This paper analyzes the relationship between a threat of bankruptcy that enterprises face and strategic change based on a behavioral theory of the firm, prospect theory and "threat-rigidity" hypothesis, and also discusses the moderating role of internal resources (slack resources and political capital) and external opportunities (market munificence) in organizations in this relationship. Based on the data of A-share listed companies in Shanghai Stock Exchange and Shenzhen Stock Exchange from 2003 to 2014, it comes to the following conclusions:firstly, with constant expansion of a threat of bankruptcy, the extent of corporate strategic change shows the "inverted U-shaped" relationship; secondly, more slack resources that an enterprise has indicate richer internal basic conditions for strategic reform an enterprise has, which enhances the ability for enterprises to carry out strategic change when an enterprise faces a threat of bankruptcy; thirdly, political capital as a kind of reliance that enterprises can gain future potential resources, provides more resources basis for corporate strategic change and further strengthens the enterprises' capacity of strategic change when facing a threat of bankruptcy; fourthly, a munificent external market would provide an enterprise with favorable external operational environment and more environmental autonomy, and further enhances the extent of strategic change when enterprises face a threat of bankruptcy. This paper helps to explain the complex relationship between a threat of bankruptcy and strategic change from a perspective of financial difficulties and also enriches the research concerning a threat of bankruptcy and strategic change.