本研究旨在探討管理者能力是否提高企業採行策略特殊性的傾向，以及管理者能力是否強化策略特殊性對企業價值的正向效果。本文主張能力較高的管理者兼具資源整合、風險評估與執行落地等優勢，應更傾向選擇偏離產業常規的差異化路徑，並將其轉化為市場價值。以1988年至2021年之美國上市公司為樣本，實證結果顯示，管理者能力與策略特殊性呈顯著正向關聯，證實能力為差異化選擇的決定因子。但管理者能力愈高卻會削弱策略特殊性與公司價值之間的正向關係，與預期不符。橫斷面分析發現，管理者能力的負向調節效果於高成長公司較為明顯，這代表在低成長公司中，市場對高能力管理者進行策略差異化的嘗試較為寬容，或將其視為改善前景的訊號；但在高成長公司，投資者偏好擴張的持續，對偏離同業的策略即使由高能力管理者主導亦傾向折價。

This study aims to investigate whether managerial ability enhances a firm's propensity to adopt unique strategies and whether it strengthens the positive effect of strategic uniqueness on firm value. We argue that managers with higher ability, possessing advantages in resource integration, risk assessment, and execution, are more inclined to choose differentiated paths that deviate from industry norms and transform them into market value. Using a sample of U.S. listed companies from 1988 to 2021, the empirical results show a significant positive correlation between managerial ability and strategic uniqueness, confirming that ability is a determinant of differentiation choices. However, contrary to expectations, higher managerial ability weakens the positive relationship between strategic uniqueness and firm value. Cross-sectional analysis reveals that this negative moderating effect is more pronounced in high-growth firms. This suggests that in low-growth firms, the market is more tolerant of differentiation attempts by high-ability managers, possibly viewing them as signals of improved prospects. In contrast, for high-growth firms, investors prefer the continuation of expansion, and strategies that deviate from peers tend to be discounted, even when led by high-ability managers.

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