The influence of the degree of strategic difference on enterprises is an important issue concerned by the aca-demic circle,and whether enterprises can improve the total factor productivity by increasing the degree of strategic difference provides a different entry point for the study of corporate strategy.This paper takes ShanghaiShenzhen Ashare listed companies from 2009 to 2020 as samples to empirically test the influence of strategic difference degree on total factor productivity of enter-prises.The research results show that the degree of strategic difference has a significant positive effect on the total factor pro-ductivity of enterprises,and technological innovation has an intermediary effect on the transmission path of the degree of strate-gic difference affecting the total factor productivity of enterprises.Further research shows that the higher the level of industry competition,the higher the degree of strategic difference of enterprises with high information transparency and low financing constraints,the more significant the positive effect on the total factor productivity.This study enriches the literature related to TFP and corporate strategy research,provides a new perspective for the study of TFP,and helps enterprise stakeholders to un-derstand the economic consequences of strategic decisions,and provides theoretical reference for guiding and promoting enter-prises to carry out strategic changes and obtain competitive advantages.
strategic difference degreetotal factor productivitytechnological innovationindustry competition leveltransparency of information
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