创新战略及其互动对公司价值影响的效应分析

The Effect of Innovation Strategy and Its Interaction on Corporate Value

公司的价值不仅受自身所制定和实施战略的影响,还要受行业内甚至行业间的同业竞争对手反应策略的影响。而公司与其竞争对手之间是战略替代还是战略互补关系,在很大程度上影响了公司的战略效应。文章的结论是:新产品(技术)引入的宣告效应对于以战略替代方式竞争的公司而言为正;对于以战略互补方式竞争的公司而言为负数或零。如果样本中战略替代和战略互补的比例差不多,那么行业平均的宣告效应不会显著区别于零。

The standard for evaluating a corporation is the shareholder value creation the key to which is innovation strategy. The value of a corporation is not only affected by its own strategy but is more influenced by its competitor’s reactive strategy. Therefore, the relation that is either strategic substitute or strategic complement when a corporate competes with its competitors will have a great effect on the corporate strategy. Based on the above discussions, this paper concludes that the announcement effect of new product introduction is positive for a corporation that competes in strategic substitute with its competitors, and is negative or zero for one that competes in strategic complement with its competitors, and the average announcement effect in an industry will not be significantly distinguished from zero if the proportion of strategic substitute in samples is close to that of strategic complement.