2005쓪1퓂뗚ꆡꆡꆡJan.,200519뻭뗚1웚ꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡ뮪ꆡ뚫ꆡ뺭ꆡ볃ꆡ맜ꆡ샭EastChinaEconomicMꆡꆡꆡꆡꆡꆡꆡꆡꆡ,믹폚웳튵돖탸뺺헹폅쫆뗄룴샫믺훆퇐뺿십ꆡ뻽,돂ꆡ,훬ꆡ쓏(컷쓏닆뺭듳톧ꆡMBA뷌폽훐탄,쯄뒨ꆡ돉뚼ꆡ610074)[햪튪]룴샫믺훆퓚웳튵좡뗃뺺헹폅쫆뫳쓜릻탎돉튻뗀웁헏,쪹웤뫋탄쓜솦늻틗놻쒣럂뫍틆,듓뛸캬돖웳튵퓚뷏뎤쪱볤쓚뗄뺺헹폅쫆ꆣ짧믡췸싧뫍훆뛈뮯뗄뮷뺳듙쪹웳튵볤춨맽쿠뮥쒣럂폫뢴훆,닺짺틬훊춬탎탔,쪹웳튵쓑틔캬돖뺺헹폅쫆,틲듋붨솢믹폚뺺헹폅쫆뗄룴샫믺훆뇤뗃쪮럖훘튪ꆣퟷ캪웳튵컞탎닺뗄횪쪶ꆢ욷없ꆢ웳튵컄뮯ꆢ맜샭쓜솦틲웤탎돉맽돌뗄늻뿉쒣럂탔폫틲맻쒣뫽탔,쳬좻뻟폐룴샫믺훆뗄쳘탔,웳튵뇘탫듓햽싔룟뛈폨틔훘쫓ꆣ[맘볼듊]룴샫믺훆;틬훊춬탎탔;뺺헹폅쫆[훐춼럖샠뫅]F270ꆡꆡꆡ[컄쿗뇪쪶싫]Aꆡꆡꆡ[컄헂뇠뫅]1007ꆪ5097(2005)01ꆪ0064ꆪ04TheAnalysisofIsolatingMechanismsBasedonSustainedCompetitiveAdvantagesoftheFirmMAJun,CHENKun,ZHUNan(MBAEducationalCentre,SouthwestUniversityofFinanceandEconomics,Chengdu610074,China)Abstract:,,thecorporateculture,thebrand,andthemanagerialabilitiesareborntobepartsoftheisolatingmechanismsbecauseoftheirun2certainimitationandcausalambiguity,:isolatingmechanisms;isomorphism;competitiveadvantagesꆡꆡ웳튵퓚벤쇒뗄쫐뎡뺺헹훐믱뗃폅쫆뫳,죧뫎캬돖뺺헹폅펵폐룼뫃뗄풴,뛸쫇틲캪쯼쏇쓜릻룼뫃뗘쪹폃쯼쏇펵폐뗄쫆놣돖쫐뎡쇬쿈뗘캻,쫇룶횵뗃맘힢뗄컊쳢ꆣ룴샫믺훆풴ꆣ웳튵펵폐뗄풴뫍쓜솦쫇뒴퓬뎬뛮샻죳(뺭볃ퟢ뷰)(IsolatingMechanisms)샭싛쳡릩쇋튻훖퇐뺿쫓뷇ꆣ룴샫믺훆뗄뇘튪쳵볾,떫늢늻뇘좻튲쫇돤럖쳵볾,튪좷놣돖탸믱샻,ퟮ돵평RichardRumelt쳡돶ꆣRumelt냑튻룶웳튵퓚좡뗃뺺헹뇘탫튪폐쪹뗃웤쓜솦쟸뇰폚웤쯻웳튵뗄뛀쳘뮯(뛸늻쫇폫횮폅쫆횮뫳,웤쿞훆ퟔ벺뗄뺺헹폅쫆놻쒣럂믲놻쿷죵뗄뺭볃솦쿠춬)뗄룴샫믺훆ꆣ죧맻튻볒웳튵쓜릻뫜죝틗뗘쒣럂웤쯻웳솿돆횮캪룴샫믺훆ꆣ룴샫믺훆쓜릻탎돉튻뗀웁헏,쪹웳튵뫋튵,쓇쎴뫳헟쯹믱좡뗄뎬뛮샻죳붫뫜뿬쿻쪧ꆣ뺡맜룴샫믺훆탄뺺헹쓜솦늻틗놻쒣럂뫍틆,듓뛸캬돖웤퓚뷏뎤쪱볤쓚뗄볓횮닺폃탔뿉쓜믡쿞훆웳튵놾짭(뇈죧샫뾪쒳튻닺튵뗄뺺헹폅쫆ꆣ뮻돉놾벫룟,믲쓑폚퓚닺튵훐룄뇤웳튵뗄캻훃믲뻟쳥쳘튻ꆢ룴샫믺훆뗄룅쓮뗣),닺짺ꆰ슷뺶틀삵ꆱ탔,떫튪폐킧ퟨ횹웤쯻웳튵뗄쒣럂뫍풴믹뒡맛뗣(ResourceBasedView)죏캪웳튵틔ퟔ폐룺쯦,뇘탫붨솢룴샫믺훆ꆣ풴듦솿캪믹뒡뗄,늢춨맽풴쇷솿뗄퓶볓뷥틔탎돉틬훊탔Mahoney뫍Pandian(1992)듓탂훆뛈뺭볃톧뗄닺폃쓜솦,헢훖틬훊탔쓜솦쫇웳튵믱좡뺭볃ퟢ뷰뗄믹뒡(Dierick2탔뫍폐쿞샭탔볙짨살뷢뛁룴샫믺훆ꆣ닺폃탔쫇평폚룷룶xandCool,1989;Barney,1991)ꆣ떫쫇평폚쒣럂뫍쳦듺뗄췾웳튵쓜솦쳥쾵뗄뷡릹늻춬,웳튵뗄닺듦솿쪹웤퓚쿖폐쇬폲킲,웳튵뗄뺭볃ퟢ뷰벫틗퓚뺺헹훐쿻즢,튪놣돖뿉돖탸뗄뺺탎돉돁쎻돉놾,퓚뛔폚웤쯻웳튵뗄뷸죫탎돉닺뇚생뗄춬쪱,헹폅쫆,웳튵뇘탫붨솢웰폐킧뗄룴샫믺훆(IsolatingMecha2튲쪹뗃웳튵놾짭뗄닺뫍쓜솦퓚풭폐믹뒡짏볌탸뷸뮯ꆣ폐쿞nisms),붫뺺헹헟뻜횮쏅췢ꆣ샭탔쫇횸웳튵죏쪶뗄쿞훆뫍탅쾢뗄좱랦뗈,늻뿉쓜쟮뻙튻쟐웳튵쓜솦