不完全合约理论的逻辑悖论与企业理论的创新

主流企业理论是企业的合约理论，而合约的“不完全性”又是其逻辑前提。例如：委托代理理论、股东至上论、剩余控制权的“独享”或“分享”论等都离不开合约的“不完全性”命题。但是，这些理论之间是存在矛盾的。研究发现，矛盾根源于“不完全合约”理论自身存在逻辑上的“悖论”。进一步分析发现，合约理论的“悖论”又根源于企业产权理论中的“两权分离”说。本文提出“资本分裂”说，以解决“两权分离”导致的矛盾。“资本分裂”说要求对企业的本质及其相关企业理论做重新解释，进行企业理论创新。     

Firm Size and Product Innovation

The linkage between firm size and product innovation has frequently been discussed by both researchers and other writers. John Ettlie and Albert Rubenstein report the results of a study which, by distinguishing between the incorporation of radical and incremental technology, attempts to resolve some of the controversy surrounding this issue. In particular, the authors hypothesize that up to a certain point, large firms with greater resources are more likely to commercialize radically new products successfully. Findings generally support this theory but refinements to the model are now possible. For example, firms with 1000 employees or less need not be excluded from radical product introduction if they resolve critical funding and research problems. This size-radicalness distribution is shaped like a fish hook or a claw. That is, up to about 1000 employees, there is no significant relationship between number of employees and radicalness of a new product. Between 1200 and 11,000 employees there is a significant, direct relationship. Finally, very large organizations (in excess of about 45,000 employees) are unlikely to introduce radically new products. Larger firms were significantly more likely to adopt ambitious new processing technologies in order to introduce these new products. Also, new product success was significantly predicted by the absence of funding problems in introducing the innovation and the degree to which the new product was a radical departure from existing practice.     

企业中的信息技术生产率悖论

信息技术 (IT)生产率悖论描述了从信息技术投资所获得的实际收益和期望收益的不匹配。本文综合国外最新研究进展 ,将关于企业层面的信息技术生产率悖论研究分为三个阶段 :2 0世纪 90年代中期之前为悖论的证实和解释阶段 ;2 0世纪 90年代中期悖论消失 ;2 0 0 0年以后新悖论出现。对新悖论的成因进行分析并探讨了新悖论存在的问题。最后 ,给出企业信息技术生产率悖论对我国企业信息技术投资的启示。     

External Financing Constraints and Firm Innovation

We investigate the effect of individual banks affected by the recent financial crisis of 2008/2009 on the innovation activities of their business customers. Firms associated with a bank that relies strongly on the interbank market are more likely to be exposed to a credit supply shock during the financial crisis and therefore face external financing constraints. Exploiting both the extensive and the intensive margin, our difference‐in‐differences results imply that those firms which have a business relation to a bank with higher interbank market reliance reduce their innovation activities during the financial crisis to a higher degree than other firms. Tests for additional expenditures reveal that marketing expenditures show a lower or even no sensitivity to bank financing during the financial crisis.     

创新行为与企业经营绩效:微观实证

创新是企业保持长久竞争力的不竭动力,创新行为对企业经营绩效会产生重要影响.运用面板随机效应模型和分位数回归方法,以2007年、2008年及2009年共3年的微观企业数据为样本,就创新行为与创业板公司的经营绩效进行了实证分析,研究表明:创新投入对经营绩效有正向促进作用,但缺乏弹性,并且其对经营业绩不好与经营业绩很好的公司影响都较小,最大受益者是经营业绩一般的公司.专利与企业经营绩效正相关,但专利对公司经营绩效条件分布的影响幅度并不稳定,表现出较大的波动性,非参数BootSrap方法表明以上回归结果具有稳健性.     

Competitive Pressure and Innovation at the Firm Level

This paper provides empirical evidence on the relationship between market competitive pressure and firms' innovation using panel data of Spanish manufacturing firms for 1990–2006. We depart from standard measures of competition, and construct variables capturing the fundamentals of competitive pressure (product substitutability, market size and entry costs) to test the theoretical predictions of Vives [2008, The Journal of Industrial Economics] for free entry. Our results line up favourably with these predictions. We obtain that greater product substitutability and higher costs of entry lead to more process innovation but less product innovation, whereas market enlargement spurs both product and process innovation.     

