Managers' Perspectives on Making Major Investment Decisions: the Problem of Linking Strategic and Financial Appraisal
通过管理者视角，探讨如何弥合重大投资决策中战略评估与财务评估之间的鸿沟，采用定性方法分析管理者的学习与反思过程，提出两者应更紧密融合。
SUMMARY Major investment decisions are an important factor shaping strategic change in complex organisations. Traditionally, they have been primarily regarded as the domain of financial theory, with a few notable exceptions. This paper explores how the apparent gulf between strategic and financial appraisal of major investment decisions can be bridged. The approach taken in this research study was to explore linkages between strategic and financial appraisal from managers' own perspectives. These perspectives were examined through a learning process. This enabled managers to reflect and debate on their experiences and issues ‐ upon both strategic and financial theory(s). Unlike many prior studies, this research took a qualitative approach to data analysis and interpretation. This yielded a range of insights ‐ some of these amplified findings in earlier research studies; others suggested a more radical shift in thinking on strategic/financial appraisal linkages towards a closer fusion of the two disciplines.