샭싛죏캪:웳튵믱뗃뺭볃ퟢ뷰늻뷶쫇틲캪쯼쏇믺믡튻튻쪵쪩,뛸횻쓜퓚폐쿞뗄톡퓱믺믡훐ퟷ뻶닟ꆣ뛾헟쪹[쫕룥죕웚]ꆡ2004ꆪ10ꆪ17[ퟷ헟볲뷩]ꆡ십ꆡ뻽(1971ꆪ),낲믕뮴놱쫐죋,쮶쪿,퇐뺿랽쿲:햽싔맜샭폫닆뺭뻶닟;돂ꆡ(1978ꆪ),쯄뒨뛫죋,쮶쪿,퇐뺿랽쿲:쫐뎡펪쿺맜샭;훬ꆡ쓏(1957ꆪ),쯄뒨돉뚼죋,뷌쫚,탂컷삼퓋돯톧늩쪿,늩쪿짺떼쪦,퇐뺿랽쿲:맜샭뿆톧뫍훐췢웳튵쪵볹ꆣꆪ64ꆪ
뗃룶뇰웳튵뗄뺭펪쇬폲뫍뺺헹랶캧폫웤쯻웳튵(냼삨뺺헹훊탔쓜솦늻놻뛔쫖뗁폃믲쒣럂,쪹웳튵ퟢ뷰늻뛏돖탸,뺺헹탔ꆢ쳦듺탔웳튵믲햽싔벯췅)퓚쫂쪵짏쟸뇰뾪살ꆣ웳튵뗄룴폅쫆늻뛏캬돖뗄튻룶룅쓮ꆣ룴샫믺훆훷튪폐쒣럂헏낭(Im2샫믺훆풽폐킧,쏦뛔뗄뺺헹톹솦뻍풽킡,뻍뿉쓜퓚폐킧뗄쾸pedimentstoImitation)뫍쳡잰탐뚯헟폅쫆(Early-mover럖쫐뎡짏,쳡릩싺ퟣ맋뿍탨쟳뗄닮뇰뮯닺욷믲럾컱,믱좡뺡Advantage)솽훖탎쪽ꆣ쒣럂헏낭쫇튻훖ퟨ낭웤쯻뎧짌뗄춨맽뿉쓜뛠뗄쿻럑헟쪣폠;볓횮ퟔ폐뗄뛀쳘쓜솦뗃떽폐킧뗄웁뇎쒣럂풴뫍쓜솦뛸닺짺뺺헹폅쫆믹뒡뗄룴샫믺훆ꆣ쳡잰탐뚯뫍잿뮯,풴뫍쓜솦뗄폅쫆뿉틔돉릦뗘뮯캪뎬맽닺튵튻냣헟폅쫆쫇뎧짌튻떩믱뗃뺺헹폅쫆,뻍늻뛏삩듳웤쿠뛔폚뺺헹쫕틦뗄짺닺헟쪣폠,쿻럑헟쪣폠폫짺닺헟쪣폠튻춬릹돉웳튵뛔쫖뫍잱퓚뷸죫헟뗄뺺헹폅쫆뗄룴샫믺훆ꆣ듷캬ꆤ놴퓞뿉쏨뗄뺭볃ퟢ뷰ꆣ믦쇋솽훖룴샫믺훆뗄ퟷ폃쟩탎,죧춼1쯹쪾ꆣퟛ짏쯹쫶,룴샫믺훆쫇폃살뷢쫍웳튵죧뫎놣뮤ퟔ벺뗄틬춼1ꆡ룴샫믺훆뗄탎돉맽돌ꆡꆡ볙짨쯹폐뎧짌퓚뾪쪼쪱뗄햽싔뚨캻뚼쫇쿠춬뗄,돵쪼돉솦캪훷ꆣ헢훖믮뚯믹뒡(Activityꆪbased)쓜솦뗄틲맻쒣뫽놾-훊솿뚨캻뚼캪(C0Q0)ꆣ퓚춼(a),뎧짌G춻좻랢짺쳘탔룟,늻죝틗놻쒣럂믲틆,쓜좷놣웳튵뗄뺺헹폅쫆,쿈ꆰ뺪죋쫂볾ꆱ,틔룟훊솿ꆢ뗍돉놾믱뗃뺺헹폅쫆,쪹웤쿠뛔폚랢뎧짌볌탸잿뮯웤믮뚯믹뒡쓜솦,쓜릻좷놣뺺헹폅쫆ꆣ쫐뎡훐웤쯻뎧짌뒦폚폐샻뗄뗘캻ꆣꆰ뺪죋쫂볾ꆱ랺횸쓇킩떼뛾ꆢ틬훊춬탎탔폫룴샫믺훆훂쫐뎡훐뺺헹뗘캻랢짺룹놾탔뇤뮯뗄틲쯘ꆣ샽죧,닺욷뒴탂좻뛸,웳튵횮볤뗄쒣럂탐캪쫇튻훖훷뚯뗄ꆢ횱뷓뗄닟싔믲릤틕뒴탂,랢쿖탂뗄쿻럑헟볛횵살풴믲쫐뎡쟸룴,탨쟳믲탐캪ꆣ듓훖좺짺첬톧뗄맛뗣살쮵,웳튵캪쇋짺듦,뻍믡믽벫쿻럑헟욫뫃뗄룄뇤,믲헟룸뎧짌뒴퓬쿔훸룄짆햽싔뚨캻믺믡톰헒Niche,Niche돶쿖뫳뻍믡컼틽웤쯻뎧짌뗄볓죫ꆣ뮷뺳쫇뗄맜훆헾닟뗄뇤뮯뗈ꆣ쒣럂탔헏낭탍뗄룴샫믺훆쪹뎧짌G뗄웳튵짺듦뗄맘볼,뎧짌뇘탫싺ퟣ뮷뺳뗄탨쟳,럱퓲뻍튪놻쳔폐쪱쏢폚놻췪좫쒣럂ꆣ죧춼(b),뺺헹헟뿉틔붵뗍돉놾,떫청ꆣ훆뛈샭싛(InstitutionalTheory)뷸튻늽잿뗷샻틦쿠맘헟늻뿉쓜듯떽G뗄쇬쿈뗘캻ꆣ쳡잰탐뚯헟폅쫆뗄ퟷ폃맽돌퓲폫뗄볛횵맛폫맦랶쯹탎돉뗄훆뛈뮯뮷뺳뛔웳튵짺듦뗄ퟷ폃ꆣ웳듋늻췪좫쿠춬,죧춼(c)G쫇쫐뎡훐뗚튻룶평폚ꆰ뺪죋쫂튵탐캪뇘탫쫇럻뫏짧믡튪쟳뗄ꆢ쫊떱뗄ꆢ럻뫏듳훚뗄풤웚탐볾ꆱ뛸믱뗃쫕틦뗄뎧짌,쯦ퟅ쪱볤뗄췆틆,뎧짌G쿠뛔폚웤캪(Suchman,1995)ꆣ퓚훆뛈뮯뗄뮷뺳쿂,랴펳쇋짧믡뛔폚쯻뎧짌뗄폅쫆풽살풽듳ꆣ죧맻ꆰ뺪죋쫂볾ꆱ쫂볾늻뺭뎣랢웳튵ퟩ횯벰웤탐캪랽쪽뗄웚췻폫뾴램,틲듋웳튵뗄뷡릹폫탐짺,쓇쎴뎧짌뿉쓜놣돖뺺헹폅쫆ꆣ캪뇘탫틔뮷뺳뗄뷓쫜캪훷튪뾼싇,뛸늻쓜틔쓚늿뗄벼쫵킧싊쒣럂헏낭훷튪냼삨램싉쿞훆(LegalRestrictiononImita2캪훷ꆣ퓚헢훖훆뛈뮯뗄뮷뺳훐,닺튵튻떩돉쫬뫳,뻍폐튻훖tion),믱좡춶죫믲맋뿍뗄폅풽춾뺶(SuperiorAccesstoInputs솦솿듙쪹웳튵햹쿖돶쿠쯆뗄탐캪믲쿠쯆뗄뷡릹,벴웳튵볤뗄orCustomers)ꆢ짺닺맽돌뗄늻좷뚨뿉쒣럂탔(UncertainIm2틬훊춬탎탔(Isomorphism)ꆣ훆뛈뮯뗄춬탎탔,쪹춬튻닺튵itable)폫틲맻쒣뫽(CausalAmbiguity)ꆢ폃탔닺ꆢ쫐뎡샠탍훐뎧짌쏦쇙쿠춬뗄뮷뺳쳵볾,폫웤쯻뎧짌닺짺쿠쯆탔ꆣ죝솿폫맦쒣뺭볃,틔벰컞탎헏낭죧짧믡뗄뢴퓓탔(Social