Network embeddedness and the exploration of novel technologies: Technological distance, betweenness centrality and density

This paper aims to understand better the innovation potential of a firm’s alliance network. Here we analyze the role of an alliance network in terms of the technological distance between partners, a firm’s network position (centrality) and total network density. We study how these three elements of an alliance network, separately and in combination, affect the ‘twin tasks’ in exploration, namely novelty creation on the one hand and its efficient absorption on the other hand. For an empirical test, we study technology-based alliance networks in the pharmaceutical, chemical and automotive industries. Our findings indicate that successful exploration indeed seems to require a delicate balance between these two exploration tasks. A second conclusion is that different network positions yield different pay-offs in terms of the number of explorative patents. In other words, success rates for exploration are not spread equally across firms. However, position alone does not tell the full story. Our empirical findings clearly indicate that exploration success also depends on the other two dimensions of embeddedness, namely technological distance and network density. The three elements of network embeddedness need to be considered jointly in order to understand their complementary effects on both novelty creation and absorptive capacity.     

论风险投资中的风险企业价值评估--一种基于多阶段复合实物期权的分析

风险企业价值评估是进行风险资本运作的基础，传统的价值评估方法已经难以全面评估风险企业的价值，无法满足风险投资的要求。而近年来实物期权理论的发展和完善为我们评估、发现和提升风险企业价值提供了一种全新的方法。本文将基于风险企业的高风险和多阶段特点，运用实物期权理论的方法，构建风险企业价值评估的多阶段复合实物期权模型，希望该评价模型有助于我国风险投资的实际运作。     

基于实物期权法的海域使用权定价研究

海域使用投资往往具有较强的不确定性、不可逆性和可延迟性特点,使得海域使用权具有期权时间价值;但中国当前基于贴现现金流的海域使用权定价方法,没有考虑这些特点及其产生的期权时间价值,导致使用权定价偏低。为此,文章将实物期权法应用于海域使用权定价,以期确定更加合理的海域使用权价格,实现海洋经济可持续发展。以2013年青岛市黄岛区琅琊镇围堰养殖海参项目海域使用权价格为例,实物期权法的定价为95.89万元/hm²,相同条件下,贴现现金流法的定价为87.94万元/hm²,贴现现金流法的定价低7.95万元/hm²。而且,由于没有达到实物期权法确定的投资临界值,2013年并不适合投资;此时若投资,海域使用权价格将比达到投资临界值时低99.60万元/hm²,会极大降低海域资源利用效率。此外,参数敏感性分析表明,实物期权法下,海域使用权价格对市场环境变化很敏感,而贴现现金流法不能体现市场环境变化的影响。研究成果可为制定我国海域使用权定价政策提供参考和借鉴。     

On the value of project safeguards: Embedding real options in complex products and systems

This study defines a project safeguard as the design and physical development work needed to ensure, or enhance, the embedding of a real option in complex products and systems (CoPS). Safeguards operationalize optionlike strategic thinking at implementation. I examine safeguarding investments through an in-depth multiple-case study of 12 options embedded across 5 projects encompassed by an airport expansion programme. This includes options to phase out delivery (stage-option), grow capacity (growth-option), and switch operational regime (switch-option). Passive safeguards only involve design work, whereas active safeguards involve both design and physical execution. The analysis shows how the confluence between the uncertainty of option exercising and the modularity of the relevant functional elements in relation to the CoPS architecture affects the attractiveness of safeguarding. High uncertainty makes safeguarding less attractive as it can lead to sunk costs that may not pay off over the CoPS operating life. Conversely, high modularity increases the attractiveness of safeguarding because (1) safeguards can be limited to marginal investments at the interfaces between the functional elements with other CoPS subsystems, and (2) the stability of modular design rules increases the likelihood that safeguards remain valid over time. Safeguards build options into integrative CoPS. This flexibility and redundancy makes them resilient to change stemming from option exercising if uncertainties resolve favourably in the future.     

我国高技术产业竞争力与技术创新的关系研究

伴随科学技术的迅猛发展以及知识经济的兴起,技术创新已成为推动产业发展和经济增长的不竭动力。在设计了技术创新能力和产业竞争力指标体系的基础上,以我国高技术产业2003—2008年28个省市(西藏、青海、新疆除外)的面板数据为样本,运用回归分析的方法对技术创新与产业竞争力之间的关系进行了实证研究,深入分析了影响产业竞争力的技术创新关键要素。实证结果表明:技术创新能力与产业竞争力有显著的相关关系,其中创新研发能力和创新间接产出显著影响产业的效益竞争力,创新研发能力还显著影响产业的成长竞争力。