Study On The Influence Of Enterprise Strategy Differences On Non-efficiency Investment

At present,China’s economy is facing the triple pressure of "insufficient demand,supply impact and weak expectation".Enterprises are in the supply side of economic development,and their role in economic development is self-evident.The survival and development of an enterprise is very important for the country,the owners,managers and even the employees of the enterprise.In the fierce competition environment,the enterprise needs long-term efforts or strategic changes to survive or grow.To implement the differentiation strategy different from the industry,it is necessary to adjust the organization mode and resource allocation to a certain extent.There are certain risks and failures,which will produce a series of economic consequences.The article is supported by the relevant theories,To elaborate logically,Strategic differences can affect the investment efficiency,And based on the data of all a-share listed companies in China from 2010 to2020,Perform the empirical tests,The study found that:(1)the implementation of strategic differences will enhance the operational risk,information risk and financing constraints,Eventually,it leads to the increase of non-efficiency investment;(2)When economic policy uncertainties are high and historical performance expectations are poor,Will strengthen this positive relationship;(3)When an enterprise is a state-owned enterprise,it is more significant to improve its non-efficient investment after implementing strategic differences,which is manifested as excessive investment;(4)When the enterprise is in the decline period of its life cycle,Enterprises to implement strategic differences to enhance their performance of non-efficient investment will be more prominent.On the basis of the above theoretical analysis and demonstration,the methods of alleviating non-efficiency investment are mainly considered from the internal perspective and suggested.Enterprises should improve the governance mechanism of non-efficiency investment,ensure the reasonable allocation and maximum utilization of resources;make appropriate strategic planning and timely adjustment according to the internal and external environment;have a reasonable expectation of their own performance;and have corresponding measures and methods to deal with the uncertainty of economic policies.The innovation of this article lies in the analysis and demonstration of the causal relationship between enterprise strategic difference and non-efficiency investment from a more detailed perspective,and analyzes the influence of other relevant influencing factors such as economic policy uncertainty,poor expectation of historical performance and the life cycle of the enterprise on the relationship between the two.This paper enriches the relevant theories and empirical research on strategic differences and investment efficiency,and complements the relevant research on the life cycle of enterprises.