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1.
在西方国家证券市场中,上市公司品牌资产价值变化会影响公司股票价格的走势,二者呈正相关关系。本文采用世界品牌实验室发布的品牌资产价值数据与沪深证券交易所股票交易价格数据,对我国上市公司品牌资产价值和股票价格之间的变动关系进行了实证研究,结果发现:无论从总体的角度,还是从行业的角度,二者均不存在相关性。我们针对该问题做出了主观解释,并认为品牌资产价值证券化对于我国具有潜在的、深远的战略意义。  相似文献   

2.
The study described herein uses US Patent and Trademark Office data to assess variations in technological innovation capabilities, and their influence on market performance, among leading TFT-LCD producers in Japan, Korea, and Taiwan. The empirical results suggest that TFT-LCD producers in Korea and Taiwan built innovation capabilities by creating complementary knowledge for Japanese firms, whose technologies lead the way in the industry. The results also show that latecomers sought to expand production by selecting certain technological fields, but that they exploited these fields in different ways. Specifically, Korean conglomerates increased their scale of technology in order to improve their technological positions, while Taiwanese producers pursued innovations that strengthened their technological efficiency. While Japanese firms led the way in terms of both technology and market share during the 1990s, they then evolved to become merely technological leaders from 2000 onwards. However, Japanese firms have since renewed their business strategies to counter the aggressive market expansion of their competitors by strengthening the protection of their intellectual property rights through inter-keiretsu collaborations in technological niches, and by securing leadership in the market in high value-added key components in order to retain more of the profits from their own innovations. Four policy imperatives for both technology leading and latecomer countries regarding the development of sustainable industries associated with the industrial cycle and market dynamics are discussed.  相似文献   

3.
Today, the cyber market is evolving rapidly in the networked age. In the cyber market, the traditional competitive strategy appears to no longer be effective. This study investigates the strategic choice differences of online firms based on their strategic capabilities and performance. More specifically, the study reviews the advantages and disadvantages of early movers and followers based on Porter's strategic topology, as well as strategic capabilities derived from Sand Cone model. The results show that early movers have more cumulative strategic capabilities than followers do in market differentiation, innovative differentiation, and cost leadership. However, early movers have better focus strategy than followers. These results have provided new insights for the scholars and entrepreneurs to reexamine traditional strategic approaches and the order of entrance effects in the cyber market.  相似文献   

4.
镍是重要的战略性矿产。研究影响镍价格的各种因素及预测未来价格走势,对于更好地了解国际镍市场,并提出应对措施是非常必要的。本文在系统收集供需形势、供应安全、市场变化、价格走势等文献资料基础上,应用Eviews软件,以协整分析为主要手段,从供需角度入手,分析不锈钢产量(镍的主要消费领域)与LME镍年均价格、LME镍库存与价格、LME镍现货结算价与国内上海物贸镍均价的关系,并结合诸如印尼禁矿等多种突发、偶发的不确定因素,深入分析影响镍价格的主要因素,对镍价格未来走势进行初步分析。结果表明,需求因素(不锈钢产量)与价格具有长期互动关系,短期内关系不明显;库存短期内具有调节价格的作用,而长期内价格变化带动库存变化。国内价格受国际价格左右,我国对镍的定价依然缺乏话语权;镍价格受主要因素影响的同时,偶然、突发等不确定因素会对镍价格造成短时间冲击;镍价格在2015年下半年还会保持上升态势,在2~3年后,价格趋于合理,2025年左右,中国镍消费将达到顶点,此后,中国需求因素对镍价格的影响将削弱。  相似文献   

5.
股票市场发展与我国货币政策的有效传导   总被引:3,自引:0,他引:3  
随着资本市场的发展和金融创新的深化,股票市场对货币政策的影响越来越大,并逐渐成为货币政策传导的重要渠道。由于市场规模有限、金融一体化程度较低等因素的制约,我国股票市场的货币政策传导效率低下。因此,应通过扩大股票市场规模、调整和优化市场结构、疏通货币市场和资本市场的联系渠道等途径,构筑股票市场传导货币政策的基础条件。同时,应完善货币政策运作体系,货币政策的最终目标应关注资产价格的变化。  相似文献   

