The Research on the Effect of Organizational Learning on Diversification and Capital Structure Strategy in Small and Medium-Sized Enterprises: An Empirical Research Based on Structural Equation Modeling

The knowledge theory has increasingly been used to explain the enterprise behaviors. Then, the organizational learning of the knowledge theory has what effect on diversification and capital structure strategy? In this paper, organizational learning is classified into exploration and exploitation and enterprise performance into the overall financial performance and new product performance. On the basis of questionnaire survey, by exploratory factor analysis and structural equation modeling, the results show that exploration has a direct positive effect on diversification, while exploitation has an inhibitory effect; whether exploration or exploitation has little effect on capital structure in SMEs; diversification indirectly affects the overall financial performance through affecting the new product performance.