不确定性和动态能力互动下企业投资竞争决策

Competitive investment decision based on interaction of uncertainty and dynamic capability

环境不确定性和动态能力的互动对企业国际化投资竞争策略和时机选择有着重要影响.在考虑企业先后动优势和相对能力综合影响以及内外生环境不确定性差异冲击的基础上,构建了不完全竞争市场的投资策略决策模型,并结合跨国公司在华投资实践,分析了初始能力、动态能力、先后动优势以及内外生环境不确定性对企业间投资竞争策略的均衡条件和投资时机决策的影响.研究结果表明,先后动优势和相对能力共同决定了企业间投资竞争策略均衡;内生不确定性和外生不确定性对竞争策略均衡产生反向冲击,对抢占时机和投资时间间隔决策却产生一致影响.

The interaction of environment uncertainty and dynamic capability has important effect on enterpri- ses＇international competitive investment decision and timing. Firstly, considering the combining effect of the relative capability, first mover-advantage and second-mover advantage as well as the different impact of endog- enous and exogenous uncertainty, this paper designs the competitive investment decision model. Secondly, combining with the cases of MNC investment in china, this paper discusses the effect of the initial capability, dynamic capability, first mover advantage and second mover advantage as well as endogenous and exogenous uncertainty on the strategic equilibrium and investment timing decision. The study shows that the relative capa- bility, first mover advantage and second mover advantage codetermine strategy equilibrium results. Endoge- nous and exogenous uncertainty have inconsistent impact on strategic equilibrium, but have accordant effects on investment threshold and investment intervals.