公司不确定性、非效率投资与资产定价

全球经济金融危机后,公司面临的不确定性因素日益增多。公司不确定性对企业投资的影响及其经济后果,成为理论和实务界关注的焦点。本文以A股上市公司为样本,研究公司不确定性、非效率投资与资产定价的关系。研究发现:(1)公司不确定性显著加剧公司非效率投资(尤其是过度投资),这在投资者情绪高涨期最明显;(2)公司非效率投资对企业价值的负向影响源于公司过度投资,这在市场投资者情绪低落期最明显;(3)公司投资不足显著正向影响企业价值,这在投资者情绪低落期更明显。本研究丰富了公司非效率投资、资产定价和行为公司金融研究,对企业高管、投资者以及监管者均有启示意义。     

Knowledge base combinations and firm growth

The link between knowledge and firm growth has been a core topic in economics of innovation for a long time. However, despite strong theoretical arguments, empirical evidence remains inconclusive. One important reason for this conundrum may be the failure of standard indicators to capture firm innovation activities comprehensively. We contribute to overcoming this limitation by looking in the knowledge processes that drive variegated forms of innovation and aim thereby to establish a solid relationship with firm growth in more detail. Our arguments draw on the differentiated knowledge base approach, distinguishing between analytical, synthetic, and symbolic knowledge. We measure the three types of knowledge bases with detailed longitudinal linked-employer-employee micro-data from Sweden. Econometric findings based on a very large sample of small and medium-sized firms indicate significantly positive effects of the three knowledge types, and in particular combinations thereof, on firm growth. In addition, we show that not only high-growth but also slow-growth firms benefit immensely from the use of combinatory knowledge bases. We find evidence on a curvilinear relation between knowledge bases and growth of firms. Beyond certain thresholds increasing the knowledge bases further results in decreasing firm growth. Our results remain robust in a wide range of specifications and econometric models.     

The role of organisational interdependencies and asset orchestration in business integration: A case study of M.com

Business integration is an important determinant of business value and firm performance which enables a firm to respond to pressing competitive forces. Given its significant role, business integration in general has been an enduring research topic over the years. However, due to its complex nature, the ways to achieve this important organisational capability in firms are still not clearly understood. Hence, the present study is an attempt to ‘open this black box’ and examine the relevant issues through a case study of M.com, one of the largest e-commerce firms in China. The findings of this case study emphasise that the ability to coordinate organisational interdependencies and asset orchestration according to the needs of business processes is challenging but necessary in order to achieve business integration in e-commerce firms. It is found that asset orchestration in a firm is contingent on the organisational interdependencies such that different interdependence types demand different coordination methods at the very least. It also shows the significant role of IT in asset orchestration and the coordination of organisational interdependencies during business integration. With these capabilities, firms can experience growth and improve the quality of conformance to customer needs.     

Resource allocations, knowledge network characteristics and entrepreneurial orientation of multinational corporations

This paper analyses entrepreneurial orientation (EO) in multinational corporations (MNCs) and develops a new typology of MNC EO based on combining R&D and asset growth investment intensities as orthogonal resource allocations. A cluster analysis of US MNCs on these two dimensions reveals three types of entrepreneurial stance: conservative, aggressive-asset growth and balanced. Internal knowledge network characteristics are shown to vary by stance, with more aggressive stances linked to knowledge governance supportive of the entrepreneurship process. In linking entrepreneurial orientation to the knowledge network of the MNC, this paper identifies factors important to the strategic management and on-going renewal of MNCs. In addition, the vector of R&D investment vs. asset growth investment is an indicator of entrepreneurial aggression and presents a new method of understanding the international strategies of MNCs.     

专用性视角下创新型文化、创新能力与绩效

探索创新型企业文化对技术创新能力(产品与工艺创新能力)与企业绩效的影响以及技术创新能力在创新型文化与企业绩效之间的中介作用,并考察了资产专用性对创新型文化与技术创新能力的调节作用。以我国164家企业为样本,以企业规模和年限为控制变量,构建理论模型并进行检验;结果表明:鼓励和容忍的文化对企业技术创新能力具有正向影响;自由文化对企业工艺创新能力的正向影响显著。技术创新能力在创新型文化对企业绩效的影响之间起到中介作用。当资产专用性中等时,鼓励和容忍对企业产品创新能力的正向作用要大于资产专用性低或高时;自由对企业产品创新能力的正向作用在资产专用性中等时却要小于资产专用性低或高时。     

个人知识和企业知识创造

企业的知识创造分为个人、团队、企业和企业间环境四个层次,个人知识具有专用性、动态性、互补性和互动性等特点。企业员工是企业知识创造的主体,个人知识是企业知识创造的源泉。作为知识创造过程的三要素,SECI过程实现了隐性知识和显性知识的转换并形成了企业知识创造过程的基础,知识场的存在为知识创造活动提供了共享的场所,知识创造过程的投入、产出和中介因素构成了企业的知识资产,并为进一步的知识创造提供了基础和动力。另针对我国企业知识管理的现状提出了从个人知识角度来认识企业知识创造过程对我国企业知识管理的启示。     

