Research On The Relationship Between Strategic Difference And Corporate Value Of Listed Manufacturing Enterprises

The manufacturing industry occupies a crucial position in China’s economic development and is related to the survival and development of the national economy.At present,the "14th Five-Year Plan" has also made key plans and arrangements for the high-quality development of China’s manufacturing industry.With the ever-changing market environment,the competition among enterprises has become increasingly fierce,and the development of the real economy is facing a severe situation.In the face of domestic economic transformation,industrial upgrading,and the complex and turbulent business environment abroad,how can manufacturing enterprises adapt to changes in the internal and external environment? Planning strategies to rationally allocate resources,how to successfully achieve transformation and upgrading,and maintain long-term and stable development has always been a problem that the country,industry,and enterprises focus on and need to solve urgently,and it is also a hot issue in the field of management research.Strategy is strategy and planning.Corporate strategy is the basic,overall,comprehensive and long-term planning and arrangement of an enterprise.Strategic management is the primary link to guide the transformation and transformation of an enterprise,and it is also a key step to promote an enterprise to cultivate a competitive advantage.Affect the continued growth of the company’s future market value.Therefore,it is of great practical significance to base the research perspective on the strategic level,focus on the issue of corporate strategic choices,and explore the influencing factors and economic consequences of corporate strategic differences.At the same time,with the continuous improvement and maturity of China’s financial capital market,more and more people are judging the development and comprehensive strength of enterprises based on corporate value,and corporate value has become a reference for stakeholders to measure corporate performance and make investment choices.in accordance with.Value maximization is the pursuit goal of many enterprises.In order to maintain the stable growth of market value,enterprises need to have core competitiveness.And strategic management is an important means to guide enterprises to adapt to changes in internal and external environment,gain competitive advantage,and maintain the continuous growth of enterprise value in the fierce market competition environment.Reviewing the past literature,some scholars tend to examine how different strategic decisions affect the production and operation activities of a certain aspect of enterprises in their research on the impact of strategic choices on the survival and development of enterprises.The theoretical and practical significance of the research on the impact of a single strategic choice on corporate value is limited,and it cannot comprehensively evaluate the effect of corporate implementation of strategies that deviate from industry conventions on value changes from the perspective of the industry as a whole.Strategic differences arise when individual companies in an industry choose to take a different approach,make strategic decisions that are different from industry conventions,and implement business activities that are different from other companies.Different strategic differences result in different management activities.Especially after implementing differentiated strategies,enterprises are more likely to pay attention to activities such as technological innovation,and pay more attention to the allocation of resources for R&D activities,in order to obtain core competitive advantages and continue to grow.Market value.However,a differentiated strategy is also a double-edged sword,and strategic differences also mean that enterprises need to carry out production and operation activities such as high investment,high risk,and uncertain returns.High-risk business activities may not necessarily bring about an increase in market value,and may even cause a break in the corporate capital structure,triggering a financial crisis,thereby damaging corporate value.So,what is the relationship between strategic differences and corporate value? Differentiated strategic decision-making is inseparable from the practice of innovative activities,so what role does technological innovation play in the impact path? This is the main question explored in this paper.To sum up,from the perspective of the industry as a whole,this paper takes the manufacturing industry as the starting point,and puts forward research hypotheses based on theories of strategic choice,risk-return,resource base,and signal transmission.Years of financial data to build a multiple regression model,carry out empirical analysis results to explore the impact of corporate strategic differences on corporate value,and further analyze the mechanism of strategic differences on corporate value,and examine the intermediary role of technological innovation.According to the results,this paper draws the following conclusions:(1)Differences in corporate strategies are beneficial to corporate value growth.(2)Differences in corporate strategies promote corporate technological innovation.(3)Technological innovation has played a partial intermediary role in the impact of strategic differences on corporate value,that is,strategic differences can increase corporate value by increasing investment in technological innovation.Finally,according to the research conclusions of this paper,policy suggestions are put forward for the strategic planning,innovation investment and market value promotion of manufacturing enterprises.