战略差异提升企业的创新水平了吗?——基于融资约束和代理成本的中介研究

Does Strategic Difference Enhance the Innovation Level of the Enterprise?——Mediation Research Based on Financing Constraints and Agency Costs

为检验战略差异对企业创新的影响效果及其内在作用机理,文章选取了2010-2019年我国沪深全部A股上市公司为研究样本,通过实证分析发现:战略差异降低了企业创新水平。对其作用路径进一步研究结果表明:战略差异不但加剧了企业的融资约束而且提升了企业的代理成本,进而对企业创新产生负向影响;而对管理者实施薪酬激励则会减弱战略差异对企业创新投入的负向影响,对于战略差异与企业创新产出的影响则不显著。文章的研究结论为企业战略选择下的资源配置、管理者监督及激励方式的选择提供了参考与借鉴。

In order to test the impact of strategic differences on enterprise innovation and how it works,this paper selects all Ashare listed companies in Shanghai and Shenzhen from 2010 to 2019 as research samples,empirical result shows that strategic dif⁃ferences reduce the innovation level of enterprises.Further research results show that strategic differences not only exacerbate the financing constraints of enterprise,but also increase the agency cost of enterprises,and then reduce the level of innovation of firms.However,the compensation incentives in management play a positive effect on innovation input,but have no significant impact on firm innovation output.The research findings provide a reference for the strategic choice of enterprises and the innovation activities under this strategy.