6.
《Research Policy》2023,52(2):104672
We integrate insights from the literature on social movements and institutional entrepreneurship into the strategic niche management (SNM) and multilevel perspective (MLP) frameworks to understand the emergence of Linux, a free/open-source operating system, in a regime dominated by proprietary operating systems such as Unix and Windows NT. Employing a “microhistories” methodology, we document how actors in the free/open-source movement took steps that enabled an alternate technological niche to form, gain momentum and eventually infiltrate the extant regime. Our account delineates the key role that actors play in shaping the identity of a niche, amplifying its presence, and finally mainstreaming it. We observe a heterogenous response by incumbents to the emergent niche and highlight the sustained coexistence of a niche and regime as a distinct form of technological transition. Finally, we demonstrate the significant impact that a niche can have, spanning beyond the targeted regime, and becoming part of the landscape. Our insights highlight how tracing the processes involved in the emergence and development of a niche can provide a prospective and generative understanding of technological transition, thereby contributing to and complementing the extant SNM and MLP literatures.  相似文献   

7.
2016年,OPEC的产量决策将对全球石油供应形势产生重要的影响,也将影响市场对于油价重回上升通道的信心和预期。全球经济形势,特别是OECD国家的复苏进度将成为影响需求增长的关键因素。美元汇率走势、市场投机活动以及地缘政治事件都将成为油价短期波动的不确定因素。文章通过自主研发的油价综合分析预测系统预测,2016年国际油价将继续保持低位震荡,Brent年平均油价为53美元/桶,WTI年平均油价为49美元/桶,平均价差为4美元/桶。影响这一趋势的最大不确定性是OPEC的政策以及OPEC与俄罗斯等产油国之间的博弈。  相似文献   

8.
Financial technology, or FinTech, involves the design and delivery of financial products and services through technology. It impacts financial institutions, regulators, customers, and merchants across a wide range of industries. Pervasive digital technologies are challenging the fundamentals of the highly regulated financial sector, leading to the emergence of non-traditional payment systems, peer-to-peer money exchanges and increased turbulence in currency markets. This case study explores the development of a FinTech company in China that offers microloans to college students. Five lessons learned are presented for organizations to better manage the challenges and to leverage the opportunities amidst the disruption of financial sector. Our findings also shed light on how digital technology 1) offers the strategic capability for a firm to occupy a market niche in financial sector, 2) enables the generation of alternative credit scores based on non-traditional data, and 3) improves the financial inclusion of previously excluded market segments.  相似文献   

9.
刘凤朝  朱姗姗  马荣康 《科学学研究》2017,35(11):1707-1715
文章引入知识存储量的概念,依据知识存储量不同将企业分为创新领导者和创新追随者两种类型,改进Lee的企业研发(RD)投入技术推动-需求拉动模型,研究知识存储量不同的企业在产业生命周期的不同阶段的研发投入决策差异,基于2012-2015年医药制造业和计算机及办公设备制造业深沪上市企业数据对理论推论进行了实证检验。结果表明:在产业成长期,创新领导者相对于创新追随者更倾向于随市场竞争的加剧提高RD投入强度;在产业成熟期,创新追随者相对于创新领导者更可能提高RD投入强度应对市场竞争。  相似文献   

10.
陈洪涛 《资源科学》2010,32(10):1878-1882
分形市场理论从动力学和几何学的角度探讨金融系统的复杂非线性特征,突破传统金融整数维的概念引入了分数维,成为研究金融市场特征的有效分析工具。本文运用多重分形消除趋势波动分析方法(MF-DFA),对上海和新加坡的燃料油价格序列进行多重分形特征对比分析,研究发现燃料油价格收益率不符合传统金融理论的随机游走特征,市场具有显著的长期记忆性,广义Hurst指数随波动函数的阶数变化而变化;燃料油期货市场不是一个有效资本市场,并不遵循传统的随机游走特征,是一个典型的多重分形市场。此外,多重分形谱研究表明上海燃料油期货市场的多重分形谱更宽,其分形波动特征更显著,不能采用单一标度指标描述。  相似文献   

