The experiment times is one important decision variable when firms take investment in module. The quality of module goes up with increase of experiment times, and the investment cost also increases. Using real options approach, this paper conducts respectively research on the module investment decisions of complete monopoly firm and the new entrance firm faced with market competition. The results suggest that, 1) both of the module investments of the complete monopoly firm and the new entrance firm, there exists a optimal minimum experiment times, and the investment threshold corresponding to experiment times is the real one; 2) in the case of complete monopoly investment, the technical potential does not affect the optimal minimum experiment times and the corresponding investment threshold, whereas in the case of the new entrance firm's investment, the technical potential of module does that; 3) the new entrance firm strongly intends to research on the module with quality higher than existing module if the market size is bigger, the technical potential of module is greater, the quality of existing module is lower, and the experiment cost is lower.
Key words
modularity /
real options /
technology innovation
{{custom_keyword}} /
{{custom_sec.title}}
{{custom_sec.title}}
{{custom_sec.content}}
References
[1] 青木昌彦, 安藤晴彦. 模块时代: 新产业结构的本质[M]. 上海: 上海远东出版社, 2003.Masahi K A, Ando H. Modularity age: The nature of new industry structure[M]. Shanghai: Shanghai Far-east Publishing House, 2003.
[2] Baldwin C Y, Clark K B. Design rules: The power of modularity[M]. Cambridge: MIT Press, 2000.
[3] Crawford C M. Product protocol: New tool for product innovation[J]. The Journal of Product Innovation Management, 1984, 1(2): 85-91.
[4] Langlois R N, Robertson P. Networks and innovation in a modular system: Lessons from the microcomputer and stereo component industries[J]. Research Policy, 1992(15): 11-23.
[5] Chang T S, Ward A C. Design-in-modularity with conceptual robustness[C] //Proceedings of the 1995 ASME Design Engineering Technical Conferences-21st International Conference on Advances in Design Automation, 236-265.
[6] Baldwin C Y, Clark K B. Managing in an age of modularity[J]. Harvard Business Review, 1997: 84-93.
[7] Gupta A K, Wilemon D. The credibility-cooperation connection at the R&D-marketing interface[J]. Journal of Product Innovation Management, 1998, 5(1): 20-31.
[8] 邵晓峰, 季建华. 我国企业实现大规模定制生产模式的策略[J]. 上海企业, 2001(4): 34-36.
[9] 吴正刚, 韩玉启, 宋华明. 复杂产品的模块化制造战略研究[J]. 中国机械工程, 2005, 16(9): 1826-1830.Wu Zhenggang, Han Yuqi, Song Huaming. Research on the modular manufacturing strategy for complex products[J]. China Mechanical Engineering, 2005, 16(9): 1826-1830.
[10] 陈劲, 桂彬旺. 模块化创新: 复杂产品系统创新机理与路径研究[M]. 北京: 知识产权出版社, 2007.Chen Jin, Gui Binwang. Modularity innovation: The study on system innovation mechanism and path of complex product[M]. Beijing: Intellectual Property Publishing House, 2007.
[11] Daneels E. The dynamics of product innovation and firm competences[J]. Strategic Management Journal, 2002, 23 (12): 1095-1121.
[12] 胡晓鹏. 模块化: 经济分析新视角[M]. 北京: 人民出版社, 2009.Hu Xiaopeng. Modularity: New perspective of economics analysis[M]. Beijing: People's Publishing House, 2009.
[13] 沈于, 安同良. 再集成: "一种模块化陷阱"——基于演化视角的分析[J]. 中国工业经济, 2012(2): 89-97.Shen Yu, An Tongliang. Reintegration: A type of modularization trap-based on evolutionary perspective[J]. China Industrial Economics, 2012(2): 89-97.
[14] 李晓华. 模块化、模块再整合与产业格局的重构——以"山寨"手机的崛起为例[J]. 中国工业经济, 2010(7): 136-145.Li Xiaohua. Modularity, modular reintegrating and the change of the industry structure——A case study of the boom of bandit mobile phone[J]. China Industrial Economics, 2010(7): 136-145.
[15] Gaynor M, Bradner S. The real options approach to standardization[J]. Knowledge, Technology and Policy, 2001, 14(2): 41-66.
[16] Sullivan K, Cai Y, Hallen B, et al. The structure and value of modularity in software design[R]. Working Paper, University of Virginia Department of Computer Science Technical Report, 2001.
[17] Rodrigues A, Rocha Armada M J. The valuation of modular projects: A real options approach to the value of splitting[J]. Global Finance Journal, 2007(18): 205-227.
[18] Gamba A, Fusari N. Valuing modularity as a real option[J]. Management Science, 2009, 55(11): 1877-1896.
[19] 泰勒尔. 产业组织理论[M]. 北京: 中国人民大学出版社, 1997.Tirole J. The theory of industrial organization (Chinese Edition)[M]. Beijing: China Renmin University Press, 1997.
[20] Dixit A K, Pindyck R S. Investment under uncertainty[M]. Princeton: Princeton University Press, 1994.
{{custom_fnGroup.title_en}}
Footnotes
{{custom_fn.content}}
PDF(1054 KB)
