摘要
本文以2008-2017年沪深A股上市公司为样本,基于企业生命周期视角,研究了竞争战略对企业价值的影响.研究结果发现差异化战略有助于提升企业价值,而成本领先战略对企业价值具有负面影响;差异化战略对企业价值的积极影响在成熟期企业最为显著,而成本领先战略对企业价值的负面影响在衰退期企业表现更强.进一步的研究结果表明,较高的经济政策不确定性和良好的企业内部控制水平能够弱化成本领先战略对企业价值的负面影响.本文的研究有利于从企业生命周期这一动态视角深入理解竞争战略与企业价值两者之间的关系,丰富了竞争战略与企业价值相关领域的文献.
Using a sample of Chinese A-share listed firms from 2008 to 2017,this study examines the influence of corporate competitive strategy on firm value from the perspective of enterprise life cycle.Empirical results show that differentiation strategy is positively related with firm value,while cost leadership strategy is negatively related with firm value.We also find that the positive relation between differentiation strategy and firm value is most pronounced for firms in mature period,and the negative relation between cost leadership strategy and firm value is most pronounced for firms in recession period.Additional tests show that economic policy uncertainty and internal control moderate the negative relation between cost leadership strategy and firm value.Our study contributes to existing literature in that we study the relation between corporate competitive strategy on firm value from a dynamic view of enterprise life cycle,which enhances our understanding towards the relation between corporate competitive strategy and firm value.
作者
翟胜宝
聂小娟
童丽静
程妍婷
ZHAI Shengbao;NIE Xiaojuan;TONG Lijing;CHENG Yanting(School of Accounting,Anhui University of Economics and Finance,Bengbu 233030,China;The Second Construction Co.,Ltd.of CSCEC 7th Division,Hefei 230011,China;School of Economics and Management,Beijing Jiaotong University,Beijing 100044,China)
出处
《系统工程理论与实践》
EI
CSSCI
CSCD
北大核心
2021年第4期846-860,共15页
Systems Engineering-Theory & Practice
基金
国家社会科学基金重点项目(18AJY002)
国家自然科学基金(71902009)。
关键词
竞争战略
差异化战略
成本领先战略
企业生命周期
企业价值
competitive strategy
differentiation strategy
cost leadership strategy
enterprise life cycle
firm value