11.
企业知识产权能力演化路径——基于战略导向视角   总被引:2,自引:0,他引:2       下载免费PDF全文
池仁勇  潘李鹏 《科研管理》2017,38(8):117-125
知识产权能力是促进企业成长的重要动力,它受企业内外因共同影响。其中,企业战略导向对知识产权能力起到重要决定作用。本文从战略导向视角出发,分别论述了作为战略导向两个维度的市场导向、创业导向与知识产权能力演化之间的关联,并在此基础上进一步探讨了知识产权能力演化路径。本文选取沪深上市10年以上的28家计算机应用企业,运用散点图、多元回归等研究方法,系统分析企业知识产权能力演化路径。结果表明,战略导向与企业知识产权能力演化之间存在显著相关,进一步分析发现创业导向正向影响知识产权创造、运用能力,市场导向则正向影响知识产权运用能力。知识产权能力结构的演化伴随着企业战略导向的调整,不同战略导向会形成相应的知识产权能力结构。  相似文献   

12.
We investigate the value creation or destruction associated with the introduction of software patents in the United States in two ways. The first looks at the cumulative abnormal returns to Information and Communication Technology (ICT) firms around the time of important court decisions that impacted software patents, and the second analyzes the relationship between firms’ stock market value, the sector in which they operate, and their holdings of software patents. We conclude that the market evaluated software patents as a negative development ex ante. Ex post, a greater number of firms in all ICT sectors invested in these patents, and these firms had slightly higher market values than those with no software patents. However, while we obtain clear evidence that the technological importance or quality of patented innovation mattered for the market value of hardware firms both before and after the legal changes, it is less clear that the marginal patent right per se was associated with increases in market value, and there are no significant valuation effects associated with patents for pure software firms after the change.  相似文献   

13.
The article draws from two theoretical fields, innovation intermediation and sustainability transitions, to examine the role of government-affiliated intermediary organisations in system-level transitions. The role of intermediaries working between actors – producers and users, entrepreneurs and adopters, idea generators and funders – has seldom been specifically addressed in the transitions literature. Thus, the role of intermediary organisations in enacting change in socio-technical regimes, particularly of intermediaries falling between traditional public sector and private sector actors, is of interest in this article. Empirical analyses of two Finnish organisations, Sitra and Motiva, show that government-affiliated intermediaries are likely to engage in strategic niche management processes in diverse ways, each organisation having its own distinct characteristics. The analysis also points out that to get from niches to transition, sustained systemic intermediaries are crucial in articulating new visions and expectations. Government-affiliated intermediaries may make an important contribution to sustainability transitions by initiating and managing new policy or market processes and by acting as an impartial contact point or voice for new networks of actors. While independence from public administration is likely to facilitate networking, too neutral a stance or limited temporal engagement may reduce the transition-facilitating effects.  相似文献   

14.
摘要:作为新世纪技术创新的主流,发展颠覆性技术是抢占国际竞争制高点的重要手段,各国政府普遍给予政策支持。基于战略生态位管理(SNM)内生进程提出了11项政策工具,结合SNM生态位跃迁的三阶段构建了一个针对颠覆性技术政策保护空间的二维分析模型,为政策分析提供了新的视角和方法,旨在更好地指导政策工具的使用和优化以推动颠覆性技术成功跨越研发到市场应用之间的“死亡之谷”,实现最终“颠覆”。最后,以新能源汽车为例,采用该模型分析其技术发展过程中政策保护空间的构建、演变以及政策工具的运用,验证了模型的科学性和实用性。  相似文献   

15.
衡量  贾旭东  李飞 《科研管理》2019,40(7):152-162
虚拟企业作为适应动态复杂市场环境的主要组织形式,其战略演进过程及作用机理是本文研究的核心问题。本文以三家典型企业为样本,采用中国管理扎根研究范式,发现了虚拟企业战略演进的两个过程:在市场环境影响下,领导者认知满足利益相关者的生存需求,形成虚拟企业初级阶段的战略;领导者认知满足利益相关者的成长需求,并积极响应市场环境,形成虚拟企业成熟阶段的战略。领导者认知是推动不同战略过程转变的关键影响因素。伴随领导者认知地位从被动向主动转变,战略演进过程呈现出“随行就市”和“造势入市”的特征。本文通过认知地图的方式结合战略演进过程的特征,构建出符合虚拟企业战略演进过程特征的动态连续“W”模型,形象深入地剖析了虚拟企业战略演进过程的内在动因与形成机理,为后续详尽的探究虚拟演进理论提供了可能的视角。  相似文献   

