多元研发模式对企业价值影响动态演进研究——基于光学制造隐形冠军的案例  

Research on the Dynamic Evolution of the Impact of Multiple R&D Modes on Enterprise Value:A Case Study of Optical Manufacturing Hidden Champion

作　　者：俞彬[1] 蔡凯星 钱美芬 王维安[1] Yu Bin;Cai Kaixing;Qian Meifen;Wang Weian(School of Economics,Zhejiang University;School of Management,Zhejiang University)

机构地区：[1]浙江大学经济学院 [2]浙江大学管理学院

出　　处：《管理世界》2022年第6期139-157,190,共20页Journal of Management World

基　　金：教育部人文社科项目“公司金融视角下新时代企业家精神的激励和保护研究”(基金号:19YJC790102)的资助。

摘　　要：本文基于光学制造业隐形冠军企业案例,探讨了多元研发模式在中高端制造业企业生命周期不同阶段的驱动因素、整合机制以及对企业价值增长的影响问题,通过驱动因素类和研发模式类理论因素的相互作用分析,构建了反映多元化研发模式对企业价值影响机理的动态演进模型。研究发现企业主要经历了“初创期的产学研合作为主导、外部企业合作研发为补充、自主研发艰难起步→成长期的产学研合作为基础、自主研发为主导、外部企业合作研发为补充→成熟期的产学研合作为先导、自主研发为主导、外部企业合作研发为补充”的动态多元研发模式,并据此将企业研发与价值增长的关系从静态讨论扩展为多阶段动态分析,丰富了企业研发驱动式价值增长的内涵,对我国中高端制造业企业突破卡脖子技术实现价值增长具有启发和指导意义。Based on the case of the Hidden Champion in the optical industry,this paper investigates the driving factors and integration mechanism of Multiple R&D Modes(MRDs)within the different life cycles of mid-to-high end manufacturing enterprises,and how MRDs affect the growth of enterprise value.By analyzing the theoretical interactions between driving factors and MRDs factors,the study constructs a dynamic evolution model reflecting the influence mechanism MRDs exert on enterprise value.The research shows that the enterprise has mainly undergone such dynamic MRDs:led by UIC cooperation,supplemented by external enterprise R&D and accompanied by a difficult start in internal R&D in the start-up period;grounded by UIC cooperation,led by internal R&D and supplemented by external enterprise R&D in the growth period;and forerun by UIC cooperation,led by internal R&D and supplemented by external enterprise R&D in the mature period,based upon which the relationship between enterprise R&D and value growth has developed from a static discussion to a multi-phase dynamic analysis,and the connotation of enterprise-R&D-driving value growth gets further enriched,shedding light on realizing value growth by breaking through bottleneck techniques for domestic mid-to-high end manufacturing enterprises.

关 键 词：企业生命周期 多元研发模式 企业价值增长 中高端制造业 

分 类 号：F426.6[经济管理—产业经济] F406.7F273.1