战略激进度如何影响投资效率?——基于A股上市公司的实证研究

How does Strategic Radicalism Affect Investment Efficiency?Empirical Research on A-share Listed Companies

公司战略从全局引领各项业务发展,对企业投资决策的制定、执行和落地起到统驭作用,当前学术界对于不同类型的公司战略如何影响企业投资效率的研究较少。因此,选取2009-2021年沪深A股企业为样本,采用双向固定效应模型实证分析战略激进度对投资效率的影响。研究发现,战略激进度显著降低了企业投资效率,对过度投资的负向影响更加显著;相较于国有企业,战略激进度对投资效率的负向影响在非国有企业中更加明显。分析显示,高质量的审计监督和当企业持股金融机构可以缓解公司战略激进度对投资效率的负向影响,从公司战略的视角开展了投资效率研究,为提升企业投资效率和制定有效的监管措施提供参考。

The company's strategy leads the development of various businesses from the overall perspective,and plays a dominant role in the formulation,implementation and landing of enterprise investment decisions.However,the current academic research on how different types of corporate strategies affect the investment efficiency of enterprises is less.Therefore,this paper selects A stock listed companies in Shanghai and Shenzhen from 2009 to 2021 as samples,and uses the two-way fixed effect model to empirically analyze the impact of the strategic radical degree on enterprise investment efficiency.The results show that:the radical degree of corporate strategy significantly reduces the efficiency of enterprise investment,and the negative impact on over investment and non-state-owned enterprises is more significant.The further analysis show that high-quality audit supervision and shareholding of financial institutions can mitigate the negative impact of corporate strategic progress on investment efficiency.The research is conducive to optimizing the strategic management of companies,and provides important reference for improving the investment efficiency of enterprises and formulating effective regulatory measures.