틬훊춬탎탔놻죽룶믺훆쯹잿뮯:쒣럂춬탎탔(MimeticIso2Complexity)ꆢ뛔샺쪷뮷뺳뗄틀삵(DependenceonHistoricalmorphism)ꆢ잿훆춬탎탔(CoerciveIsomorphism)ꆢ맦랶춬탎Circumstances)뗈ꆣ쳡잰탐뚯헟폅쫆냼삨짺닺헟폫쿻럑헟톧탔(NormativeIsomorphism)(DiMaggio,Powell,1983)ꆣ쒣쾰쟺쿟(LearningCurve)ꆢ췸싧뗄췢늿탔(NetworkExternal2럂춬탎탔훷튪틲캪웳튵쏦쇙룟뛈늻좷뚨탔쪹맜샭헟쓑틔쫂쿈ities)ꆢ짌폾폫웳튵탎쿳(ReputationandCorporativeImage)ꆢ좷뚨쒿뇪,틲듋웳튵볤뮥쿠쒣럂폫뢴훆,춨맽듋맽돌틔좡뗃릺싲헟뗄뮻폫쯑톰돉놾뗈ꆣ뫏샭탔ꆣ뛸잿훆춬탎탔쫇튻훖췢퓚톹솦,쯼잿웈웳튵뷓쫜폫퓚쿖쪵훐룷훖룴샫믺훆췹췹릲춬ퟷ폃릹훾웳튵뺺헹폅웤쯻웳튵믲ퟩ횯쿠쯆뗄뷡릹ꆢ벼쫵뫍탐캪,잿훆뮯뗄톹솦뿉쫆ꆣ샽죧,탩쓢퓋ퟷ뗄웳튵,웤뺺헹폅쫆뗄살풴늢늻틔쯹펵쓜살ퟔ폚헾뢮램맦뗄쿞훆,튲뿉쓜살ퟔ웳튵볤뗄풴쿠뮥틀폐풴뛠맑캪훷,쫇틔웤퓚룃닺튵붻틗췸싧훐뗄뗘캻뫍뷇삵믲램싉웵풼횮쿞훆ꆣ맦랶춬탎탔쫇웳튵캪듯떽튵벼쫵뇪즫,틔벰쯹펵폐풴퓚웳튵쓚폫웳튵볤횴탐폫킭뗷믮뚯뗄쓜ힼ틔벰뷓쫜탂뗄벼쫵,맜샭헟폫풱릤춨맽톧쾰뫍뷌폽뫳,쪹ꆪ65ꆪ
웳튵횮볤뗄춬릹탍뗃틔쳡룟ꆣ탔ꆢ쓑틔쒣럂뫍쓑틔쳦듺탔쫇웳튵뿉돖탸뺺헹폅쫆뗄맘볼탔틬훊춬탎탔쳡릩쇋튻훖솦솿,췆뚯웳튵춨맽쒣럂쪹웤뷡틲쯘ꆣ뿆샻쳘뫍쏉룧십샻뛔웳튵풴ퟷ쇋럖샠,죏캪웳튵릹뫍탐캪쟷춬ꆣ탅쾢벼쫵뗄랢햹췆뚯쇋ퟩ횯뗄톧쾰,볓쯙쇋풴냼삨폐탎닺ꆢ컞탎닺뫍ퟩ횯쓜솦ꆣ웤훐폐탎닺뻟폐횪쪶뗄뿧뇟뷧틆;닺튵벯좺(IndustrialCluster)뗄좺뻛킧뇪ힼ뮯뗄쫴탔,뫜짙돉캪웳튵뺺헹폅쫆뗄살풴,뛔웳튵뇟뷧펦(AgglomerationAffect)뿍맛짏튪쟳웳튵탎돉뫡쿲뫍ퟝ쿲뫍랶캧뗄뇤뮯뗄펰쿬횻쳥쿖퓚솿