产业价值转移驱动下企业价值动态演化分析

上海交通大学硕士学位论文产业价值转移驱动下企业价值动态演化分析姓名：胡滨申请学位级别：硕士专业：产业经济学指导教师：杨忠直20060101123CAPM1234567CAPM1234CPAMCAPMSTUDYONVALUEDYNAMICEVOLUTIONOFENTERPRISESDRIVENBYVALUEMIGRATIONABSTRACTValuemigrationisbringinganewchallengetoenterpriseinChina.Enterpriseswilllosethecompetitionadvantageifitfailedtoforecastthevaluemigration.Toconsiderthevaluemigrationasakeyfactorisveryimportantforenterprisetogetthecompetitionadvantage.Actually,valuemigrationhasbeengotattentionbroadlybyenterpriseintheworldtomakeacherryintegrationofclientvalue,shareholdervalueandenterprisevalue.Forreachingthedynamicequilibrium,enterprisecreatedthevaluenotonlyfortheclientbutalsoforthemselves.Thispaperincludes3parts.Thefirstpartistheresearchonvaluemigrationincludingtheconceptionofvaluemigration,valuemigrationinchina,characteristicofvaluemigration,ruleofvaluemigration,thefactorsrelatedtovaluemigration,thedirectionofvaluemigrationandrelationshipofcompetitionstrategyandvaluemigration;thesecondpartisthekeyoneinthisresearchpaper.Thispartistheresearchonthedrivenfactorsofvaluemigration,thestartingpointrelatedtothedrivenchainbetweenthevaluemigrationandtheenterprisevaluedynamicevolvementandthenewCAPMmodelwhichincludethevaluemigrationinformation.Theissuesresearchedofthepaperincluding:1.Thepaperdiscussesthephenomenaof“valuemigration”andthesignificanceofthisresearch.ThisintroducesthereasonwhyIwouldliketowritethisarea;2.Thepaperintroducedtheresearchonvaluemigrationincludingtheconceptionofvaluemigration,valuemigrationinchina,characteristicofvaluemigration,ruleofvaluemigration,thefactorsrelatedtovaluemigration,thedirectionofvaluemigrationandrelationshipofcompetitionstrategyandvaluemigration;4.Thispaperintroducedthevalueanalyzetool--valuechainandvaluenet.Then,thepaperalsointroducethevaluenettheorymode,characteristicofvaluenetandthekeydifferentiatebetweenthevaluechainandvaluenet.Basedonthetheoryintroduction,thepapermakemortclearonhowtoresearchthedrivenfactorrelatedtovaluemigration;5.Portertheoryandbeingcycletheoryisusedtofindthedrivenfactorsrelatedtovaluemigration.Thedrivenoriginofvaluemigrationisusedtolaunchthestudyabouttheenterprisesvaluedynamicevolvement.Finally,thepaperdevelopedaCAPMmodeltointerprethowthevaluemigrationmakesadrivenpoweronenterprisestorunthedynamicevolution.KeyWords:ValueMigrationValueChainValueMigrationDrivenFactorValueEvolutionCAPM20062162006216200621611.12080IBM9070(TQM)1.2.J.Mercer2.J..J..J..J.1999[1].J.[1]1232000[2].J.1.J.3.J..J.2.J..J.3.J..J.2002[3].J.,,,2003[4],,,2004[5]::2005[6]1.31.3.141-3Fig1-3Logicofthisstudy1.3.255CAPM62.1.J..J.1999[1]2.2.J.1999[1](ValueMigration:HowtoThinkSeveralMovesAheadoftheCompetition)2020T1990(Sears)2020()302072005[7]2.2.1202-121%199681.7511.0012.7521.0011.2814.000.190.200.340.010.050.20199771.147.9014.3311.0011.704.800.776.401.300.180.177.00199831.3113.5413.4310.69.785.770.383.390.932.860.198.19199930.6318.4315.2211.358.626.310.433.440.820.470.177.71200022.8910.2522.2322.3410.458.540.770.580.110.270.235.93200129.9615.2717.3527.3010.0510.460.43-3.970.891.450.387.16981282.2.2.J.2.32.3.192090()2.3.2[8]IBMIBM35mm[9]2.43102.4.1GDP2.4.21985199519952000112.4.22.52.5.1MichaelE.Porter[10]121234562.5.212.11319932-1Fig2-1Relationshipbetweeninnovationandvaluechain220001.91.2620002%5.410[11]14.J.[1]1988219901R&D()122.5.3[13]115=∑+∑2-12-2,i1,i1+i2-2Fig2-2Simplifieddiagramforvaluenet2i-1ii+1162.62.6.1CDMAIBMPC2.6.2IBMTCL172.6.32.72060.J.607080902090R&D2.7.1.J.[16]2.7.218(2-3)2-3Fig2-3Evolvementofvaluechain.J.2.7.32.7.419()203.13.1.119852120()5322()20703-13-1Fig3-1Changeofvalueform[17]232001Mercer(ValueNet)Mercer(),,,,,,,DavidBovet(2001)3.1.21DavidBovet()24(3-2)()()2PrabakarDavidPrabakarKathandaramanDavidT.Wilson(3-3)3-2Fig3-2DavidBovet’svaluenetform253-3PrabakarDavidFig3-2PrabakarandDavid’svaluenetform()()()()()(V)(IV)3(3-4)IVVVIIIIIII263-4Fig3-4WuhaipingandXuanguoliang’svaluenetform()()[18]3.1.31[19]2[20](3)27(4)[21](5)[22][23]3.1.42003[13]3-13-128[17]3.2293.3303.43.4.1WWmgh=E212Ekx=()313.4.2=3-1mgghWmhmmmhhhmhmh(1)EE212Ekx=3-232EkxEkxkxEkxxk(2)kkkkk(3)xE333.4.4WE(1)(2)EkkkxE(3)34354.14.1.1(1)364-1Fig4-1ValuemigrationofTVindustryinchina(2)90199320014931631998199974.200065.50%374199619965964.1.211992719831990199331995101519996251-21-2200138493162001122253-560%3-530%10%[23]2MP3WAP3GWCDMA3G403G3G80020WCDMA3GWCDMA3G3GMTNETWCDMA39SUNDAYETISALAT3G3GWCDMACDMA20004.1.3ABSEBD12ESP[24]200050%200430%J404-2Fig4-2Dynamiccustomerdecision-making-4.2414.2.1[25]20802090[26]12(,,,)nUUppp=4-112,,,nppp1niiriypϕ==∑4-2iyirpiiy[27](,,)iripddϕτξξ=4-3ξττ42[28]12(,,,,,)ddinPPzzzz=4-4iziyit(,,,)iiivszfytEC=4-5vEsC(,,,,)svemCfqCCsC=4-6qvCCesmC1nwiiTtt==+∑4-7wtitizFS1()niFSSmSiriFiSTSttppωωω==+=++∑4-8SωFS[29]iiiSriiiirjjjijrSrjjdtdppMUdzdzPdtdpMUPpdzdzωω+=≡+4-943iMUjMUipjpipipijMUMUipip4-9ijihiihiihjjjljiljjlzUpzfMUMPzUMUMPpzf∂∂∂∂≡=∂∂∂∂4-10ihfizhjlfjzli=jh=li(,,,,,,)iscPeDrrrarQfPPPtTPϕ=4-11rPsrPcrPPtaTerP4.2.2(1).Vernon196544AndersonTushman1990(2)S34[30]4.2.345465.12080?(1990)C.K.PrahaladG.Hamel(BPR)M.HammerJ.Champya?()(TQM)(,,,,,,)rCfcqsrmmle=5-1rCc