摘要：基于中国上市公司2000-2006年的财务数据，利用验证性因子分析技术构建了两个因子以反映公司竞争战略是倾向于差异化还是低成本，在此基础上考察战略定位对公司短期绩效和长期绩效的影响。研究发现：低成本战略和差异化战略均能给上市公司带来短期竞争优势，但采用差异化战略的企业其短期获利能力显著高于采用低成本战略的企业；低成本战略创造的竞争优势难以持续，而差异化战略建立起来的竞争优势则具有可持续性。总体而言，差异化战略在创造竞争优势方面优于低成本战略。

  Abstract: Based on the publicly available financial data of Chinese listed companies from 2001 to 2006, two factors capturing firms’ competitive strategy tendency are contructed using Confirmatory Factor Analysis (CFA). These factors are then used in empirical models to explore the effect on the short term performance and the sustainability of firm performance. The results indicate that although both low cost and differentiation strategies have a positive effect on short term performance, the firms pursuing a differentiation strategy have higher performance than firms pursuing a low cost strategy. It is found that only the differentiation strategy allows a firm to achieve and sustain superior performance in the long range, because the advantages from low cost strategy are easily imitative and the competitive edges based on the differentiation strategy are difficultly imitative. In sum, the differentiation strategy is better than the low cost strategy at the aspect of achieving and maintaining sustainable competitive advantage.