差异化战略与企业高质量发展——内控机制的风险应对及阈值管理

Differentiation Strategy and High-quality Development of Enterprises-Risk Response and Threshold Management of Internal Control Mechanism

差异化战略是企业重要的竞争手段,管理者对其部署有较大的自主裁量权,而内部控制系统通常被作为战略执行的保障工具。因而,如何积极引导企业战略决策有效对接国家高质量发展战略,发挥内控机制及时甄别企业战略选择风险并施以动态管控的职能,是战略管理面对的新课题。依据战略风险管理理论和制度逻辑理论,利用沪深A股制造业上市公司2011—2020年数据,通过固定效应模型、中介效应模型和零膨胀负二项模型,实证分析战略差异度对企业高质量发展的影响效果、路径及内控机制的作用机理。研究得出:战略差异度与全要素生产率呈倒U型关系,存在风险阈值;良好的内控机制有正向曲线调节效应,可以优化两者之间的关系,具有显著的风险阈值管理作用;非效率投资、创新产出受阻是激进战略决策阻碍全要素生产率提高的重要中介变量,而高质量的内控机制对此可以起到较好的风险管控作用;良好的内控机制可以有效缩短高差异度战略决策对全要素生产率损害的持续时间,有助于企业将偏离阈值的战略决策尽快回调,具有风险反馈与矫正作用。因此,企业应加强内控机制建设,将企业战略选择风险管控纳入前置管理和阈值动态管理,为制造业的高质量发展提供一定的制度支持。

Differentiation strategy is an important means of competition for enterprises.Managers have greater discretion over its setting,and internal control system is usually assigned as a guaranteed tool for strategy implementation.Therefore,how to actively guide the strategic decision-making of enterprises to effectively connect with our national high-quality development strategy,and give full play to the function of the internal system to timely identify the strategic choice risks of enterprises and implement dynamic control is a new topic for enterprises'strategic management.Based on the theory of strategic risk management and the theory of institutional logic,using the data of manufacturing companies listed in Shanghai and Shenzhen A-share market from 2011 to 2020,and combined with fixed effect model,intermediary effect model and zero inflation negative binomial model,the authors discuss the effect,path,and mechanism of the internal control of strategic differentiation on the high-quality development of enterprises.It is found that:there is an inverted U-shaped relationship between strategic differentiation and total factor productivity,and there is a risk threshold;a good internal control mechanism has a positive curve adjustment effect,which can optimize the relationship between the strategic differentiation and total factor productivity,and plays a significant role in risk threshold management;inefficient investment and blocked innovation output are important intermediary variables for radical strategic decision-making to hinder the improvement of total factor productivity,and a high-quality internal control mechanism can play a better role in risk management and control;and high quality internal control mechanism can effectively shorten the duration of the damage to total factor productivity caused by high strategic differentiation decisions,help enterprises to callback strategic decisions that deviate from the threshold as soon as possible,and play the role of risk feedback and correction.Therefore,the enterprises should strengthen the construction of internal control and integrate the management and control of enterprise strategic choice risk into the pre-management and dynamic management of threshold value to provide certain institutional support for the high-quality development of the manufacturing industry.