짏ꆣ컞탎닺뻟폐퓚쪹폃훐뗄췸싧뷡릹맘쾵,듙쪹짏쿂폎웳튵볛횵솴폐킧솬뷓폫ퟔ랢탔늻놻쿻뫄뗄쳘뗣,캪웳튵뇟뷧뫍랶캧뗄뇤뮯쳡릩볛횵믹뒡ꆣ뗄벼쫵쇷뚯ꆣ틔짏훮풭틲쪹웳튵볤뗄쒣럂뇤뗃룼캪뺭뎣뫍죝ퟩ횯쓜솦퓲냼삨튻ퟩ랴펳킧싊뫍킧맻뗄쓜솦,듓웳튵믮뚯뗄틗ꆣ웤뷡맻쫇,웳튵엠퇸뛀쳘뺺헹쓜솦뇤뗃쪮럖삧쓑ꆣ떫폐킧탔랽쏦펰쿬웳튵뗄뇟뷧뫍랶캧ꆣퟷ캪웳튵컞탎닺뗄횪쫇,웳튵뗄뛀쳘쓜솦튻뺭탎돉,믡탎돉튻뗀룴샫믺훆,쪹횮쪶ꆢ욷없ꆢ웳튵컄뮯,틔벰ퟷ캪웳튵ퟩ횯쓜솦뗄맜샭쓜솦놾쓑폚놻뛔쫖쒣럂ꆣ풭틲횮튻쫇헢킩뛀쳘쓜솦쫇웳튵ퟔ벺랢햹짭틲탎돉맽돌뗄늻좷뚨뿉쒣럂탔폫틲맻쒣뫽탔,쳬좻뻟폐룴웰살뗄,폫웳튵놾짭뻟폐늻뿉럖룮탔ꆣퟷ캪웳튵쓜솦믹뒡뗄샫믺훆뗄쳘탔ꆣ틲듋,릹훾늢캬돖웳튵뺺헹폅쫆,뇘탫훘쫓횪쪶뫍벼쓜,춨맽폫웳튵뗄죋솦풴믲웤쯻쪵컯닺뗄뷡뫏,헢킩뎣뎣놻틅췼뗄햽싔탔풴ꆣ퓚ퟩ횯킭뗷믺훆뗄ퟷ폃쿂,뗃떽쇋믽샛늢룄뇤쇋웳튵뗄풴뷡릹ꆣ죽ꆢ뺺헹폅쫆폫룴샫믺훆틬훊춬탎탔뗄뿍맛듦퓚,쪹웳튵퓚탎돉뺺헹폅쫆뗄맽돌훐쏦쇙뛠훖훆풼틲쯘ꆣPorter죏캪,웳튵뺺헹폅쫆ꆰ맩룹뷡뗗살풴폚웳튵캪뿍뮧뒴퓬뗄뎬맽웤돉놾뗄볛횵ꆱꆣ웳튵퓚폐킧뗄쫐뎡쿲쿻럑헟쳡릩뻟폐볛횵뗄닺욷믲럾컱뗄맽돌훐뎬풽웤쯻뺺헹뛔쫖뗄쓜솦탎돉쇋웳튵뗄뺺헹폅쫆ꆣ뺺헹폅쫆뗄뺭볃톧틢틥쫇웳튵좡뗃뎬맽욽뻹쮮욽뗄ퟢ뷰ꆣ뗤탍뗄뺭볃ퟢ뷰탎쪽폐죽훖:튻쫇ꆰ샮볎춼ퟢ뷰ꆱ,살풴폚풴쾡좱탔;뛾쫇ꆰ헅늮싗ퟢ뷰ꆱ,살풴폚룟뷸죫뇚생뗄슢뛏ퟢ뷰;뗚죽훖쫇ꆰ태뇋쳘ퟢ뷰ꆱ,살풴폚늻좷뚨탔뫜룟뗄뢴퓓뮷뺳훐돐떣럧쿕뗄ꆰ뒴퓬탔뗄믙쏰ꆱ믮뚯ꆣ춼2ꆡSpanosandLioukas샭싛쒣탍늨쳘룹뻝쎷뛷ꆤ놴즭뗄뷡릹-탐캪-벨킧(Structure-11맜샭쓜솦ꆣ맜샭쓜솦쫇튻룶쾵춳룅쓮,냼삨볆뮮ꆢConduct-Performance)쒣탍훷튪듓웳튵췢늿틲쯘뷢쫍웳튵뺺헹폅쫆뗄믱뗃ꆣ죏캪뺺헹폅쫆쫇튻쟐햽싔뗄뫋탄ퟩ횯ꆢ쇬떼ꆢ킭뗷ꆢ뿘훆뗈쓜솦ꆣ틀헕낮뗏쮹뗄럖샠,웳튵,뛸뺺헹햽싔뗄훐탄컊쳢쫇웳튵퓚웤닺튵훐뗄쿠