Deviant Strategy,Industrial Policy And Investment Efficiency

The investment efficiency of enterprises has always attracted the common attention of all parties,and has played an important role in improving corporate performance and promoting national economic development.As China's overall opening up has been intensified and foreign trade has continued to be active,the status of Chinese enterprises in the global supply chain system has also continuously improved.How to improve the investment efficiency and strengthen the competitive advantage of enterprises in the global competition is the core issue explored by academia and enterprises.At present,inefficient investment in China's listed companies is common.On the one hand,companies chasing capital and blindly expanding their scales lead to overinvestment;on the other hand,corporate funds are limited and tend to be conservative,which leads to underinvestment.Investment efficiency is the economic consequence of enterprise resource allocation,while resource allocation is based on direct guidance and overall planning based on strategy.Enterprise strategy is based on the enterprise as a whole,comprehensively analyzes the external environment and internal conditions it faces,and guides the enterprise to allocate resources.Therefore,the reduction of investment efficiency is the result of the distortion of the efficiency of corporate strategic allocation of resources.In order to seek competitive advantage,the strategies adopted by many companies often deviate from industry norms.Corporate strategic differences represent the extent to which corporate strategies deviate from the industry average.Since investment efficiency is affected by the overall strategy,the investment efficiency of different companies may be closely related to the differences in corporate strategy.In addition,considering that corporate strategy is affected by the internal and external environmental factors of the enterprise when it is formulated,this article adds industrial policy as an external environmental influence factor to the analysis framework,and systematically examines the role of government intervention on the investment efficiency of micro-enterprises from a macro perspective.First,this article sorts out the existing research on results of corporate strategic differences,industrial policies and investment efficiency and defines its concepts and comprehensively analyzes the relationship between the three parts.Second,through theoretical research,this article incorporates the three into a unified logical framework and proposes research hypotheses.Then build a model,test the hypothesis empirically and draw the research results.Finally,this article summarizes the research conclusions based on the theoretical analysis of the empirical results,and propose countermeasures.This article takes the differences in corporate strategy as the starting point and analyzes its impact on investment efficiency.At the same time,it adds the external factor of industrial policy to examine the internal relationship between investment efficiency and the allocation of internal and external resources from the perspective of micro-strategy and macro-policy.An empirical study using Shanghai and Shenzhen A-share listed companies from 2006 to 2017 as a sample found that:(1)The strategic differences of enterprises have a significant impact on investment efficiency,and the inefficient investment problems of enterprises with greater strategic differences are more serious.(2)Industrial policies have exacerbated the negative effects of corporate strategic differences on investment efficiency.(3)Industrial policies have also exacerbated the negative effect of strategic differences on investment efficiency in companies with different property rights and industries.(4)Through the study of the impact mechanism,it was found that the differences in corporate strategy have an impact on investment efficiency through information risk and operational risk.The research conclusions have enriched the research on the strategic economic consequences of enterprises,expanded the research perspective on investment efficiency,and increased the analysis of the effects of industrial policies;proposed improvement suggestions for corporate strategy formulation and investment decisions,and also provided the implementation effects of industrial policies Empirical experience.