Acquiring knowledge by foreign partners from international joint ventures in a transition economy: learning‐by‐doing and learning myopia

This paper proposes and tests a model of how firms acquire knowledge from their international joint venturing experience. Based on survey responses from 73 Singapore and 89 Hong Kong firms with respect to their joint ventures set up in China, the results indicate that both overseeing effort and management involvement are significant channels of knowledge acquisition. The former channel is more important for firms with a great deal of operational experience in China and for parents of older joint ventures. This finding indicates that firms improve their skills of knowledge acquisition through learning‐by‐doing. Moreover, the strategic importance of the venture concerned, instead of the learning intent of the parent, is the driving force behind the allocation of resources to the two channels. This implies that firms mainly learn through managing their key joint ventures. Since a venture that provides novel and fruitful learning experience may not, and need not, be an operation of great strategic importance, this finding suggests the existence of learning myopia. Copyright © 2002 John Wiley & Sons, Ltd.     

外部社会资本对新创企业绩效的影响研究--知识获取的中介作用

基于企业知识理论的观点认为知识资源已成为企业最为重要的战略性资源。外部社会资本作为新创企业社会关系网络在创业活动中的嵌入,是企业知识获取的重要手段。该文以社会资本理论为基础,通过对湖北省内116家新创企业的有效问卷调查及结构方程分析,研究表明,新创企业外部社会资本的结构维度、关系维度、认知维度对知识获取、新创企业绩效有显著影响,知识获取在新创企业外部社会资本与新创企业绩效的关系中起到部分中介作用。因此新创企业应加强外部社会资本构建和管理能力,促进知识获取,从而实现企业绩效的提升。     

Do VCs matter? the importance of owners on performance variance in start‐up firms

Adding to the corporate effect literature, we study the effect of owners on firm performance in a new context, that of venture capital firms (VCs) and the start‐up firms in which they invest. After discussing the effect that VC ownership can have on start‐ups, we estimate that start‐up‐specific, owner (VC), and year effects account for significant variance in performance (26.3 percent, 11.2 percent and 3.7 percent, respectively). The effects of industry and investment stage are not statistically different from zero. We also provide an analysis that separates the owner effect into two components: a selection component—which impacts investment—and a management component—which explains significant variance in performance. By examining the owner effect in a different institutionalized form of governance—that of the start‐up and its relationship to VC owners—our study also contributes to an understanding of the ‘ownership’ effect in the strategy literature more generally. Copyright © 2008 John Wiley & Sons, Ltd.     

When does corporate venture capital add value for new ventures?

New ventures face a trade‐off when considering corporate venture capital (CVC) funding. Corporate investors can provide complementary assets that enhance the commercialization of new venture technologies. However, tight links with a particular corporate investor has drawbacks and may constrain new ventures from accessing complementary assets from diverse sources in an open market. Taking this trade‐off into account, we explore conditions under which CVC funding is beneficial to new ventures. Using a sample of computer, semiconductor, and wireless ventures, we find that CVC funding is particularly beneficial for new ventures when they require specialized complementary assets or operate in uncertain environments. Copyright © 2011 John Wiley & Sons, Ltd.     

基于知识的动态能力演化模型研究

本文提出了一个基于组织知识的动态能力演化模型。在分析了能力的知识构成 ,并提出企业能力改变的 1 8种维度的基础上 ,本文认为动态能力的演化主要是围绕变异、内部选择、传播和保持四个阶段循环进行。在循环过程中 ,交织着认知性努力与行为性努力 ,并且不断进行新的经营惯例的产生与运用 ,整个过程是一个学习性惯例过程     

实物期权定量分析方法在风险投资决策中的应用

在风险投资项目中，不确定性对风险项目投资评价、决策起到了决定性的作用。运用实物期权原理分析了不确定性对风险投资项目评价和决策的影响，通过风险中性概率方法将这些影响予以定量化，并进一步对实际投资行为作出解释。     

基于知识属性的合资企业动态演进研究——以华晨宝马为例

本文从知识属性和学习能力的角度,采取过程导向的研究思路,分析了合资关系中中方面临的潜在困境,并提出了提升中方讨价还价能力的轮盘模型。本文认为,在合资企业中.合资双方所拥有的知识属性以及学习能力决定了双方的讨价还价能力。而一旦双方的讨价还价能力改变,合资双方的平衡关系会被打破,从而合资关系稳定程度会大大降低。因此,为了增强合资企业的稳定性,最好的方法是通过政府产业政策、最初契约的锁定效应、信任关系等外层因素来延长学习时间,并通过知识获取和知识创造等内层因素来增强外方对中方的依赖程度。