先做大还是先做强是每个企业都关心的重要问题，其本质是企业对先追求增长和先追求利润的取舍。目前学术界对这一问题的理解有限。鉴于此，本项目首先通过多层模型对我国企业增长和利润的方差决定因素进行分析，预计我国企业增长更多由行业因素推动，利润更多由企业因素推动，进而指出增长和利润是不同的业绩目标应当区别对待。接着，本项目创新性地提出增长导向型战略和利润导向型战略，多维度定义企业长期健康成长，并基于我国企业大样本数据实证探究这两种战略对企业长期健康成长的影响，预计利润导向型战略可以带来企业长期健康成长而增长导向型战略则不能。最后，本项目关注作用机制，聚焦规模受限资源和企业特定资源，分析其对增长/利润导向型战略与企业长期健康成长之间关系的调节作用。本研究通过对我国企业增长/利润导向型战略的前因和后果的分析，不仅推进对不同类型战略与资源的理解，更为企业经营者平衡增长与利润以实现长期健康成长提供重要参考。

Bigger first or stronger first is a question that every firm cares. The essence of this choice is the trade-off between growth and profit. Current literature on this question is unsystematic. There is a lack of rigorous empirical studies which examine the long-term performance implication of the two choices. This project first analyzes the variance of growth and profit of Chinese firms using multilevel modelling technique. Incorporating the characteristics of emerging markets and comparing the difference between growth and profit, the project points out that growth and profit are two different performance measures which needs to be examined separately. Next, this project proposes growth-oriented strategy and profit-oriented strategy and examines their core and underlying rationales. It also defines sustainable healthy growth from multiple dimensions and examines the relationship between growth-oriented/profit-oriented strategy and sustainable healthy growth. Finally, this project focuses on non-scale free resources and firm-specific resources and examines how these different types of resources moderate the relationship between growth-oriented/profit-oriented strategy and sustainable healthy growth. By investigating the antecedents and performance implication of firm growth and profit, this project not only enriches our understanding of different types of strategies and resources, but also helps managers balance growth and profit to achieve sustainable healthy growth.