经济政策不确定性对公司战略差异的影响

The Influence of Economic Policy Uncertainty on Corporate Strategic Difference

本文利用我国2005~2018年A股上市公司年度数据,运用经济政策不确定指数实证检验了经济政策不确定性对公司战略差异的影响,研究结果发现:经济政策不确定性对公司战略差异具有显著正向影响;当行业竞争越激烈,公司融资约束程度越低时,该正向影响效果更加显著;与民营企业相比,国有企业更有能力和资本改变原有的战略定位,实行偏离行业常规的战略模式。本文研究结论不仅丰富了经济政策不确定性的经济后果研究,而且对于探索转型经济背景下经济政策不确定性带来的“机遇预期”效应更具现实支撑。

From the perspective of economic policy uncertainty,the paper discusses the opportunities and choices of companies to change their strategic positioning.On the basis of describing the degree of corporate strategic difference based on the annual data of China's A-share listed companies from 2005 to 2018,the paper uses the economic policy uncertainty index to empirically test the effect of policy uncertainty on corporate strategic difference.The results show that the uncertainty of economic policy has a significant positive influence on the degree of corporate strategic difference.When the external industry competition is more intense,the company's financing constraint level is lower,the positive effect is more significant;Compared with private enterprises,state-owned enterprises may have more ability and capital to change their original strategic positioning.The research conclusions not only enrich the research on the economic consequences of economic policy uncertainty,but also provide practical support for exploring the expected effect of"opportunity"brought by economic policy uncertainty in the context of transition economy.