战略差异、生命周期与企业创新产出

企业创新产出水平的影响因素一直是学术界和实务界关注的焦点。本文以我国2013—2018年A股上市公司为研究对象，考察企业战略差异在不同生命周期阶段对于企业创新产出的影响。研究发现，企业战略差异与企业创新产出显著负相关，随着企业战略差异的增加，企业创新产出水平显著降低；在企业不同的生命周期阶段，企业战略差异对创新产出的影响呈现不同特点，相对于成熟期，成长期企业的战略差异对创新产出的抑制效应更明显。进一步研究发现，企业战略差异通过融资约束路径对企业创新产出产生影响。研究结果对于企业在不同的生命周期阶段制定合适的企业战略具有参考意义。

STRATEGY DEVIANCE，LIFE CYCLE AND INNOVATIVE OUTPUTS OF ENTERPRISES

The factors that affect enterprise innovation output have always been the focus of academic and practical circlesThis paper takes China's A-share listed companies from 2013 to 2018 as the research sample to investigate the impact of corporate strategy deviance on corporate innovation output in different life cycle stagesThe research finds that corporate strategy deviance is significantly and negatively related to the innovation output of enterprisesWith the increase of corporate strategy deviance，the innovation output of enterprises decreases significantlyIn different life cycle stages of enterprises，the impact of corporate strategy deviance on innovation output presents different characteristicsCompared with maturity stage，the inhibitory effect of corporate strategy deviance on innovation output is more obvious in growing enterprisesFurther research finds that the corporate strategy deviance have an impact on the innovation output of enterprises through financing constraintsThe research results have referencing significance for enterprises to formulate appropriate enterprise strategies in different life cycle stages