16.
In this paper, we consider leader–follower decentralized optimal control for a hexarotor group with one leader and large population followers. Our hexarotor is modeled based on the quaternion framework to resolve singularity of the rotation matrix represented by Euler angles, and has 6-DoF due to six tilted propellers, which allows to control its translation and attitude simultaneously. In our problem setup, the leader hexarotor is coupled with the follower hexarotors through the followers’ average behavior (mean field), and the followers are coupled with each other through their average behavior and the leader’s arbitrary control. By using the mean field Stackelberg game framework, we obtain a set of decentralized optimal controls for the leader and N follower hexarotors when N is arbitrarily large, where each control is a function of its local information. We show that the corresponding decentralized optimal controls constitute an ϵ-Stackelberg equilibrium for the leader and N followers, where ϵ → 0 as N → ∞. Through simulations with two different operating scenarios, we show that the leader–follower hexarotors follow their desired position and attitude references, and the followers are controlled by the leader while effectively tracking their approximated average behavior. Furthermore, we show the nonsingularity and 6-DoF control performance of the leader–follower hexarotor group due to the novel modeling technique of the hexarotor presented in the paper.  相似文献   

17.
孙永磊  陈劲  宋晶 《科学学研究》2018,36(4):684-690
本文旨在揭示不同类型的战略导向对资源拼凑的影响,基于组织双元性的研究,共区分了五种不同的战略导向:技术导向、市场导向、差异性导向、整体性导向和交互性导向。在梳理相关研究和理论分析的基础之上,提出了战略导向与资源拼凑之间关系的研究假设,并结合我国企业的实践数据进行验证分析。主要研究结论包括:技术导向和市场导向均有利于资源拼凑行为的开展,除整体性战略导向之外,差异性定向和交互性定向与资源拼凑的相关关系均存在显著的正向相关关系。  相似文献   

18.
The research reported in this article was carried out as part of a larger prefect investigating the impact of the US Space Program on the American economy. The author describes the influence of governmental programs in space and defense on the growth of the computer and semiconductor industries. Three types of economic impacts are analyzed: the role of the federal government in financing research and development; the importance of the government as a market, particularly in the early stages of an industry's growth; and the extent to which government policy encouraged the entrance of new firms and permitted the survival of companies that might otherwise have failed. The paper also deals with the contribution of Defense and NASA to the acceleration of technological changes and the development of specialized manpower on which the progress of the industry largely depended.The author concludes that large government programs can play an essential role in the growth of high technology industries. The significance of space-defense programs for US semiconductor and computer firms can only be perceived by reviewing each type of impact-economic, technological and manpower. The government's early R & D support, assured demand during startup periods, encouragement of competition, acceleration of technological progress and its facilitating of professional mobility, are the separate impacts which together greatly aided US firms in their rise to a dominant position in the world semiconductor and computer industries.  相似文献   

19.
This paper analyses strategic implications of using the financial models in evaluating research and development (R&D) technology investments. It also discusses the challenges of applying the financial models in valuing intellectual property (IP). This paper reveals how conventional financial models fail to recognise the importance of strategic positioning since there are limits in terms of using the quantified approaches to measure R&D performance. From the technology management perspective, it is argued that financial models need to be reconciled with technology strategies since today's investments have linkages with firms' competitiveness in the long run.  相似文献   

20.
This paper analyzes how the structure and the evolution of inter-firm agreements have shaped the development of the smart card industry. The aim is to establish a closer connection between the evolution of inter-firm agreements in the smart card industry and the patterns of change of technology and demand in this new high-tech industry. Based on a proprietary database covering both collaborative agreements and mergers and acquisitions (M&As) occurring in this industry over the period 1992–2006, we find that the evolution of technology and market demand shapes the dynamics of R&D networks and M&As are likely to change the industry structure. We also find that a small group of producers – first-movers – still control the industry and technological trajectories. Their position arises not for oligopolistic reasons of market structure, but for technological and organizational reasons.  相似文献   

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