A Review of Disruptive Innovation Value Creation from the Perspective of Innovation Ecosystems
Cengceng Wang Peili Yu Lijing Leng
Abstract: Digital innovation is becoming increasingly complex and iterative, and the multi-agent interactive innovation ecosystem subverts the existing industrial value network, which is beneficial for enterprises to win a strategic dominant position in the competition. Firstly, this paper analyzes the theoretical arguments of multi-agent interaction in an innovation ecosystem and expounds the characteristics of resource sharing and exchange among participants. Secondly, it elaborates on the concept of innovative behavior that coordinates multi-agent interaction. Then, we discuss the mechanism of disruptive innovation value creation from three theoretical arguments: the asymmetric dependence between core enterprises’ implementation of innovation behavior and the external environment; the coordinated dependence of participants in an innovation ecosystem; and the cooperation and competition among participants; which then gives the conceptual analysis framework of disruptive innovation value creation in an innovation ecosystem. Finally, the theoretical analysis framework of the whole life cycle evolution law of disruptive innovation value creation in the innovation ecosystem of "behavior-relationship-value" is further constructed. Realizing disruptive innovation value is the evolutionary process of coordinating the transformation from the feasibility of the external environment to the consistency of internal resources. This study provides a reference for the theoretical development and policy formulation of disruptive innovation strategy.
Keywords: Innovation Ecosystem Disruptive Innovation Value Creation Dynamic Evolution Literature Review
JEL Classification:D23 O31 M21
数字化转型、技术创新动态能力与企业绩效——来自中国装备制造上市企业的经验证据
马艳艳 刘洁 范佳颖
摘 要:数字化转型为企业提高资源配置效率、培育市场竞争优势提供了有力工具,是企业实现高质量发展的有效途径。文章利用2011-2019年沪深A股主板装备制造上市企业数据,从投入、产出和转化三个维度衡量企业技术创新动态能力,基于技术创新动态能力视角研究数字化转型对企业绩效的影响机制。研究发现,数字化转型对装备制造企业绩效具有显著正向影响,且这一促进作用能够被技术创新动态能力的渠道效应所捕获。进一步考察异质性发现,数字化转型对东部地区以及通用设备制造企业绩效的促进作用明显;非国有装备制造企业技术创新动态能力的渠道效应显著,但在国有企业中这一机制并不显著。研究结论对指导装备制造企业数字化转型实践、提升装备制造企业绩效具有重要借鉴意义。
关键词:数字化转型 装备制造业 企业绩效 技术创新动态能力
Digital Transformation, Dynamic Capability of Technological Innovation and Enterprise Performance——Empirical Evidence from Chinese Equipment Manufacturing Listed Enterprises
Yanyan Ma Jie Liu Jiaying Fan
Abstract: Digital transformation provides a powerful tool for enterprises to improve the efficiency of resource allocation and cultivate market competitive advantage. It is an effective way for enterprises to achieve high-quality development. Based on the data of Shanghai and Shenzhen A-share main board equipment manufacturing listed enterprises from 2011 to 2019, this paper measures the dynamic capability of enterprise technological innovation from three dimensions of input, output and transformation, and studies the influence mechanism of digital transformation on enterprise performance from the perspective of dynamic capability of technological innovation. The study found that digital transformation has a significant positive impact on the performance of equipment manufacturing enterprises, and this promotion can be captured by the channel effect of technological innovation dynamic capabilities. Further investigation of heterogeneity found that digital transformation has a significant role in promoting the performance of eastern regions and general equipment manufacturing enterprises; the mediating effect of technological innovation dynamic capability of non-state-owned equipment manufacturing enterprises is significant, but this mechanism is not significant in state-owned enterprises. The research conclusions have important reference significance for guiding the digital transformation practice and improving the performance of equipment manufacturing enterprises.
