新时代企业家精神与企业价值--基于战略决策和创新效率提升视角

文章使用2010-2017年上市公司数据,研究企业家精神对企业价值的影响及其路径机制。发现企业家精神具体呈现为经营精神、创新精神、基于长期生产发展的战略决策精神三种形态,正向积极促进企业价值的提升。探究其影响路径发现,其分别通过影响成本领先、产品差异化、研发创新效率、全要素生产率几个中介变量来实现企业价值的提升。而且企业所处的生命周期是导致企业家精神产生差异的重要因素,即企业处于不同的生命周期,企业采用战略决策也不同。上述研究结论为民营上市公司企业家应采取什么样战略决策提升企业市场价值提供了经验证据,对处在不同生命周期的企业如何实现转型提出了相应的对策建议。

Entrepreneurship and Enterprise Value in the New Era:Based on Strategic Decision-making and Efficiency Improvement

This paper uses the data of listed companies in 2010-2017 to study the impact of entrepreneurship on corporate value and its path mechanism.It is found that entrepreneurship in the process of action is embodied in three forms:management spirit,innovation spirit and strategic decision-making spirit based on long-term production and development,which is positively promoting the promotion of enterprise value.By exploring its influence path,we find that it can improve the enterprise value by influencing cost leadership,product differentiation,R&D innovation efficiency and TFP.Moreover,the life cycles of enterprises are important factors that lead to the differences in entrepreneurship.That is to say,enterprises in different life cycles adopt different strategic decisions.The above conclusions provide empirical evidence for what kind of strategic decision should be taken by entrepreneurs of private listed companies to enhance the market value of enterprises,and put forward corresponding countermeasures and suggestions for enterprises in different life cycles to achieve transformation.