中国石油大学学报（社会科学版）2024，Vol.40Issue(1)：92-100,9.DOI:10.13216/j.cnki.upcjess.2024.01.0012
战略差异度对企业市场价值的影响
The Influence of Strategic Difference on Enterprise Market Value
摘要
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 com-petitive 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 relation-ship between strategic differentiation and enterprise market value is significantly established only in the enterprises in which higher dif-ferentiation strategy is implemented.关键词
战略差异度/企业市场价值/研发投入/产品竞争优势Key words
strategic difference/enterprise market value/R&D investment/product competitive advantage分类
管理科学引用本文复制引用
孙燕芳,夏嘉一,董鹏飞..战略差异度对企业市场价值的影响[J].中国石油大学学报（社会科学版）,2024,40(1):92-100,9.基金项目
山东省社会科学规划研究项目(23CGLJ52) （23CGLJ52）
