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

doi:10.16381/j.cnki.issn1003-207x.2020.05.005

Abstract

Abstract: 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.

Key words: IPO, stock price information, information learning, product market competition, product differentiation

CLC Number:

F830
C931

HU Zhi-qiang, HU Yuan, DI Chen-chen. Dynamic Product Differentiation Competitive Strategy Before and After IPO: Introducing the Stock-Price Information[J]. Chinese Journal of Management Science, 2020, 28(5): 52-61.

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

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