Perspective: Leveraging Open Innovation through Paradox

In search of fresh ideas, firms increasingly engage with external contributors in open innovation collaborations. However, research has found that such collaborations frequently fail, and has pointed to conflicting demands of control and openness. On the one hand, firms want controlled and selective participation, clarity of purpose, and a choice of ideas based on their own current capacity and value appropriation strategies. On the other, their external contributors tend to want open and unfettered participation, the creative potential of the idea per se, and unrestricted knowledge sharing. This article proposes to shift the conceptual frame from looking at the tensions between control and openness as problems to looking at them as synergies. Drawing on the literature of open innovation and organizational paradox, this article contributes a novel perspective on open innovation that suggests how firms can leverage open innovation collaborations through paradox by combining practices based on differentiation and integration.     

Effects of Policy Reforms on Firm Innovation

Review of Industrial Organization - The regulatory environment in a country is an important factor that affects firm performance. This study investigates the impact of a particular...     

环境约束与家族企业上市时机选择

家族企业上市问题成为最近几年学术界和实业界人士共同关心的热点问题.本文认为,考虑到中国目前的制度环境约束,家族企业争取上市资格可能并非明智之举.其原因在于：一个有效率的治理结构安排是外部社会制度环境的函数,治理结构的有效性更多地体现在对外部环境的适应性方面,治理结构的变迁应该有相应的制度环境相配套,否则,家族企业进行强制性的制度变迁可能会带来企业总剩余的损失.本文还依据相关研究文献,提出了测量家族企业上市时机选择的社会环境阈值.     

衰退产业中企业创新的方向与路径

产业创新是企业对付产业衰退的基本战略。文章首先分析了衰退产业中企业创新的目标层次；然后探讨了衰退产业中企业创新的方向，提出衰退产业的信息化到新、绿色化创新和生命技术创新是其基本方向；最后阐述了衰退产业中企业创新的路径，具体分析了产业竞争规则创新、产业延伸和创造全新产业等路径。     

Innovation Field Orientation and Its Effect on Innovativeness and Firm Performance

New product development (NPD) has become a prime source for gaining a competitive edge in the market. Although a large body of research has addressed the question of how to successfully manage individual innovation projects, the management of a firm's new product portfolio has received comparably less research attention. A phenomenon that has recently emerged on the research agenda is innovation field orientation. Such orientation is understood as the deliberate setup and management of multiple thematically related NPD projects. However, the facets and effects of innovation field orientation are still unexplored. In particular, this study is interested in (1) developing a concept of innovation field orientation, (2) investigating the extent to which innovation field orientation is an established part of the corporate strategic planning practice, and (3) assessing the direct and indirect performance effects of innovation field orientation. For the empirical analysis, data were collected through a mail survey and document analyses from 122 publicly listed firms. Tobin's q was used as an objective performance metric directly related to shareholder value. The results confirm that innovation field orientation is a phenomenon that prevails in practice. In addition, all defining aspects of this orientation have either direct or indirect effects on firm performance. Hence, those firms that deliberately specify and manage innovation fields have a more innovative product portfolio and are more successful than others. Specifically, the findings underline the performance relevance of formally framing innovation fields and assigning a critical mass of resources to them. In addition, empirical support is lent to the suggestion that innovation field orientation has strong indirect performance effects mediated by the innovativeness of the firm's new product portfolio. This implies that firms that deliberately specify focus areas, assign resources to, provide organizational framing for, and stimulate synergies between related NPD projects stand a better chance to achieve a more innovative new product portfolio. This again is highly appreciated by investors and results in a superior stock market evaluation of these firms.     

