The Influence of Specialized and Sophisticated Strategy on Technological Innovation of Enterprises:A Study Based on the Comparison Between"Little Giant"and Ordinary High-Tech Enterprises
The specialized and sophisticated enterprise is a typical representative of high-quality innovative companies,whose development strategy has referencing significance for other firms to improve the level of technological innovation.Taking specialized and sophisticated"little giant"enterprises and ordinary high-tech enterprises listed on A-share from 2010 to 2021 as samples,this paper explores the impact of specialized and sophisticated strategy with the core of concentration and differentiation on firms'technological innovation by using the comparative analyzing method.The research conclusions are as follows.First of all,specialized and sophisticated strategy,which is the combination of concentration strategy and differentiation strategy,is conducive to improving the technological innovation level of enterprises and exerting a more obvious effect on the promotion of breakthrough technological innovation.Secondly,the mechanism test shows that specialized and sophisticated strategy promotes companies'technology-innovation performances by stimulating human capital investment and easing financing constraints.Thirdly,the moderating effect test demonstrates that external environment with low competitiveness,high marketization,and moderate uncertainty could strengthen the positive impact of specialized and sophisticated strategy on enterprises'technological innovation.Finally,enterprises implementing specialized and sophisticated strategy not only own higher firm value,but their technological innovation activities also contribute more to their corporate value.These conclusions enrich the research perspective of enterprise's technological innovation motivation,and at the same time provide theoretical basis for encouraging small and medium-sized enterprises to follow the SFCI developing road.
specialized and sophisticatedconcentration strategydifferentiation strategytechnological innovation
万方数据
