公司战略和投资行为偏差

Firms' Strategy and the Investment Misbehavior

以2000—2016年沪深A股上市公司为研究对象,探讨公司战略与企业投资行为之间的关系,为企业谋求更高质量、更有效率、更加公平、更可持续的发展。根据企业战略得分,将企业战略类型进行分类,重点考察防守型战略企业(Defenders)和进取型战略企业(Prospectors)在投资行为方面有无显著区别,并进一步探讨企业战略与投资机会和现金流量对投资规模的交互影响。研究结果发现:遵循防守策略的公司倾向于降低投资水平,进取型企业往往积极追求新的市场机会,并表现为较高的投资水平,而防守型战略会削弱投资行为与现金流量之间的敏感性;进取型企业在外部投资机会较少时会过度投资,这种投资偏差行为主要存在于民营企业。该结论对公司战略决策和投资行为均有一定指导价值,能对未来研究提供新的思路。

With the sample of Shanghai and Shenzhen A-share listed companies from 2000 to 2016,this paper discusses the relationship between firms' strategy and their investment behavior to help the enterprises develop more qualitatively,efficiently,fairly and sustainably.Classifying enterprises by their strategy scores,we focus on whether there are significant differences in investment behavior between Defenders and Prospectors.The results show that companies following defensive strategies tend to lower the level of investment,while aggressive firms tend to actively pursue new market opportunities and exhibit higher levels of investment.What's more,defensive strategies will weaken the sensitivity of investment behavior to cash flow;prospective enterprises will invest excessively even if the external investment opportunities are less,and this investment misbehavior mainly exists in private enterprises.This paper provides some guidance for both firms' strategy and investment decision,and also provides new ideas for future research.