战略差异度对企业风险承担行为的影响研究
The Effect of Strategic Differentiation on Firms'Risk-Taking Behavior
王冰 1陈逢文 1洪丛华2
作者信息
- 1. 重庆大学经济与工商管理学院
- 2. 深蓝汽车科技有限公司
- 折叠
摘要
结合企业行为理论与最优区分理论,运用2010～2020年我国A股上市公司的面板数据,考察战略差异度对企业创新投入(进取式风险承担行为)与寻租支出(越轨式风险承担行为)的影响效应.研究发现:①当企业战略定位偏离行业常规模式的程度越大时,其创新投入水平越高,而寻租支出水平越低,呈现出"小心翼翼进取"的冒险倾向;②机构投资者持股与国有产权同时抑制了战略差异度对创新投入的正向影响,以及其对寻租支出的负向影响.
Abstract
Drawing on the theory of corporate behavior and optimal distinctiveness theory,the panel data of A-share listed companies in China from 2010 to 2020 are used to investigate the effects of strategic differentiation on the firms'innovation investment(aspirational risk-taking behavior)and rent-seeking expenditure(deviant risk-taking behavior).The results show that,first,the greater the deviation of strategic positioning from the industry norm,the higher the level of innovation invest-ment and the lower the level of rent-seeking expenditure,exhibiting a tendency of"cautiously aggres-sive"risk-taking.Second,institutional investors'shareholding and state ownership weaken both the positive effect of strategic differentiation on innovation investment and its negative effect on rent-see-king expenditure.
关键词
战略差异度/企业风险承担/创新投入/寻租支出/最优区分Key words
strategic differentiation/risk-taking behavior/innovation investment/rent-seeking expenditure/optimal distinctiveness引用本文复制引用
基金项目
国家自然科学基金(72172020)
重庆市教委人文社会科学研究思政专项重点项目(22SKSZ001)
重庆市研究生科研创新项目(CYB22050)
出版年
2024
NETL
NSTL
万方数据