企业战略变化、垄断地位与投资效率——基于企业生命周期的视角  

Changes in Corporate Strategy,Monopoly Position and Investment Efficiency:A Perspective Based on Enterprise Life Cycle

作　　者：刘慧[1] 黄栋 Liu Hui;Huang Dong(School of Economics and Management,Zhejiang Sci-Tech University,Hangzhou 310018,China)

机构地区：[1]浙江理工大学经济管理学院,杭州310018

出　　处：《无锡商业职业技术学院学报》2024年第1期18-29,共12页Journal of Wuxi Vocational Institute of Commerce

摘　　要：以2002-2021年沪深A股上市公司数据为研究样本,实证分析企业在不同生命周期阶段下的战略变化与投资效率之间的关系。研究发现:成长期企业采取积极的战略变化有助于提高其投资效率;成熟期企业的战略变化与投资效率之间存在倒“U”形关系;衰退期企业的战略变化对投资效率的影响并不显著,但在进一步研究中发现,进攻型战略变化有助于企业扭亏为盈;企业的垄断地位会弱化战略变化与投资效率之间的关系;相较于非国有控股企业,国有控股企业的战略变化对投资效率的影响更为显著。成长期企业应积极主动地调整战略以适应市场需求的变化;成熟期企业应避免过度的战略变化,以免损害已经积累的核心竞争力;衰退期企业要勇于尝试新的战略方向,重新进行品牌定位;企业在制定战略时要充分考虑企业垄断地位和企业性质等因素,以实现企业可持续发展。Taking the data of A-share listed companies in Shanghai Stock Exchange and Shenzhen Stock Exchange from 2002 to 2021 as the research sample,this paper empirically analyzes the relationship between strategic changes and investment efficiency of enterprises in different life cycle stages.The results show that positive strategic changes of enterprises in the growth stage can help improve their investment efficiency,while there is an inverted U-shaped relationship between strategic changes and investment efficiency of enterprises in the mature stage,and the impact of strategic changes of enterprises in the recession stage on their investment efficiency is not significant.However,in further research,it is found that offensive strategic changes help enterprises to turn around,and the monopoly position of enterprises weakens the relationship between strategic changes and investment efficiency,and the impact of strategic changes on investment efficiency is more significant in state-owned holding companies than in non-state-owned holding companies.It is suggested that enterprises in the growth stage should actively adjust their strategies to adapt to the changes in market demand,enterprises in the mature stage should reduce excessive strategic changes to avoid damaging the core competitiveness they have already accumulated,and enterprises in the recession stage should have the courage to try out new strategic directions and reposition their brands.In addition,enterprises should fully consider factors such as their monopoly position and nature when formulating their strategies to achieve their sustainable development.

关 键 词：战略变化 投资效率 企业垄断地位 企业生命周期 衰退企业逆转 

分 类 号：F272[经济管理—企业管理]