situation of enterprises. Before the dynamic capabilities theory, there has been some research from a dynamic point of view of corporate growth.
1. Based on the theory of business development of three aspects of sustainable growth
Bage Hai (1999) from the enterprise business perspective stereo mix made sustainable growth of the "three level business development model" that the secret lies in the sustainable growth of enterprises can simultaneously consider three time dimensions of development opportunities and to build three levels of service: the first level to expand and defend existing core business; second level to establish new businesses; tertiary level to create a viable candidate for corporate business. Figure 2-1. Bage Hai (1999) pointed out that any one business, is like a flower, grow, bloom and then wither. If an enterprise to continue to grow as the goal, the pace of updating its operations must be faster than the pace of decline, for the sake of sustainable growth, companies must open up new business after another, developing new sources of profit. Maintaining new and replacement pipe flow, the momentum of the decline occurred before the core business, new business has been nurtured.
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