——基于信息不对称视角
Differentiation Strategy and Corporate Risk: Research Based on Information Asymmetry Perspective
鲍悦瞩 BAO Yue-zhu
（安徽财经大学，蚌埠 233030）
（Anhui University of Finance and Economics，Bengbu 233030，China）
摘要： 差异化战略是企业所采用的不同于行业常规战略的一种战略模式。面对复杂多变的市场竞争环境，企业需要不断调整资源配置方式，通过差异化战略提高公司经营效率，获取核心竞争力。本文基于信息不对称视角，以2009-2020年沪深两市A股非金融类上市公司为样本，实证检验了企业执行差异化战略对企业风险的影响。实证结果显示，企业差异化战略强度越大，企业所面临的风险越高，且信息不对称在差异化战略对企业风险的影响机制中起到部分中介作用，进一步的研究结果表明，分析师关注和内部控制会对这种关系起到一定的调节作用。本文的研究丰富了差异化战略领域的相关文献，为企业选择合理的战略模式以及降低企业风险的相关研究提供了经验证据。
Abstract: Differentiation strategy is a strategic model adopted by corporate, which is different from the conventional strategy of the industry. Facing the complex and changeable market competition, corporate need to constantly adjust resource allocation mode, improve company's operation efficiency and obtain the core competitiveness through differentiation strategy. Using the data of A-share listed firms from 2009 to 2020 in China, this paper studies the impact of corporate strategic deviance on corporate risk from the perspective of information asymmetry. The results show that the greater the strategic difference, the higher the risk faced by corporate, and information asymmetry plays a partial intermediary role in this relationship. Further research results show that analysts' attention and internal control will play a regulated effect in this relationship. The research of this paper enriches the academic literature of differentiation strategy, and provides empirical evidence for corporate to choose a reasonable strategic model and reduce corporate risk.
关键词： 企业风险；战略差异；信息不对称；中介效应
Key words: corporate risk；strategy deviance；information asymmetry；mediating effect
中图分类号：F275 文献标识码：A 文章编号：1006-4311（2022）16-001-05
DOI:10.3969/j.issn.1006-4311.2022.16.001.
文章出处：鲍悦瞩. 差异化战略与企业风险研究——基于信息不对称视角[J]. 价值工程,2022,41(16):1-5.
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