会计学院知识库

当前我国经济面临“需求不足、供给冲击、预期转弱”的三重压力，企业处于经济发展中的供给一方，在经济发展中的作用不言而喻。企业的存活与发展对于国家，对于企业所有者、管理者甚至员工都非常重要，在激烈竞争的环境中，企业需要长久的努力或者进行战略变革才有可能持续存活或者发展壮大。企业实行异于行业的差异化战略，就要对组织方式和资源的配置进行一定程度的调整，存在一定的风险和失败，会产生一系列的经济后果。

文章在相关理论的支持下，从逻辑上阐述，企业实行战略差异会对非效率投资产生影响，并且基于我国2010-2020年的全部A股上市公司数据，进行实证检验，研究发现：（1）企业实行战略差异会提升企业的经营风险、信息风险以及融资约束，最终导致非效率投资的提升；（2）当经济政策不确定较高以及当企业存在历史业绩期望差时，会强化二者之间的正向关系；（3）当企业是国有企业时，实行战略差异后提升其非效率投资更显著，表现为过度投资；（4）当企业处于生命周期的衰退期时，企业实行战略差异提升其非效率投资的表现会更突出。

在上述理论分析和实证的基础上，主要从内部角度对缓解非效率投资的方法进行思考并提出建议，企业要完善非效率投资的治理机制，保证资源的合理分配和最大化利用；要根据内外部环境制定合适的战略规划并及时调整安排；要对自身的业绩有个合理的预期；要有应对经济政策不确定的相应措施和办法。

文章的创新之处在于，从更加细致的角度分析论证了企业战略差异与非效率投资的因果关系，并且分析了其他相关影响因素如经济政策不确定性、企业历史业绩期望差、企业的生命周期等对二者关系的影响。文章研究丰富了战略差异和投资效率等相关理论和实证研究，补充企业生命周期等相关研究。

At present, China's economy is facing the triple pressure of "insufficient demand, supply impact and weak expectation". Enterprises are in the supply side of economic development, and their role in economic development is self-evident. The survival and development of an enterprise is very important for the country, the owners, managers and even the employees of the enterprise. In the fierce competition environment, the enterprise needs long-term efforts or strategic changes to survive or grow. To implement the differentiation strategy different from the industry, it is necessary to adjust the organization mode and resource allocation to a certain extent. There are certain risks and failures, which will produce a series of economic consequences.

The article is supported by the relevant theories, To elaborate logically, Strategic differences can affect the investment efficiency, And based on the data of all a-share listed companies in China from 2010 to 2020, Perform the empirical tests, The study found that: (1) the implementation of strategic differences will enhance the operational risk, information risk and financing constraints, Eventually, it leads to the increase of non-efficiency investment; (2) When economic policy uncertainties are high and historical performance expectations are poor, Will strengthen this positive relationship; (3) When an enterprise is a state-owned enterprise, it is more significant to improve its non-efficient investment after implementing strategic differences, which is manifested as excessive investment; (4) When the enterprise is in the decline period of its life cycle, Enterprises to implement strategic differences to enhance their performance of non-efficient investment will be more prominent.

On the basis of the above theoretical analysis and demonstration, the methods of alleviating non-efficiency investment are mainly considered from the internal perspective and suggested. Enterprises should improve the governance mechanism of non-efficiency investment, ensure the reasonable allocation and maximum utilization of resources; make appropriate strategic planning and timely adjustment according to the internal and external environment; have a reasonable expectation of their own performance; and have corresponding measures and methods to deal with the uncertainty of economic policies.

The innovation of this article lies in the analysis and demonstration of the causal relationship between enterprise strategic difference and non-efficiency investment from a more detailed perspective, and analyzes the influence of other relevant influencing factors such as economic policy uncertainty, poor expectation of historical performance and the life cycle of the enterprise on the relationship between the two. This paper enriches the relevant theories and empirical research on strategic differences and investment efficiency, and complements the relevant research on the life cycle of enterprises.