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本期文章
投资求荣还是保守求生？——中小微企业家对外部危机的应对策略研究
Investing to Thrive or Conserving to Survive?—Understanding Micro,Small,and Medium-Sized Entrepreneurs’ Responses to External Crises
【原文刊载在《经济管理学刊》2024年第3卷第4期】（2024年12月出版）
作者
姜铠丰，北京大学光华管理学院
Kaifeng Jiang (Guanghua School of Management, Peking University)
胡佳，清华大学经济管理学院
Jia (Jasmine) Hu (School of Economics and Management, Tsinghua University)
摘要
外部危机给企业家及其企业带来了巨大的挑战，但我们对中小微企业家如何应对这些引发高度不确定性并迫切需要关注和采取行动的危机仍然缺乏深入了解。同时，驱动企业家采取不同应对策略的因素，以及这些策略如何进一步影响企业家在危机期间的心理健康，也尚不明确。为了解答这些研究问题，本文基于资源保存理论提出，企业家可能采用两种应对策略：投资导向型和保守导向型。具体而言，当中小微企业家拥有更多的人力资本资源、企业资源以及外部资源时，他们更倾向于选择投资导向型策略；而当他们受到更多的危机负面影响时，则更可能转向保守导向型策略。本文进一步推测，相较于投资导向型策略，采取保守导向型策略的企业家可能会经历更高水平的危机焦虑感。通过两项时间滞后研究，本文对上述假说进行了检验，为理解中小微企业家在危机中的应对策略提供了重要的理论和实践启示。
关键词
关键词：资源保存理论；逆境；危机；创业；幸福感
Keywords: Conservation of Resources; Adversity; Crisis; Entrepreneurship; Well-Being
内容精要
一、研究背景与意义
近年来，全球范围内的外部危机，包括自然灾害、疫情、经济衰退等，不断对企业的运营带来冲击。例如，针对美国中小企业的一项调查显示，受自然灾害影响的企业比例在短短两年内从7%上升到14%；而新冠疫情期间，超过40%的小型企业曾因需求下降、供应链中断等问题而暂时停业。作为全球经济和就业的主要贡献者，中小微企业的生存和发展直接关系到经济的稳定和就业的保障，因此深入探讨它们在危机中的应对方式意义重大。尽管已有研究识别了企业应对危机的多种策略，但大多集中于大企业或抽象的组织层面，较少关注中小微企业家的独特挑战。由于这些企业通常由个人或小团队领导，其危机应对不仅涉及组织层面的决策，还深深嵌入个人资源、行为和心理状态中。
本研究从资源保存理论的视角出发，认为企业家在应对外部危机时常采用两种策略：投资导向型策略和保守导向型策略。投资导向型策略指的是企业家将更多资源投入到企业中，期望通过创造新机会和提升价值来应对危机。例如，这种策略可能包括开发新业务、引入新设备或采用新技术（如远程办公、在线零售等）。这一策略展现了企业家的敏捷性和适应能力，即能够在危机中识别并抓住新机遇，积极调整商业计划以实现长期增长。相比之下，保守导向型策略主要通过减少成本和保护现有资源来应对危机。企业家通常采取减少生产、削减员工薪酬或降低运营支出的措施，以最大程度地减少资源损失。这种策略强调防御性思维，旨在降低风险并保障企业的短期生存。在资源有限或面临较大压力的情况下，保守导向型策略被视为一种稳妥的选择。
根据这一理论，资源的多寡直接影响策略选择：资源丰富的企业家更有可能采取投资导向型策略，因为他们能够承担投资的风险并期望通过投资获取更多资源；而资源受损的企业家则倾向于采取保守导向型策略，以避免进一步损失。这一理论框架为研究企业家如何在外部危机中应对资源压力提供了清晰的解释。
Summary
Drawing on the Conservation of Resources (COR) theory,the study distinguishes two primary adaptation strategies:investment-oriented and conservation-oriented approaches. Investment-oriented adaptation involves actively investing resources,such as launching new initiatives or adopting innovative technologies,to mitigate the effects of the crisis and create value. Conservation-oriented adaptation,on the other hand,focuses on reducing costs and conserving existing resources,such as scaling down operations or cutting employee hours,to survive the crisis. The researchers hypothesized that resource availability,such as higher educational levels,innovation experience,and government relief benefits,would drive investment-oriented adaptation,while resource loss,particularly the adverse impacts of the crisis,would lead to conservation-oriented adaptation. Additionally,the study predicted that conservation-oriented strategies would be more strongly associated with anxiety than investment-oriented strategies,reflecting the greater psychological toll of managing resource depletion.
