Real options and MNE strategies in Asia Pacific

Asia Pacific offers a lot of promising growth opportunities, but it also presents high levels of uncertainty for multinational enterprises (MNEs). In this paper, we introduce real options theory as a theory of investment under uncertainty, and we discuss its implications for MNEs and their strategies with a focus on the emerging economies in Asia Pacific. We suggest that MNEs must recognize the various sources of uncertainty, as well as the various options embedded in their investments, and real options theory can help them structure and design their investments to benefit from uncertainty. In particular, MNEs need to develop the dynamic capabilities of managing real options in their investments to respond to the evolving economic and institutional environment in the region. This paper also provides several implications for policy makers in Asia Pacific to stimulate investment activities in the region and to help their firms venture successfully in the international market place.

The moderating effect of innovative capacity on the relationship between real options and strategic flexibility

In dynamic sectors, organizations should be capable of adapting to unpredictable environmental conditions. Strategic flexibility grants organizations the capacity to respond to the changes in their environment in the direction required, renewing their strategies and making the required organizational changes. The goal of this study is to analyze how the use of real options relates to strategic flexibility from a managerial capacity perspective. Through an empirical study performed on European firms, we confirm that innovative capacity exercises a moderating role between real options and strategic flexibility. The fact that a firm's management has foreseen and contemplated real options does not necessarily lead to their execution; they must also be accompanied by some innovative capacity.     

'Biological' revolution and strategies for innovation in pharmaceutical companies

Fundamental advances in the life sciences are exerting a profound influence on the structure of the pharmaceutical industry and the strategies of drug companies. The 'biological' revolution makes it possible to apply a scientific method to drug research. This paper argues that pharmaceutical companies can take advantage of the new method only if they encourage 'openness' of their research. We also offer a framework to explain why innovations in this industry increasingly result from networks of agents with complementary skills and resources. Greater use of scientific knowledge implies that important information for innovation can be expressed in relatively general and universal forms. This eases information exchange, and encourages specialisation and division of labour in drug R&D and marketing. Finally, the possibility of a division of labour in innovation opens new opportunities for medium-sized national pharmaceutical firms in Europe. Provided that they found their strategies on high-quality research in specialised niches, they can set up alliances with partners that possess complementary knowledge, and supply resources for clinical development and international marketing.     

医药企业技术创新的动力因素分析

目的提高我国医药企业的技术创新能力和增强我国医药企业的核心竞争力。方法从内、外两个方面对我国医药企业技术创新动力因素进行理论分析,从本质上阐述技术创新的动力机制。结果与结论我国医药企业技术创新动力不足,医药技术创新和科技成果迅速产业化的机制尚未完全形成,医药企业技术创新能力比较弱。     

Innovation and Merger Decisions in the Pharmaceutical Industry

There is increasing public policy concern about the potentialeffects of mergers on innovation. This paper provides acomparative analysis of approaches to innovational competitiontaken by the E.U. and U.S. merger authorities in a sample of threerecent, major, pharmaceutical mergers. The European Commission'sapproach appears lighter handed and places more explicit emphasison effects in downstream markets. The uncertainties in the analysisof dynamic effects of mergers on innovation, even in pharmaceuticals,suggest the need for a cautious approach and for careful framingof any merger remedies where R & D projects and components, ratherthan approved drugs, are involved.     

提高中国医药科技国际竞争力途径——中国医药行业研发联盟现状研究

近几年对中国医药行业研发（R＆D）联盟的研究集中于理论模型和策略,对其实践状况的系统研究还很缺乏。本文通过对中国医药行业R＆D联盟的回顾性文献综述和相关信息的整理分析,总结医药R＆D研发联盟近十年在中国的现状,并提出相关建议：“产、学、研”三结合研发新药;政府与商会进行协调;促进科技成果向现实生产力转化;促进R＆D联盟市场化。     

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。     

新药研发项目成本的评估方法分析

新药研发具有周期长、投资大、风险高等特点,怎样对新药研发项目成本进行合理地估算,对制药企业提供新药研发的战略决策、对政府部门新药的定价、风险投资公司实施新药投资计划都具有重要的价值。在美国,已经积累了20多年的新药研发成本的理论和实证经验,这些经验对我国目前的新药研发成本的估算、项目投资价值、新药定价等具有重要的参考意义。     

制药企业的科研机构管理特点与新思路

目的浅析制药企业科研机构的管理在整个研发工作中的重要性,并提出切实可行的改进办法。方法本文通过分析制药企业科研机构管理的功能及特点,从满足科研人员差异化需求的角度入手,并结合作者自身工作实践,提出制药企业科研机构管理的新思路。结果与结论制药企业科研机构的管理工作应同科研工作一样不断进步、不断创新。     

Economics at the FTC: Data Intensive Mergers and Policy R&D

Economics at the Federal Trade Commission (FTC) supports both the competition and consumer protection missions of the agency. In this year’s essay we discuss a range of activities focusing on data-intensive antitrust cases in the hospital and consumer products industries. We also discuss our most recent work on gasoline pricing. Policy-focused research and competition advocacy takes center stage as we discuss some health care advocacy work in the administration of pharmaceutical insurance benefits and efforts to understand the real estate business more completely. Finally, we describe our efforts to quantify the extent of “identity theft”.     

