| 摘要: |
| 以2011—2020年沪深两市A股上市公司为研究样本,实证检验战略差异度作用于企业市场价值的传导路径。研究发现,战略差异度对企业市场价值具有显著的正向影响,战略差异度越大的企业其市场价值越高；对内在机制的研究表明,战略差异度可以通过研发投入和产品竞争优势两个独立中介路径以及“促进研发投入→增强产品竞争优势”的链式中介路径提高企业市场价值；此外,基于战略定位的分样本检验显示,战略差异度与企业市场价值的正向链式中介关系只有在实施较高差异化战略的企业中才显著成立。 |
| 关键词: 战略差异度 企业市场价值 研发投入 产品竞争优势 |
| DOI：10.13216/j.cnki.upcjess.2024.01.0012 |
| 分类号:F272.3 |
| 基金项目:山东省社会科学规划研究项目(23CGLJ52) |
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| The Influence of Strategic Difference on Enterprise Market Value |
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SUN Yanfang1, XIA Jiayi1, DONG Pengfei2
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(1.School of Economics and Management, China University of Petroleum(East China), Qingdao 266580, Shandong, China;2.Hubei Branch, CNPC Transportation Co. Ltd, Wuhan 430023, Hubei, China)
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| Abstract: |
| Taking A-share listed companies in Shanghai and Shenzhen stock markets from 2011 to 2020 as research samples, this paper empirically tests the transmission path of strategic difference on enterprise market value. It is found that strategic difference can directly or indirectly have a significant positive impact on the market value of enterprises, and the greater the degree of strategic difference is, the higher the market value of enterprises will be. Further study on the internal mechanism shows that the degree of strategic difference not only leads to an increase of enterprise market value through two independent mediation paths of R&D investment and product competitive advantage, but also improves enterprise market value by the chain mediating path from promoting R&D investment to enhancing product competitive advantage. In addition, based on the sub-sample test of strategic positioning, the positive chain mediation relationship between strategic differentiation and enterprise market value is significantly established only in the enterprises in which higher differentiation strategy is implemented. |
| Key words: strategic difference enterprise market value R&D investment product competitive advantage |