To test these hypotheses,the research employed two complementary studies. Study 1 used a time-lagged survey of Chinese MSME entrepreneurs during the COVID-19 pandemic,utilizing archival data collected before and after the outbreak. This study provided a detailed understanding of entrepreneurs’ responses within a single crisis context. Study 2 expanded on these findings by surveying entrepreneurs from multiple countries who faced various crises,such as economic downturns and natural disasters. This broader approach allowed the researchers to examine the generalizability of their model across different cultural and economic contexts,enhancing the robustness of their findings.
The results revealed distinct predictors for the two adaptation strategies. Investment-oriented adaptation was positively influenced by resources such as innovation experience,higher educational levels,and government relief benefits. In contrast,conservation-oriented adaptation was driven by resource loss,particularly the adverse impacts of the crisis. These findings emphasize that the two strategies are governed by different mechanisms,underscoring the relevance of COR theory in understanding entrepreneurs’ responses to crises. Additionally,the findings suggest that multiple factors must be considered to fully explain why entrepreneurs adopt specific adaptation strategies during crises.
The study also investigated the impact of these strategies on entrepreneurial anxiety. Both investment-oriented and conservation-oriented adaptations were associated with heightened anxiety,but the psychological strain was more pronounced for conservation-oriented strategies. This aligns with the idea that focusing on resource depletion and cost-cutting may exacerbate stress,whereas investment-oriented approaches may provide a sense of purpose and control. These findings offer valuable insights into the mental health challenges confronted by entrepreneurs during crises and highlight the importance of considering psychological outcomes when evaluating adaptation strategies.
Interestingly,some predictors did not perform as expected. Entrepreneurial experience was not significantly related to investment-oriented adaptation in either study,potentially because external crises like the COVID-19 pandemic involve unprecedented challenges that render prior experience less relevant. Similarly,financial resources did not significantly predict investment-oriented adaptation,possibly because entrepreneurs with substantial financial resources may feel less urgency to act proactively. These non-significant findings highlight the need for future research to explore moderators and alternative explanations,as well as to consider the context-specific nature of crises.
The two studies demonstrated consistent findings for some variables,reinforcing the validity of the theoretical framework. Innovation experience and the adverse impact of crises emerged as robust predictors of adaptation strategies across different types and contexts of crises. However,there were also contextual variations. For instance,the effects of educational levels and government relief benefits on investment-oriented adaptation were significant in Study 1 but not in Study 2,suggesting that these relationships may depend on the type and context of the crisis.
The study has important implications for theory and practice. Theoretically,it advances the literature on adversity and entrepreneurship by integrating COR theory to explain entrepreneurs’ crisis responses,providing a nuanced understanding of how resource availability and loss drive distinct adaptation strategies.Practically,the findings highlight the importance of resource accumulation during stable periods to enable investment-oriented responses in crises. Entrepreneurs should focus on continuous innovation and enhancing their educational qualifications or those of their decision-making teams to prepare for unforeseen challenges. Policymakers can play a crucial role by providing targeted relief benefits and fostering innovation-friendly environments to support entrepreneurs during crises. Moreover,addressing the mental health challenges associated with conservation-oriented strategies through community and governmental support programs can complement resource-focused interventions,ensuring a holistic approach to helping entrepreneurs and their firms navigate crises.
原文引用：姜铠丰, 胡佳. 投资求荣还是保守求生？——中小微企业家对外部危机的应对策略研究[J]. 经济管理学刊, 2024, 3(4): 29-64.
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