Abstract: As an external governance mechanism, public governance affects the strategic decision-making behavior of enterprises. The most prominent public governance reform in China at present is to build a modern national governance system. Based on the perspective of the nature of property rights and political connection, this paper examines the corporate strategic restructuring behavior after the change of national governance. On the whole, the evidence of strategic restructuring of Listed Companies in China since the modernization of national governance is found. Politically related enterprises can adapt to environmental changes and make timely strategic adjustments. State-owned property rights have promoted strategic restructuring of enterprises since the modernization of national governance, but the role it plays are mainly reflected in reducing the relational strategic expenditure. In terms of strategic expenditure, the initiative of strategic restructuring of state-owned enterprises is insufficient. The result of this paper can be used to evaluate the efficiency and effect of the modernization of national governance, provide experience for future reform and development, and provide countermeasures and suggestions for sustainable development of enterprises in the future.

Key words: national governance, nature of property rights, political connection, strategic restructuring

摘要： 公共治理作为外部治理机制影响企业的战略决策行为。我国当前最突出的公共治理改革就是建设现代化的国家治理体系。基于产权性质与政治关联的视角检验了国家治理变迁后的企业战略重构行为。在整体上发现了国家治理现代化建设以来我国上市公司战略重构的证据；有政治关联的企业更能顺应环境变化及时进行战略调整；国有产权推动了国家治理现代化建设以来企业的战略重构，但是其作用区域主要体现在缩减关系型战略支出方面，国有企业战略重构的主动性不足。本文的研究可用以评价国家治理现代化建设的效率与效果，为未来改革与发展的路径安排提供经验依据，为企业未来可持续发展提供对策建议。

关键词: 国家治理, 产权性质, 政治关联, 战略重构