国际技术创新研究前沿领域的知识图谱分析——作者共被引网络与聚类分析视角

 运用最新可视化技术与科学计量学方法,绘制当代国际技术创新研究作者共被引知识图谱,从中探析其存在8个主要研究前沿领域,并且确定了其研究主题,即“基于演化视角的国家与产业创新系统”、“企业及产业的内生技术创新”、“基于演化视角的产业及企业创新与其成长”、“基于演化视角的产业及企业创新与知识管理的关系”、“创新与知识溢出”、“开放式创新范式下的产业及企业研发与其成长”、“产品创新绩效与知识管理的关系”、“基于动态能力的产业及企业创新与组织环境的关系”等。     

Management innovation and firm performance: the mediating effects of tacit and explicit knowledge

This paper examines the role of tacit and explicit knowledge in translating management innovation into firm performance in Japanese companies. While past research has been inconsistent on the role of management innovation on firm performance, this research considers how management innovation in organizations can promote tacit and/or explicit knowledge creation, and whether this leads to higher firm performance. This research uses a questionnaire survey of employees of Japanese firms and applies conditional process analysis. There was no direct effect of management innovation onto firm performance, and that instead, both tacit and explicit knowledge fully mediated the relationship between management innovation and firm performance. While management innovation programs by themselves did not directly increase firm performance, the alignment of these programs with knowledge management initiatives enhanced performance. This highlights the need for management innovation that first considers the type of knowledge needed for enhanced performance. Previous research did not consider the role of knowledge as a means to translate management innovation into firm performance. This paper uncovers the mediating role of knowledge, potentially elucidating past inconclusive results.     

技术企业创业智力资本与成长绩效实证研究

 智力资本是一种重要的组织知识资产。本研究将智力资本概念引入技术创业研究中,采用多层次问卷测量法,检验了高技术企业创业智力资本与创业成长绩效的关系结构模型,研究指出创业智力资本结构维度的动态变化显著影响创业竞争绩效和潜力绩效。     

企业成长的知识结构模型及其启示

知识结构是剖析企业成长的内在机理和外部调节的全新视角，是对现有企业成长理论的创新和深化。在知识结构演化与企业成长之间关系的理论模型中，知识存量是企业成长的必要条件，企业内外部知识结构的互动就是企业成长的真正机理。文章还认为增加知识存量与优化知识结构、提高人力资本流动自由度以及选择好产业领域，是促进我国企业快速持续成长的基本要求。     

Resource constraints as triggers of radical innovation: Longitudinal evidence from the manufacturing sector

Despite the significant role of radical innovation as a driver of firm growth and performance, the consequences of resource constraints for radical innovation outcomes remain unknown. Our paper addresses this gap. We combine arguments from entrepreneurship theory and the theory of recombinative innovation to construct an overarching theoretical framework that argues why resource constraints can promote, rather than impede, radical innovation. We then build hypotheses on two specific resource constraints, knowledge and financial, and test these by a lagged-variable random-effects Tobit model with longitudinal data from an exceptionally large and detailed innovation survey. Controlling for absorptive capacity, firm age, and firm growth, we find full support for the hypothesis that knowledge constraints spur radical innovation and partial support for the hypothesis that financial constraints spur radical innovation. We discuss the theoretical significance of these findings and point to managerial implications and paths for future research.     

基于三个维度的企业成长理论研究

由于企业成长受众多的因素影响,我们将企业成长理论以三个维度:规模维度、知识维度和制度维度进行一个对企业成长理论的总述,为企业成长提供更大的解释空间。说明了企业成长是一个规模扩展、知识积累和制度建设的互动过程。     

Beyond knowledge management – understanding how to share knowledge through logic and practice

The aim of this paper is to develop our understanding of how knowledge is shared within a professional service firm. Insights from a 1-year ethnographic study suggest that it is important to go beyond the ‘theoretical limitations’ of knowledge management in order to understand how to manage knowledge within a firm. From the analysis of how knowledge is shared in practice, three logics emerge that help us understand not only how, but also why knowledge is shared among professionals within a professional service firm. A conceptual framework regarding how to better understand sharing, handling and developing knowledge within an organization is discussed, and implications for managers and future research are outlined.     

