战略差异度对企业技术创新的影响：代理成本的中介作用

利用2007—2019年我国A股上市公司数据，就战略定位差异对企业技术创新的影响效应及作用路径进行理论分析和实证检验。研究发现，企业战略差异度越大，技术创新越少；代理成本在战略差异度与技术创新的关系中发挥中介作用。异质性检验结果表明，战略差异度与技术创新的负向关系在民营企业、融资约束较大和市场竞争地位较低的企业中更为显著。结论不仅丰富了企业战略与创新行为方面的研究成果，也可为政府部门制定相关政策提供依据。

The Impact of Strategy Deviance on Enterprise Technological Innovation:a Mediating Effect of Agency Costs

Using the data of China's Shanghai and Shenzhen A-share listed companies from 2007 to 2019, the theoretical analysis and empirical test are carried out on the effect and path of strategy deviance on enterprise technological innovation. The study found that the greater the degree to which corporate strategy deviates from the industry's conventional strategy, the less technological innovation the firm has, and agency costs play an intermediary role in the relationship between strategy deviance and technological innovation. The heterogeneity test results found that the negative relationship between strategy deviance and technological innovation is more prominent in private enterprises, companies with greater financial constraint and lower market competitive position. This article not only enriches the relevant literature of enterprise strategy and innovation behavior, but also provides the basis for government departments to implement policies to improve the innovation ability of enterprises.