Enterprise Competitive Culture and Intelligent Investment
Against the backdrop of intensified competition in the digital economy and manufacturing sector, intelligent investment has become a key driver for enterprises' transformation and upgrading. However, in reality, there exists a paradox of "hot policies but cold enterprises", and the direction of the role of competitive culture remains unclear. Based on the resource-based view and dynamic capability theory, this paper takes A-share listed companies in China from 2009 to 2024 as the research sample, and uses text analysis to construct indicators of competitive culture. It empirically examines the impact of competitive culture on intelligent investment and its transmission mechanism. The benchmark regression results show that competitive culture has a significant positive impact on intelligent investment. This conclusion remains valid after a series of robustness tests, including changing the measurement of independent variables, adjusting standard errors, adding control variables, and controlling for fixed effects at different levels. The mediation mechanism test reveals that competitive culture significantly promotes intelligent investment through two paths: by increasing the total asset turnover rate to reduce agency costs and by raising the Herfindahl index to enhance market concentration. This paper uncovers the internal logic and boundary conditions of competitive culture in driving intelligent transformation, providing theoretical basis and empirical reference for enterprises to optimize internal cultural orientation, formulate intelligent investment strategies, and for government departments to improve industrial competition and talent policies.