关键词: 突破性技术创新, 在位企业适应, 投资灵活性

Abstract: Radical technological innovation usually has a great impact on the market environment and technological base of firms. Incumbents have two different strategies adaptive to the radical innovation, passive strategy and active strategy. If radical innovation has emerged, incumbents have to passively adapt to it according to their own condition and characteristic. If radical innovation is probably to emerge, incumbents will make an expectation on the radical innovation from the strategic perspective, and choose a flexible investment strategy to actively adapt to the impact of innovation. In this paper, an investment model is set up to explore incumbents’ different strategies adaptive to the radical technological innovation. And a corresponding numerical example is given.

Key words: radical technological innovation, incumbents’ adaptation, investment flexibility