Changes in Corporate Strategy,Monopoly Position and Investment Efficiency:A Perspective Based on Enterprise Life Cycle
Taking the data of A-share listed companies in Shanghai Stock Exchange and Shenzhen Stock Exchange from 2002 to 2021 as the research sample,this paper empirically analyzes the relationship between strategic changes and investment efficiency of enterprises in different life cycle stages.The results show that positive strategic changes of enterprises in the growth stage can help improve their investment efficiency,while there is an inverted U-shaped relationship between strategic changes and investment efficiency of enterprises in the mature stage,and the impact of strategic changes of enterprises in the recession stage on their investment efficiency is not significant.However,in further research,it is found that offensive strategic changes help enterprises to turn around,and the monopoly position of enterprises weakens the relationship between strategic changes and investment efficiency,and the impact of strategic changes on investment efficiency is more significant in state-owned holding companies than in non-state-owned holding companies.It is suggested that enterprises in the growth stage should actively adjust their strategies to adapt to the changes in market demand,enterprises in the mature stage should reduce excessive strategic changes to avoid damaging the core competitiveness they have already accumulated,and enterprises in the recession stage should have the courage to try out new strategic directions and reposition their brands.In addition,enterprises should fully consider factors such as their monopoly position and nature when formulating their strategies to achieve their sustainable development.
strategic changesinvestment efficiencymonopoly position of enterprisesenterprise life cyclereversal of declining enterprises
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