战略差异度对企业风险承担行为的影响研究  

The Effect of Strategic Differentiation on Firms’Risk-Taking Behavior

作　　者：王冰 陈逢文[1] 洪丛华 WANG Bing;CHEN Fengwen;HONG Conghua(Chongqing University,Chongqing,China;Deepal Automobile Technology Co.,Ltd.,Chongqing,China)

机构地区：[1]重庆大学经济与工商管理学院 [2]深蓝汽车科技有限公司

出　　处：《管理学报》2024年第3期392-399,共8页Chinese Journal of Management

基　　金：国家自然科学基金资助项目(72172020);重庆市教育委员会人文社会科学研究思政专项资助重点项目(22SKSZ001);重庆市研究生科研创新资助项目(CYB22050)。

摘　　要：结合企业行为理论与最优区分理论,运用2010~2020年我国A股上市公司的面板数据,考察战略差异度对企业创新投入(进取式风险承担行为)与寻租支出(越轨式风险承担行为)的影响效应。研究发现:①当企业战略定位偏离行业常规模式的程度越大时,其创新投入水平越高,而寻租支出水平越低,呈现出“小心翼翼进取”的冒险倾向;②机构投资者持股与国有产权同时抑制了战略差异度对创新投入的正向影响,以及其对寻租支出的负向影响。Drawing on the theory of corporate behavior and optimal distinctiveness theory,the panel data of A-share listed companies in China from 2010 to 2020 are used to investigate the effects of strategic differentiation on the firms’innovation investment(aspirational risk-taking behavior)and rent-seeking expenditure(deviant risk-taking behavior).The results show that,first,the greater the deviation of strategic positioning from the industry norm,the higher the level of innovation investment and the lower the level of rent-seeking expenditure,exhibiting a tendency of“cautiously aggressive”risk-taking.Second,institutional investors’shareholding and state ownership weaken both the positive effect of strategic differentiation on innovation investment and its negative effect on rent-seeking expenditure.

关 键 词：战略差异度 企业风险承担 创新投入 寻租支出 最优区分 

分 类 号：C93[经济管理—管理学]