本文剖析和比较了企业衍生的动因和机理,并着重探讨了衍生创业中的机会是被发现还是被创造出来的。从交易成本角度看,衍生可以减少有限理性束缚、降低机会主义行为风险和交易活动中的不确定性;从资源观角度看,母体企业的资源基础、不同组合及资源关联度都直接决定企业是否衍生;从企业家精神角度看,衍生可以作为内部劳动力市场,激发和释放组织内企业家和创业精神;从实物期权角度看,衍生可以使企业保持灵活性,并增加其未来的价值和竞争力;从组织进化角度看,衍生可以视为企业发展过程中一种类似生物繁衍本能的行为,最终使企业长期生存。这些基于不同动因的衍生创业中都蕴含着创业机会的发现或创造,本文亦从创业理论的不同理论视角对衍生创业机会的开发与利用进行了探讨。
Drawing from the perspectives of the transaction cost economics,resource-based theory,entrepreneurship theory,real option theory,and evolutionary economics,this article discusses the underlying motivations of corporate spin-offs/spin-outs:Spin-off helps firm alleviate bounded rationality and prevent opportunistic behaviors,as well as encourages firm-specific investments.Whether or not to adopt a spin-off strategy also depends on the resource endowments of the parent firm.Besides,spin-off may serve as an internal labor market mechanism to spur entrepreneurship;it is also a category of real option investment to increase the firm's future value and competitiveness.This paper also explores the nature of the entrepreneurial opportunities embedded in spin-off/spin-out process.