IPO前后的企业产品差异化动态策略——引入股价信息学习的模型与实证

本文构建包含股价信息学习机制的产品差异化决策模型,探讨企业开展产品差异化的微观决策机制以及IPO前后企业策略变化的动态特征。理论研究表明:产品差异化策略仅是企业在IPO后的一种短期策略,企业差异化策略的效果在上市后将逐年弱化;企业可以从同业竞争企业的股票价格获取行业差异化信息,这会影响企业自身的差异化策略执行强度。本文以2005年至2015年间IPO的996家A股上市企业为样本,基于对产品差异程度的测算与产品同质企业的匹配进行实证检验,实证结果支持上述模型结论。本文是结合产品差异化对已有产品市场竞争机制的拓展,研究结论对构建国内证券市场与产品竞争市场间内在关联,发挥股票价格对企业决策的参考价值也具有一定的启示。

Dynamic Product Differentiation Competitive Strategy Before and After IPO: Introducing the Stock-Price Information

A product differentiation decision-making model including the learning mechanism of stock price information is constructed, and the micro decision-making mechanism of product differentiation and the dynamic characteristics of enterprise strategy changes before and after IPO are discussed. Thetheoretical research shows that product differentiation strategy is only a short-term strategy choice for enterprises after their IPOs. The effect of product differentiation strategy will weaken annually, and the stock price of competitive enterprises can affect the implementation intensity of differentiation strategy.The empirical samples of this paper include 996 A-share listed companies with IPOs from 2005 to 2015.The empirical test is conducted based on the measurement of the degree of product difference and the matching of enterprises with homogeneous products, which support above conclusions.This paper is the expansion of the existing product market competition mechanism based on product differentiation. The research conclusion has certain enlightenment for the construction of the internal correlation between the domestic securities market and the product competition market, and the display of the reference value of stock price for enterprise decision-making.