【摘要】 本文利用中国沪深A股上市公司2010—2022年面板数据,实证检验了战略激进度对企业价值的影响,研究结果显示:企业战略越激进,越能够有效提升企业价值。此外,数字化转型能够正向调节战略激进度与企业价值的关系,而国有股东参股在战略激进度与企业价值这一关系中呈负向调节作用。在更换核心变量度量方法、更换回归模型以及将变量滞后处理之后,以上结论依然稳健可靠。异质性分析结果进一步显示,在非国有企业与高新技术企业中,战略激进度对企业价值的提升作用更加明显。本文为企业塑造新型战略认知、推进数字化转型、助力价值提升提供了理论支持和经验证据。更多还原

【Abstract】 This study empirically examines the impact of strategic aggressiveness on enterprise value using panel data of China A-share listed companies in Shanghai and Shenzhen from 2010 to 2022,and the results show that the more aggressive a enterprise’s strategy,the more effective in enhancing enterprise value.In addition,digital transformation positively moderates the relationship between strategic aggressiveness and enterprise value,while participation of stateowned shareholder negatively moderates the relationship between strategic aggressiveness and enterprise value.The above conclusions of this study remain robust and reliable after changing the core variable measures,replacing the regression model,and lagging the variables.The results of heterogeneity analysis further show that the enhancement of enterprise value by strategic aggressiveness is more obvious in non-state-owned enterprises and high-tech enterprises.This study provides theoretical support and empirical evidence for enterprises to shape a new type of strategic cognition,promote digital transformation,and contribute to value enhancement.更多还原