The Influence of Strategic Difference on Enterprise Market Value
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.
国家科技期刊平台
NSTL
万方数据
维普
