后发企业如何从追赶到超越?——基于机会窗口视角的双案例纵向对比分析

How Do Latecomers Transform from Catch-up to Beyond Catch-up? A Longitudinal Comparative Analysis of Two Cases Based on Window of Opportunity Perspective

中国的后发企业正逐渐从追赶向超越追赶甚至创新前沿演进。机会窗口视角整合了技术、需求、制度多层次情境因素,是解释后发企业成功追赶的重要理论基础。本研究通过两家中国安防行业后发企业追赶过程的纵向案例对比分析,探究了后发企业在以国内领先为目标的追赶阶段与以国际领先为目标的超越追赶阶段,机会窗口与企业创新战略的匹配关系对后发企业追赶绩效的作用机制:(1)技术机会窗口与技术探索性创新战略的匹配,在追赶和超越追赶阶段都会更好地促进后发企业追赶绩效的提升。(2)需求机会窗口与市场探索性创新战略的匹配,在追赶阶段会更好地促进后发企业追赶绩效的提升;需求机会窗口与市场利用性创新战略的匹配,在超越追赶阶段会更好地促进后发企业追赶绩效的提升。(3)制度机会窗口与技术利用性创新战略的匹配,在追赶和超越追赶阶段都会更好地促进后发企业追赶绩效的提升。

This study explores how institutional and individual investors respond to analyst recommendations.Using a unique account-level trading dataset taken from the Shanghai Stock Exchange,we obtain direct evidence to show that(1)institutional investors are significantly net buyers(net sellers)on"strong buy"and"buy"("hold"and"sell")recommendations;(2)individual investors,in contrast,exhibit abnormal trade reactions opposite to those of institutional investors;(3)institutional investors’response to analyst ratings would be weaken by firm’s bad corporate governance and information opacity.Our results are robust to alternative measures and different specifications.This study provides support and suggestions for regulators’concerns about the sub-optimal investment decisions made by individual investors who are unaware of the potential conflicts of interest analysts may face.