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本文以沪深两市公司2011年至2013年间披露的数据为样本,对公司战略的中介作用进行了检验。研究表明,第一大股东持股比例、第二到第十大股东持股比例之和、两职分任以及董事会成员受教育程度与公司价值都是正相关关系,且低成本战略中第一大股东持股比例、第二到第十大股东持股比例之和对公司价值产生影响,差异化战略在第二到第十大股东持股比例之和、董事会成员受教育程度对公司价值的影响中起到了显著的中介作用。
This paper examines the intermediary role of the company strategy by taking the data disclosed by the companies in Shanghai and Shenzhen from 2011 to 2013 as samples. The research shows that the proportion of shareholding of the largest shareholder, the shareholding proportion of the second to the tenth largest shareholder, the share of two posts and the education level of the board of directors are positively correlated with the company value, and the largest one in the low-cost strategy The shareholding ratio of shareholders, the second to the tenth largest shareholder of the shareholding ratio of the company’s value impact, differentiation strategy in the second to the tenth largest shareholder of the proportion of shares, board members of the educational level of the company’s value Played a significant role in the intermediary.