A Comparative Study Of Shanghai-listed Companies Lag Effect Of Competitive Strategy

Strategies’selecting and implementing is important for enterprises, with the increasingly fierce market competition, the environment which is necessary for enterprises become progressively worse, how to maintain enterprise survival in adversity and seek greater development has become a development problem that enterprises must to face. Competitive strategy is part of corporate strategy, and it is also an important issues of strategic management, thus, the analysis of relationship between competitive strategy and enterprises performance has important theoretical and practical significance. Existing studies pay more attention on the relationship between competitive strategy and short-term enterprises performance, and focus on which type of competitive strategy can bring short-term enterprises performance rapidly, less analysis the relationship between competitive strategy and long-term performance.When the reason that make things change disappeared, the change will not disappear but continue for a period of time, we call it time lag effect, its exist can affect enterprises performance to some extent, influence decision-making of managers and investors, and increase the risk of business operation. The paper analysis time lag effect of competitive strategy from time perspective, first of all, we use confirmatory factor analysis(CFA) to judge the type of competitive strategy; Secondly, we establish vector auto regression(VAR) of low cost strategy and differentiation strategy, then establish impulse response function on the basis; Finally, according to the results of impulse response to analysis the risk, preferences, hysteresis and persistence of competitive strategy in different industrial.The study found that:(1) The enterprises of primary industry and second industry are more inclined to implement differentiation strategy which has higher risk than low cost strategy. Tertiary industry enterprises are more inclined to implement low cost strategy which has a lower operational risk; The lag period of differentiation strategy is lower than low cost strategy; Enterprises of primary industrial and tertiary industry can obtain a longer duration of performance by implementing low cost strategy, the second industrial enterprises can obtain a longer duration of performance by implementing differentiation strategy.(2) Agriculture, forestry, animal husbandry, fishery, manufacturing, transportation and warehousing, and comprehensive industry prefer to implement differentiation strategy which has a higher risk, long lag period and long duration; Coal electricity, water production and supply industry, communication and cultural industries tend to choose differentiation strategy which strategic performance has long lag period and short duration; Construction, information technology industry tend to take low cost strategy which has low operation risk, short lag period and short duration; Wholesale and retail trade, social services prefer to choose low cost strategy which has higher operation risk, long lag period and long duration; Extractive industries tends to choose differentiation strategy and the strategy has low operation risk, long lag period and short duration; Real estate has no obvious tendency on strategic choice, however, considering the high risk, long lag period and short duration of differentiation strategy, enterprises can choose low cost strategy. (3)High- tech enterprises are more inclined to implement differentiation strategy even if it has a higher operation risk, and the lag period and duration are long.