Keywords: Digital Transformation Equipment Manufacturing Industry Enterprise Performance Dynamic Capability of Technological Innovation
JEL Classification: L60 O31
用煤权初始配置、影子价格与交易机制
姜春海 李亚静 闫振好
摘 要:用煤权制度对中国煤炭总量控制、全国与区域节能减排目标保持一致、大气污染治理具有重要作用。首先,本文基于公平、效率、奖惩、可行性和可持续发展原则,选取代内公平、投入效率、产出效率、经济奖惩、环境奖惩、历史连贯、产业结构、环境承载力和环境防治力9个指标,采用主成分分析法和变异系数法确定各项指标权重,以2020年与2025年为例,将预测得到的全国用煤权总量上限在一级市场初始配置给30个省(自治区、直辖市)。其次,运用投入距离函数,测算2020年-2025年除重庆外其余29个省(自治区、直辖市)的用煤权影子价格,并通过分解影子价格得到用煤权的理论交易价格。最后,设计用煤权二级市场交易机制,结合30个省(自治区、直辖市)环保税中对各种污染物的税收水平与碳排放权现实交易价格,计算得到了只考虑环保成本而未包含经济收益等因素的2020年-2025年全国用煤权单纯环保价格,该价格可以作为用煤权市场失灵等极端情况时政府指导定价的最低价格。
关键词:用煤权 用煤权配置 影子价格
Initial Allocation, Shadow Price and Trading Mechanism of Coal Consumption Right
Chunhai Jiang Yajing Li Zhenhao Yan
Abstract: The coal consumption permits system plays an important role in China's total amount of coal control, consistent goals from top to bottom, and air pollution control. First of all,in this paper, the ARIMA model, GM (1,1) model and combined model are used to predict the total amount of national coal consumption from 2020 to 2025, and based on this, the upper limit of the total amount of national coal consumption permits is determined. Secondly, based on the principles of fairness, efficiency, rewards and punishments, feasibility and sustainable development, 9 indexes of intra-generational equity, input efficiency, output efficiency, economical rewards and punishments, environmental rewards and punishments, historical coherence, industrial structure, environmental carrying capacity and environmental prevention and control are selected, principal component analysis and variation coefficient method are used to determine the weights of indexes. Taking 2020 and 2025 as examples, the upper limit of the total amount of national coal consumption permits predicted in the primary market is initially allocated to 30 provinces, municipalities and autonomous regions. Furthermore, using the input distance function to estimate the shadow price of coal consumption permits in the remaining 29 provinces, municipalities and autonomous regions except Chongqing from 2020 to 2025. Finally, the secondary market trading mechanism for coal consumption permits is designed, and the theoretical price of coal consumption permits is analyzed. The pure environmental price of national coal consumption permits in 2020-2025 is calculated by combining the tax levels of various pollutants in the environmental tax of 30 provinces, municipalities and autonomous regions with the actual transaction price of carbon emission permits, which only considers environmental costs without including economic benefits and can be used as the government-guided bottom price in extreme cases such as the market failure.
Keywords: Coal Consumption Permit Coal Consumption Permit Allocation Shadow Price
JEL Classification: L50 Q32 Q48
数据双重利用形式下消费者和企业行为的演化博弈研究——基于消费者隐私关切的视角
徐肖 綦勇 侯泽敏
摘 要:以消费者隐私关切视角切入,考虑企业基于消费者数据的个性化推荐和大数据杀熟行为,构建消费者和企业的演化博弈模型,考察消费者购买策略和企业数据利用策略的影响因素,厘清公众监督对系统演化稳定策略的影响机理。研究表明:消费者和企业策略选择与产品价格、个性化推荐引致的消费者单位效用提升程度、数据利用成本以及消费者隐私关切程度等因素有关;加强个性化推荐能够促进消费者购买行为,增强消费者隐私关切和数据利用成本有助于遏制企业数据滥用行为;公众监督能够在此基础上进一步约束企业数据滥用行为。为政府制定相关政策约束企业数据利用行为提供理论支持。
关键词:个性化推荐 大数据杀熟 隐私关切 公众监督 演化博弈
Evolutionary Game Analysis of Consumers and Enterprises’ Behaviors Based on Dual-Use Data: From the Perspective of Consumers’ Privacy Concern
Xiao Xu Yong Qi Zemin Hou
Abstract: From the perspective of consumers’ privacy concern, this study considers personalized recommendation and price discrimination based on consumers’ data, and devises an evolutionary game model to analyze the influencing factors of consumers and enterprises’ strategies and reveal the impact of government regulation and public supervision on evolutionary stable strategies. The results show that consumers and enterprises’ strategies are associated with factors like product price, personalized recommendation, usage cost of data and consumers’ privacy concern. The higher the strength of personalized recommendation, the more consumers choose to purchase the product. The higher the degree of consumers’ privacy concern and the cost, the fewer enterprises choose to price discriminate across consumers. On the base of above results, public supervision can further constrain enterprises’ price discrimination behavior.
Keywords: Personalized recommendation Data-based price discrimination Privacy concern Public supervision Evolutionary game
JEL Classification:B21 C73 D11 D82
先进制造业与现代服务业融合:研究综述及未来趋势
刘如月 杨蕙馨
摘 要:我国正处在经济由高速增长转向高质量发展、经济结构战略性调整、转换增长动力的攻关期,先进制造业和现代服务业融合发展成为回答制造业“大而不强”、长期在价值链中低端徘徊等发展难题的最优解。研究全面梳理了“两业融合”的相关研究成果,系统回顾了“两业融合”的内涵、维度与测量,构建了“两业融合”作为前因、结果、中介作用的研究框架,分析了现有研究的缺口。研究认为来来应关注“两业融合”理论研究的深化、标准化测量指标体系的构建、中介及调节机制研究的拓展、对融合业态模式的探索。对“两业融合”的现有研究进行梳理,并对未来趋势进行研判,能够为“两业融合”发展提供理论指导和实践支持。
关键词:先进制造业 现代服务业 两业融合
The Integration of Advanced Manufacturing Industry and Modern Service Industry: Literature Survey and Future Trends
Ruyue Liu Huixin Yang
Abstract: China is in a critical phase of shifting from high-speed growth to high-quality development, strategic adjustment of the economic structure and transformation of growth drivers. The integration of advanced manufacturing and modern service industries has become the best solution to the development difficulties of the manufacturing industry, which is "big but not strong" and has long been stuck in the middle and low end of the value chain. The research comprehensively sorts out the relevant research results of the "integration of the two industries", systematically reviews the connotation, dimensions and measurement of the "integration of the two industries", builds a research framework of "integration of the two industries" as antecedents, results, and mediators, and analyzes the gaps in existing research. This paper holds that the following research on "the integration of the two industries" should focus on the deepening of theoretical research, the construction of standardized measurement index system, the expansion of the research of moderation and mediation mechanism, and the exploration of the integration of business models. To sort out the existing research on the "integration of the two industries" and judge the future trend, which can provide theoretical guidance and practical support for the development of the "integration of the two industries".
