技术机会窗口、债务融资决策对后发企业创新的影响——基于海康威视的探索性案例研究  

The Influence of Technology Opportunity Window and Debt Financing Decision on the Innovation of Latecomers: An Exploratory Case Study Based on Hikvision

作　　者：鲍晓娜[1] 张舒畅 任曙明[2] 李美霖 BAO Xiao-na;ZHANG Shu-chang;REN Shu-ming;LI Mei-lin(School of Management,Dalian Polytechnic University,Dalian 116034,China;School of Economics and Management,Dalian University of Technology,Dalian 116024,China)

机构地区：[1]大连工业大学管理学院,大连116034 [2]大连理工大学经济管理学院,大连116024

出　　处：《管理案例研究与评论》2023年第5期567-581,共15页Journal of Management Case Studies

基　　金：国家自然科学基金青年科学基金项目“金融化视角下实体经济技术创新与生产率提升研究”(71703012);国家自然科学基金面上项目“软件项目知识创造的实证研究:从社会分类-信息加工的视角”(71772023);辽宁省社会科学规划项目“装备制造产业数字化的动力机制、主要挑战和政策选择研究”(L22BJY012);辽宁省教育厅高等学校基本科研项目“经济不确定性、实体经济金融化与资本配置效率”(J202106)。

摘　　要：债务融资是后发企业追赶及超越道路上重要的资金补充手段,而实现追赶及超越取决于企业的机会把握与创新突破。基于海康威视的探索性案例研究搭建了一个理论框架,该框架有利于解释后发企业债务融资决策在技术机会窗口中与企业创新周期的动态演化关系。在该框架中,技术机会窗口存在生命周期,一个技术机会窗口周期从开启到闭合包括辨识、进入、扩展三阶段。在技术机会窗口中,债务融资决策与企业创新具有周期和阶段一致性,即二者以技术机会窗口为周期演化,并根据所处机会窗口阶段采取创新策略。进一步,提炼出债务融资决策三阶段模型,即探索式债务融资决策、适应式债务融资决策和突破式债务融资决策,且债务杠杆和短债长用存在交互作用。Debt financing is an important means of capital replenishment for late-developing firms to catch up and surpass,and achieving catch-up depends on firms'opportunity grasp and innovation breakthroughs.Based on an exploratory case study of Hikvision,a theoretical framework is built,which is helpful to explain the dynamic evolution between the debt financing decisions of latecomers in terms of technological opportunity windows and corporate innovation cycles.In this framework,there is a life cycle for the technology opportunity window,which includes three stages from opening to closing-identification,entry and expansion.In the technology opportunity window,debt financing decisions and enterprise innovation have a cycle and stage consistency,i.e.,they evolve in the technology opportunity window as a cycle and adopt the innovation strategy according to the stage of the opportunity window.Further,a three-stage model of debt financing decision,i.e.,exploratory debt financing decision,adaptive debt financing decision and breakthrough debt financing decision,is refined,and there is an interaction between debt leverage and short and long term debt uses.

关 键 词：后发企业 海康威视 机会窗口 债务融资 

分 类 号：F275[经济管理—企业管理]