房地产的虚拟性与宏观经济稳定

本文从虚拟经济的角度深入剖析了房地产的虚拟资产特性，指出房地产是一种虚拟资产．房地产这种虚拟资产的特性是其虚拟性介于普通商品和金融资产之间。文章同时指出．正是房地产的这种虚拟资产特性使其成为联系实体经济和虚拟经济的纽带。除了扰动作用以外，房地产更能起到稳定经济的作用。这表现在两个方面：一方面。与金融资产相比．房地产价格具有相对的稳定性．这使其成为商业银行发放贷款的重要的抵押品；另一方面，房地产价格的长期稳定增长对货币发行量的稳定增长有重要影响。可见，房地产的虚拟资产特性对于银行贷款和货币供给的稳定增长．从而对整个经济的稳定增长具有重要意义。     

New technology based firms and the emergence of new industries: a reply

The article by Claire Shearman and Gibson Burrell which was published in this journal, Autumn 1988 (Vol. 3 No. 2) provoked an immediate response. Here Ray Oakey and Roy Rothwell exercise their right of reply. This is followed by a response from the authors who defend their original article.     

房地产统计制度与方法研究

分析了现行房地产统计制度与方法、现行房地产统计流程,研究了现行房地产统计报表制度本身存在的缺陷和各环节存在的问题。借鉴国外房地产业的统计制度方法,并结合我国现状从统计调查、统计指标、统计标准提出了我国房地产统计制度与方法改革的建议。     

Entry and the Number of Firms in the Swedish Pharmaceuticals Market

This paper analyses the factors that determineentry into the Swedish pharmaceuticals market. The analysis is based onpanel data for 22 different substances covering the years 1972 to 1996. Theresults show that profit opportunities in a particular market have apositive impact on entry. In addition, there is some evidence suggestingthat the length of the patent protection period has a negative impact onentry.     

Interorganizational alliances and the performance of firms: a study of growth and innovation rates in a high‐technology industry

This paper investigates the relationship between intercorporate technology alliances and firm performance. It argues that alliances are access relationships, and therefore that the advantages which a focal firm derives from a portfolio of strategic coalitions depend upon the resource profiles of its alliance partners. In particular, large firms and those that possess leading‐edge technological resources are posited to be the most valuable associates. The paper also argues that alliances are both pathways for the exchange of resources and signals that convey social status and recognition. Particularly when one of the firms in an alliance is a young or small organization or, more generally, an organization of equivocal quality, alliances can act as endorsements: they build public confidence in the value of an organization's products and services and thereby facilitate the firm's efforts to attract customers and other corporate partners. The findings from models of sales growth and innovation rates in a large sample of semiconductor producers confirm that organizations with large and innovative alliance partners perform better than otherwise comparable firms that lack such partners. Consistent with the status‐transfer arguments, the findings also demonstrate that young and small firms benefit more from large and innovative strategic alliance partners than do old and large organizations. Copyright © 2000 John Wiley & Sons, Ltd.     

The relative impact of actual and potential rivalry on firm profitability in the pharmaceutical industry

This paper estimates the effects of actual and potential rivalry on profitability of firms in the U.S. pharmaceutical industry during the 20‐year period 1963–82. The results show that during the 1960s actual rivalry among the sampled firms did not materially affect firm profitability, but that during the 1970s competition among incumbents had an increasingly adverse effect on their profitability. The results also show that potential competition significantly reduced drug firms’ profitability during the entire 20‐year period. Copyright © 1999 John Wiley & Sons, Ltd.     

资产价格波动与实体经济稳定研究

资产价格波动影响实体经济的程度与机制,一直备受关注。与国内其他相关研究相比,本文在样本选择上突出了资产价格波动影响消费和投资的针对性。通过构建引入资产价格的局部均衡分析模型和IS-LM扩展模型,本文采用现代时间序列分析的ADF检验、Granger因果检验、Johansen协整检验、VECM检验、脉冲响应函数和预测方差分解等多种方法进行研究,揭示了我国资产价格波动与实体经济稳定之间的相关性、因果关系、影响程度、影响过程和影响机制。     

第三方医药物流企业的服务创新动力与路径研究

我国医药物流市场巨大,第三方物流是医药物流发展的趋势。根据服务科学的基本原理,分析了医药物流和第三方医药物流的状况,阐述了第三方医药物流服务创新的必要性,建立了第三方医药物流企业服务创新的动力模型和服务创新的“五星图”模式,提出我国第三方医药物流企业要从新服务概念、新客户服务界面、新的服务传递系统、技术选择及物流服务创新战略的选择与协调等五条路径推动服务创新。     

中国虚拟经济与实体经济发展的协调度分析

虚拟经济以实体经济的发展为基础,虚拟经济的适度发展能促进实体经济的发展,而其过度膨胀将会对实体经济产生负面影响。文章运用耦合协调理论,采用灰色关联模型,对我国虚拟经济与实体经济发展的协调性进行了定量分析。