Keywords: Advanced Manufacturing Industry Modern Service Industry The Integration of Advanced Manufacturing Industry and Modern Service Industry
JEL Classification: L16 M21
连锁机构投资者与超额商誉
黄一松
摘 要:超额商誉可能引发系统性金融风险,阻碍中国经济高质量发展,如何抑制超额商誉引起了学术界和实务界的高度关注。本文以2007-2019年中国A股上市公司为样本,考察连锁机构投资者对超额商誉的影响。研究结果表明,连锁机构投资者能够抑制超额商誉,验证了连锁机构投资者的协同治理效应。作用机制分析发现,连锁机构投资者通过发挥治理效应和信息效应,进而抑制超额商誉。异质性分析表明,连锁机构投资者对超额商誉的抑制作用在并购频数较高的公司、市场化程度较高的地区更为显著。进一步分析发现,连锁机构投资者降低了商誉减值概率和公司股价崩盘风险,提升了公司经营业绩。本文的研究结果拓展了连锁机构投资者的经济后果和商誉的影响因素研究,为当前建立化解超额商誉的市场化长效机制提供了经验借鉴,也为并购重组制度的完善和商誉会计准则的修订提供了政策参考。
关键词:连锁机构投资者 超额商誉 协同治理
Chain Institutional Investors and Excess Goodwill
Yisong Huang
Abstract: Excess goodwill may lead to systemic financial risks and hinder the high-quality development of China's economy. How to curb excess goodwill has aroused great concern in academic and practical circles. This paper takes Chinese A-share listed companies from 2007 to 2019 as a sample to examine the impact of chain institutional investors on excess goodwill. The results show that chain institutional investors can restrain excess goodwill, and verify the synergy governance effect of chain institutional investors. The analysis of the mechanism shows that the chain institutional investors restrain excess goodwill by giving play to the governance effect and information effect. The heterogeneity analysis shows that the inhibition effect of chain institutional investors on excess goodwill is more significant in companies with higher frequency of mergers and acquisitions and regions with higher degree of marketization. Further analysis found that chain institutional investors reduced the probability of goodwill impairment and the risk of stock price collapse, and improved the company's operating performance. The research results of this paper expand the research on the economic consequences of chain institutional investors and the influencing factors of goodwill, provide experience for the current establishment of a market-oriented long-term mechanism to resolve excess goodwill, and also provide policy reference for the improvement of the merger and reorganization system and the revision of goodwill accounting standards.
Keywords: Chain Institutional Investors Excess Goodwill Collaborative Governance
JEL Classification: G32 G34
UBI车险个性化定价的数据滥用风险及应对
袁嘉 王意婷
摘 要:以特斯拉为代表的互联网车企迈入UBI车险市场是数字经济时代新商业模式之一,UBI车险虽然具有效率优势和精确定价优势,能满足消费者个性化需求、实现对价平衡,但互联网车企开发UBI车险也引发了算法歧视、侵犯隐私、数据垄断等担忧,其不当收集处理数据、不当设置算法可能对消费者形成剥削性滥用。为此,应从UBI车险的技术基础和要素基础出发,提升算法定价透明度,保障数据处理安全规范性,完善数据垄断分析框架,并通过协调保险行业管制和反垄断监管执法之间的关系,形成监管合力,以保障车险市场上的有效竞争秩序和消费者利益。
关键词:互联网车企 个性化定价 UBI车险 数据滥用
Risk of Data Abuse and Responses in Personalized Pricing of UBI
Jia Yuan Yiting Wang
Abstract:It is one of the new business models in the digital economy era for internet-based car companies represented by Tesla to enter the UBI market. Although UBI has the advantage of efficiency and precise pricing, and can meet consumers' personalized needs and achieve a balanced consideration, the development of UBI by internet-based car companies also raises concerns of algorithmic discrimination, invasion of privacy, data monopoly and so on. Its improper collection and processing of data and improper setting of algorithms may lead to exploitative abuse of consumers. Therefore, we shall proceed from the technical basis and element foundation of UBI , enhance the transparency of algorithmic pricing, ensure the safety and standardization of data processing, improve the analysis framework for data monopoly, and form a joint force of supervision by coordinating the relationship between the control of the insurance industry and the anti-monopoly supervision and law enforcement, so as to protect the effective competition order and consumers' interests in the insurance market.
Keywords: Internet-Based Car Companies Personalized Pricing UBI Data Abuse
JEL Classification:K2