Managing the Exploitation/Exploration Paradox: The Role of a Learning Capability and Innovation Ambidexterity

Some researchers have proposed that practices facilitating learning and knowledge transfer are particularly important to innovation. Some of the practices that researchers have studied include how organizations collaborate with other organizations, how organizations promote learning, and how an organization's culture facilitates knowledge transfer and learning. And while some have proposed the importance of combining practices, there has been a distinct lack of empirical studies that have explored how these practices work together to facilitate learning and knowledge transfer that leads to the simultaneous achievement of incremental and radical innovation, what we refer to as innovation ambidexterity (IA). Yet, a firm's ability to combine these practices into a learning capability is an important means of enabling them to foster innovation ambidexterity. In this study, learning capability is defined as the combination of practices that promote intraorganizational learning among employees, partnerships with other organizations that enable the spread of learning, and an open culture within the organization that promotes and maintains sharing of knowledge. This paper examines the impact of this learning capability on innovation ambidexterity and innovation ambidexterity's effect on business performance. The resource‐based view (RBV) of the firm is used to develop a conceptual foundation for combining these practices. This study empirically examines whether these practices constitute a learning capability by analyzing primary data gathered from 214 Taiwanese owned strategic business unit (SBUs) drawn from several industries where innovation is important. The results of this study make four important contributions. First, they demonstrate that the combination of these practices has a greater impact on innovation ambidexterity than any one practice individually or when only two practices are combined. Second, the results demonstrate a relationship between innovation ambidexterity and business performance in the form of revenues, profits, and productivity growth relative to competitors. Third, the results suggest that innovation ambidexterity plays a mediating role between learning capability and business performance. That is, learning capability has an indirect impact on business performance by facilitating innovation ambidexterity that in turn fosters business performance. This study also contributes to our understanding of ambidexterity literature in a non‐Western context, i.e., Taiwan.     

信任扩展与家族企业创新发展

关系主义、家族信任是华人家族企业的基本逻辑。从经济社会学的视角看 ,特殊主义的人际关系模式和家族主义价值观则是家族信任的基础。家族信任在中国民营企业创业发展的初期具有积极的作用。但随着企业规模的扩大 ,仅有家族信任是不能满足企业发展需要的。家族企业创新发展的关键就是要将家族信任扩展为社会信任     

The Impact of Family Ownership,Management, and Governance on Innovation

Previous research suggests that the distinctive nature of family firms, including both specific advantages and disadvantages related to their particular agency situation, influences innovation activities. Most studies, however, view family firms as homogeneous entities and thus neglect the heterogeneity of family firms when comparing them with nonfamily firms. One important factor of this firm heterogeneity is family influence in terms of ownership, management, and governance. A data set of large German publicly traded firms between 2000 and 2009 is used to test how these three dimensions of family influence predict innovation input and output. The results show that family participation in management and governance has a negative impact on innovation input and a positive influence on innovation output. This suggests that family members are risk averse and reluctant to invest in innovation, but at the same time do so more effectively.     

Motivation Gaps and Implementation Traps: The Paradoxical and Time-Varying Effects of Family Ownership on Firm Absorptive Capacity

We present a theoretical framework of family ownership as a driver of the heterogeneity (between-firm differences) and variability (within-firm differences over time) of absorptive capacity (AC). Building on our analysis of the multiple dimensions of family ownership influence on firm behavior and the mechanisms that can shape the firm willingness and ability to acquire, assimilate, transform, and exploit external knowledge, we introduce the concepts of motivation gap and implementation gap to explain why, paradoxically, family ownership can cause both upward and downward divergences in AC. Our contingency framework identifies conditions under which the positive and negative effects of family ownership on AC are likely to prevail and adds a temporal perspective suggesting that AC varies depending on the duration of family ownership and ownership succession.     

Unpacking Firm Exit at the Firm and Industry Levels: The Adaptation and Selection of Firm Capabilities

Evolutionary theory of business activity studies how firms are selected out of environments in which they do not fit, but most existing work underemphasizes the distinction between acquisition and dissolution as selection processes. We address this gap with a multilevel analysis that investigates how managerial and functional organizational capabilities affect whether struggling firms exit by acquisition or dissolution. We demonstrate that managerial and functional capabilities have heterogeneous effects on selection processes, with managerial capabilities having particularly strong influence on acquisition exits by struggling firms. The work provides a bridge between adaptation and selection views on organizational change; exit by dissolution represents selection of both firms and capabilities, while exit by acquisition represents firm selection but capability adaptation. Copyright © 2011 John Wiley & Sons, Ltd.