中文摘要
本研究利用先进的文本分析技术,考察由中国进口竞争引致的产品市场竞争加剧如何影响美国电子与电器行业在位企业的创新。我们测量美国企业的产品描述与中国进口商产品描述之间的相似度,以此捕捉企业层面的竞争压力。采用连续型双重差分框架,我们在中国进口商首次进入市场前后五年的期间内,比较与中国进口商竞争更直接的美国企业与竞争压力较低企业的创新结果。我们发现,面对竞争加剧时,在位美国企业显著提高其质量加权专利产出,创造更多新产品专利,并策略性地多元化进入新的技术和业务领域。我们的发现凸显了进口驱动的竞争在激励战略性创新中的作用,并说明基于文本的相似度指标能够有效量化企业层面的竞争,为战略学者提供了新的方法工具。本文由 Maria Guadalupe(商业战略)录用。资助:B. Cassiman 感谢 Fonds Wetenschappelijk Onderzoek [资助号 G010324N 和 G071417N] 提供的经费支持。D. Wehrheim 感谢资助号 PID2024-155952NB-I00 提供的经费支持,该资助由 MCIN/AEI/10.13039/501100011033 以及欧盟 ESF+、ERDF"塑造欧洲之路"(A way of making Europe)资助。补充材料:在线附录与数据文件可从 https://doi.org/10.1287/mnsc.2024.08304 获取。
Abstract
This study leverages advanced text-analysis techniques to investigate how increased product market rivalry, induced by Chinese import competition, affects innovation among incumbent U.S. firms in the electronic and electrical appliance industry. We measure the similarity between the product descriptions of U.S. firms and those of Chinese importers, thus capturing firm-level competitive pressure. Employing a continuous difference-in-differences framework, we compare innovation outcomes of U.S. firms more directly competing with Chinese importers to those facing lower competitive pressure over a five-year period before and after initial Chinese market entry. We find that incumbent U.S. firms significantly increase their quality-weighted patent production, create more new-product patents, and strategically diversify into new technological and business segments when confronted with heightened competition. Our findings highlight the role of import-driven rivalry in stimulating strategic innovation and illustrate how text-based similarity measures can effectively quantify firm-level competition, providing novel methodological tools for strategy scholars. This paper was accepted by Maria Guadalupe, business strategy. Funding: B. Cassiman acknowledges financial support from the Fonds Wetenschappelijk Onderzoek [Grants G010324N and G071417N]. D. Wehrheim acknowledges financial support from Grant Ref. PID2024-155952NB-I00, funded by MCIN/AEI/10.13039/501100011033 and by ESF+, ERDF “A way of making Europe”, European Union. Supplemental Material: The online appendix and data files are available at https://doi.org/10.1287/mnsc.2024.08304 .