机构投资者能够感知企业的战略差异吗？

Do Institutional investors Identify Corporate’Strategic Deviance?

企业战略选择对企业及利益相关者的影响备受关注。本文考察了机构投资者持股决策是否受到企业战略选择的影响。研究发现企业战略差异越大,机构投资者的持股比例越低。高水平的信息质量评级及"四大"审计可以有效缓解企业战略差异对机构投资者持股决策的影响。进一步研究发现,信息不对称程度的增加是企业战略差异影响机构投资者持股决策的主要作用机制。研究结论对企业战略选择、监管部门重视企业战略信息披露政策的制定具有重要意义。

In recent years, the research on the influence of strategic deviance on enterprise and stakeholder behavior has attracted much attention. This paper examines the influence of strategic deviance on institutional investor shareholding decision. The study found that the greater the degree of strategic deviance in enterprises, the lower the shareholding ratio of institutional investors.Shenzhen exchange information quality rating and "Big four" can effectively alleviate the impact of corporate strategic deviance on institutional investor shareholding decision. Further research finds that the increase in the degree of information asymmetry is the main mechanism for the influence of corporate strategic differences on institutional investors’ shareholding decisions. The research conclusions are of great significance to the strategic choice of enterprises and the supervision departments attach importance to the formulation of corporate strategic information disclosure policies.