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

摘要： 突破性技术创新的出现对企业的生存环境和技术基础产生巨大的冲击,在位企业应对突破性创新时一般有被动适应和主动适应两种策略。当突破性创新已经发生,在位企业只能根据企业自身条件和特点被动地适应技术变革。当突破性创新有可能发生时,在位企业会从战略视角作出预期,采取灵活性的投资策略,主动地适应突破性创新的冲击。本文通过一个简单的投资模型,对在位企业适应突破性创新的两种不同策略进行了分析,并给出相应的算例。

关键词: 突破性技术创新, 在位企业适应, 投资灵活性