企业成长与创新视角下的产业链升级研究

产业链升级是中国企业摆脱跨国公司低端锁定的重要途径。以企业成长与企业创新理论为基础,讨论了企业在不同成长阶段入嵌产业链的程度。研究发现青春期企业创新投入越强入嵌程度越低,吸收能力越强入嵌程度越高。新创期入嵌产业链程度较低,而青春期较高。创新投入与入嵌程度之间关系受到新创期负向调节。同时,吸收能力与入嵌程度之间关系受到新创期的负向调节、青春期的正向调节。研究结论对中国企业产业链升级具有理论贡献与实践启示。     

A socio-cognitive approach to innovation

This paper argues that case studies in innovation research at the level of the firm require an explicit model of how people think and act in organisations. The ‘socio-cognitive’ approach which is outlined here combines Weick's social psychological ideas with Teece's characterisation of the firm by its technological knowledge base. It is argued that a cognitive approach accommodates the tacit nature of technological knowledge well, and that artefacts can be considered as cognitive resources. A distinction is made between the social control of production technology (the firm) and of user technology (typically the market). This distinction is used as the basis for conceptualising technological innovation as the creation by individuals within the firm of ‘cognitive ensembles’ composed of cognitive elements drawn from both the technological base of the firm and market conceptions.This focus on the process by which innovation is generated within the firm leads to a brief discussion of previous work on the creative process and the relevance of the socio-cognitive approach to macro-level studies of technological change.     

A theory of firm growth: Learning capability, knowledge threshold, and patterns of growth

This paper focuses on the dual role of R&D - knowledge generation and the technological-competence-enhancing effect of R&D - and its implication for the endogenous evolution of R&D productivity and the pattern of firm growth. In particular, based on the evolution of firm-specific R&D productivity or technological competence, this paper derives a simple R&D-based model of firm growth capable of explaining various aspects of firm growth. The model proposes three prototype patterns of firm growth, depending on both firm- and industry-specific characteristics. The former includes firm-specific technological-competence-enhancing capability and the initial level of technological knowledge, and the latter includes industry-specific R&D appropriability. Specifically, firms with low technological-competence-enhancing capability tend to follow a convergent growth pattern in which firm growth gradually declines, while firms with high technological-competence-enhancing capability tend to exhibit either a sustained or a vicious growth pattern depending on the initial size of their technological knowledge stock. An empirical analysis of unique data on firm growth and technological capability provides supportive evidence for the role of technological-competence-enhancing capability in conditioning the pattern of firm growth.     

Inducing knowledge sharing in teams through cost-efficient compensation schemes

A natural challenge for firms seeking to implement knowledge management systems is accounting for the interplay of incentives among workers and supervisors. This paper studies this interaction, focusing on the dynamics arising from joint projects, task evaluation, and knowledge sharing, in the framework of a game-theoretic model. We identify conditions under which a firm can minimize the costs of implementing an incentives-based system for knowledge sharing, taking into account the firm’s ability to monitor individual performance. We show that an employer in our framework has a stronger incentive to monitor tasks when relative-performance pay is small and when higher-paid agents are more likely to generate new knowledge.     

Knowledge exchange in clusters: The contingent role of regional inventive concentration

Geographic clusters confer advantages to collocated firms, in particular access to local know-how. This article argues that the access to local know-how is contingent on the extent to which inventive activity is concentrated in the cluster. We draw on sociological theories of generalized exchange to argue that contrasting logics of exchange emerge in geographic clusters that have opposing effects on the extent to which firms benefit from collaborating with local organizations and source local knowledge. A longitudinal data set of 1903 firms engaged in nanotechnology research is used to examine the relationship between firm co-authorships on scientific articles with firms and public research organizations (PROs) and firm inventive performance. Results indicate that when cluster-level firm inventive concentration is high, collaborations with local firms are associated with lower inventive performance. We also find that firms source less local knowledge for their own inventions when firm inventive concentration is high. In contrast, concentrated inventive activity among PROs increases the positive relationship between collaborations with local PROs and firm inventive performance. Results also show firms source more knowledge from local PROs when local PRO inventive concentration is high. The findings suggest that inventive concentration both helps and hinders spill-over of cutting-edge knowledge.     

中国知识管理现状分析

在知识社会中,当知识管理被看成是一个公司、一个行业,甚至是一个国家生存和发展的决定因素时,知识管理越来越受人关注。有关知识管理的理论和技术在各个领域都得到了很大的发展,这一方面极大的丰富了知识管理的内涵,使得知识管理具有多面性,但另一方面又使的知识管理变的更复杂和难以理解。本文针对我国各行业研究和实施知识管理项目失败多于成功这一现状,着重从四个方面分析了产生这种现状的根本原因,并在此基础上提出了基于双重知识转化理论模型的知识管理系统的技术方案,为制造型企业和知识型企业的知识管理研究者和实践者提供了一种新思路。     

Conjoint communication and knowledge use/needs analysis in a financial services firm

The act of communication in an organisation, while necessary for the transmission of knowledge, is not synonymous with it. Communicative acts may contain large or small amounts of knowledge, and, moreover, may bear knowledge that is not of importance for the organisation. We report on an extended intervention in a financial services firm, using a conjoined analysis of knowledge use/need and a communicative network analysis, the latter being targeted by (a) a categorisation of the knowledge used and required for the business operation and (b) a knowledge of the human agents using and requiring that knowledge. The joint analysis provides better-targeted KM interventions, since knowledge transfer mechanisms can be tailored to the needs of disaggregated knowledge types rather than to knowledge as a single, aggregated resource of the firm.