| Research in this paper is closing to the current “New Economy” background,which takes the high-tech, information, network, knowledge as the most importantpart of the main growth momentum and bases on the "new economic law" includingcapital chasing knowledge, increasing marginal revenue, increasing return to scale,speed victory over the scale and so on. In this economic background, the speed of theenterprise’s rising and declining becomes much faster than before.In the occasion oflimited resources, enterprises can win the competition only when they master theinternal law of their development. Factor capital proposition identifies technology,information and knowledge as enterprise’s capital, which constitude a productionenterprise alliance together with the traditional financial, material objects, humancapital. This perspective provides us a good platform to understand the elements ofenterprise internal collaboration, clear the role of production factors through dividingenterprise resource from the view of capital’s type. Under such a perspective, theenterprise is a result of all capital owners’ ispontaneous choice according to the costbenefit principle. It can be regarded as a production alliance of various fator capitalsand the revenue sharing way is decided by each capital’s negotiating power andrisk-taking desire.According to capital’s two characteristics, value creating and right claiming,enterprise research under fator capital perspective can be naturally devided into twoaspects, one is the enterprise internal production process, namely collaboration andvalue creation process of all fator capitals; the other is the contracting process, namelypower distribution process through game playing. The first problem is content of thefourth chapter, researching on how the internal various fators cooperate to contributeto the firm’s growth and competitive advantage, following the endogenous viewpointof enterprise growth and competitive advantage of resource-based theory and basingon case analysis in the third chapter. Through analysis of internal elementscooperation and development process of Haier, Hisense, Lenovo, Huawei, combininginnovative enterprise theory, construct the general pattern of enterprise development,that is the development strategy of enterprise firstly embodies for enterprise’sresources development strategy, the technology, information and knowledge’scooperation forms the enterprise development and competitive advantage, enterpriseneed to take one of the three factors as the strategic factor to guide the development ofthe enterprise capital and form the unique competitive advantage. The development ofthe enterprise can be described as such a process: the accumulation of strategic factorcapital and the cooperation of three new capitals create the unique competitive power,which bring the customers and the market share, then lead to the expansion of thescale of the enterprise. With the cultivating of strategic factor capital, enterprises canachieve unceasing development. According to the different type of strategic fator capital, enterprises can be divided into technical and informative, knowledge andcomplex enterprise, consistent with the research on the creative enterprise. In thementioned process of enterprise development, under the limitation of external marketscale and the inherent requirement of the continuous expansion, enterprises willimplement product diversification on the similar field to expand the scope of product,and implement professional develop in a single product to explore global market inorder to get more growth space. Enterprise of different types needs different way fordiversification.The second problem is the content of the fifth chapter. Different with the existingresearch of Institutional economics, which analyzing the internal power distribution ofenterprise from a supervision, motivation and contract design perspective, this paperanalysizes power distribution of the enterprise from the contracting process, usingresource dependence theory and cooperative games theory. Since the enterprise can beseemed as a production factors alliance, then the capital’s right of earnings andcontrol is decidided in the contracting process of the alliance, not by the third partyafter the alliance formed. Therefore, the capital owner’s earning in the productionalliance is decided by his marginal contribution rate of output, market scarce degreeand the risk-taking desire. Factors with lower marginal contribution rate, sufficientmarket supply and not willing to take the operating risk of an enterprise often realizetheir fator earnings through one-off buying, other fators with higher marginalcontribution rate, scarce market supply and willing to take the operating risk are likelyto become owners of enterprise and share the enterprise surplus. Also, while some ofthe technology, information and knowledge factors take human capital as their carrierand perform very differently in production efficiency, so sharing enterprise surpluswill be a more advantageous way for their initiative performing.The sixth chapter takes technology capital as an example to discuss thecultivation of emerging factors in enterprise and makes comparative analysis on theway of cultivating technology capital, combining with the protencial construction ofnational innovation system. Chapter7is empirical research,considered that thedisclosure of R&D data of China’s listed companies has greatly changed since2007and all existing research focuses on the analysis of the data before2007, this papermanually collects R&D information of all the A-share listed companies from2007to2011. The empirical results show that R&D investment has significantly positiveeffect on the company’s performance, including gross margin for sales, operatingprofit margin and ROA, especially in the SME board, and the sustainabledevelopment capability of companies has a significant positive correlation with R&Dinvestment. In addition, the study also proves that, both amount of companies existingexecutives holdings and the share ratio show an increasing trend, and executivesholdings significant influences the sustainable development capability of companies.This paper studies based on the reality of enterprise development in our country,comprehensively use normative and empirical methods. Firstly starts from thecases,then uses a new factor capital perspective to analyze the enterprise developmentmode and constructs the theory system, finaly ends with the empirical results tosupport the mainly viewpoint in order to provide ideas for the development of our enterprise in the new situation. The innovation of this paper mainly embodies in theconstruction of enterprise development model under the perspective of factor capital,the theoretical analysis on the internal power distribution of enterprises, and themanual data analysis in empirical research which also has strong practicalsignificance. |
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