뛔캻훃,ꆰ탂뷸죫헟ꆱ맜샭쓜솦뿉럖캪뻶닟쓜솦뫍뻶닟쪵쪩쓜솦솽훖ꆣ튻룶웳튵뗄뗄췾킲돌뛈듳킡,좡뻶폚헢룶탐튵뗄뷸죫뇚생놣뮤돌뛈뫍탐뻶닟쓜솦랴펳퓚웳튵볒뫍맜샭헟뗄햽싔퇛맢ꆢ뚴달솦뫍럧쿕튵쿖폐웳튵뗄랴믷쓜솦듳킡ꆣ캬돖뺺헹폅쫆뻍튪짨훃룟뗄뷸뻶닟쓜솦뗈랽쏦ꆣ뻶닟쪵쪩쓜솦맘볼쳥쿖퓚웳튵훆뛈뫍맦훆죫뇚생좷솢뗄뿆톧ꆢ쾵춳뫍뫏샭탔ꆣ믹폚맜샭쓜솦탎돉웳튵뺺헹폅,쒱좡룟뗄ꆰ헅늮싗ퟢ뷰ꆱꆣ뷸죫뇚생냼삨퓚캻폅쫆ꆢ맦쒣뺭볃ꆢ헻뫏돉놾ꆢ닮틬뮯ꆢ놾탨쟳ꆢ뮻돉놾ꆢ쿺쫛쫆,뻍쫇늻뛏쳡짽웳튵뛀쳘뗄햽싔뻶닟쓜솦,늢춨맽짨볆웳쟾뗀뗈ꆣ튵뛀쳘뗄훆뛈뫍맦훆쳥쾵,늢내헕훆뛈뫍맦훆쳥쾵좥쪵쿖웳쇭튻훖맛뗣듓웳튵쓚늿살첽쳖죧뫎캬돖웳튵뺺헹폅쫆ꆣ튵폐탲맜샭뫍돖탸랢햹뗄쓜솦ꆣ듓닺튵뷇뛈뾴,평폚싲싴쮫랽뗄솦솿ꆢ뺺헹잿뛈ꆢ탐튵뫍닺욷쫐뎡뷡릹뗈췢늿펰쿬,틔Spanos뫍Lioukas뗄쪵횤퇐뺿뇭쏷(춼2쯹쪾),닺튵솦솿펰쿬쫐뎡벨킧뫍믱샻쓜솦,뛀쳘탔닺퓲펰쿬웳튵퓚쫐뎡짏뗄벰튪쯘쫐뎡뗄늻췪좫탔뗄듦퓚,퓚믱좡ꆢ쒣럂ꆢ쳦듺튻킩햽싔탔풴랽쏦듦퓚쒣럂헏낭ꆣ듓웳튵쓚늿뾴,웳튵햽싔뻶닟뇭쿖,늢춨맽뫳헟볤뷓펰쿬웳튵뗄믱샻쓜솦;뺡맜닺튵틲쯘쓜솦쫇퓚폐쿞뗄탅쾢ꆢ틲맻맘쾵쒣뫽뗈쳵볾쿂탎돉뗄,쫇튻뛔웳튵뗄믱샻쓜솦폐튻뚨뗄펰쿬,떫쫇뒦폚룹놾뗘캻뗄쫇웳훖ꆰ틬훊탔ꆱ뗄쓜솦ꆣ튪탎돉믹폚뻶닟쓜솦뗄룴샫믺훆,맘튵뗄뛀쳘탔틲쯘ꆪꆪꆪ웳튵뗄틬훊탔닺ꆣ웳튵풴뗄뛀쳘탔볼쫇웳튵퓚횪쪶ꆢ쓜솦ꆢ뎤ꆢ탅쾢ꆢ풴뗈랽쏦쪵쿖돖탸튻랽쏦쫇웳튵믱좡ꆰ샮볎춼ퟢ뷰ꆱ뗄살풴,쇭튻랽쏦쯼쫇웳믽샛,춨맽ퟩ횯뫍룶쳥늻뛏뗄톧쾰뫍믽샛,뛔췢늿뇤뮯놣돖튵뒴탂뗄풴믹뒡ꆣ평폚쒣럂뫍쳦듺뗄췾킲,웳튵뗄뺭볃ퟢ뿬쯙뗄랴펦쓜솦ꆣ듓뻶닟쪵쪩쓜솦뾴,횴탐쓜솦붨훮폚웳튵뷰벫틗퓚뺺헹훐쿻즢ꆣ웳튵뇘탫퓚쓚늿붨솢폐킧룴샫믺훆붫햽싔뫍뷡릹횮짏,틔뻟놸쳘쫢벼쓜뗄죋캪퓘쳥,짦벰떽훚뛠뺺헹헟뻜횮쏅췢ꆣ닣듎뗄죋풱뫍ퟩ횯뗄좫늿횰쓜,뇘탫볓잿웳튵믹뒡맜샭욽첨틔짏럖컶뿉횪,뷸죫뇚생쫇퓚닺튵닣듎짏뛔헻룶닺튵뗄붨짨,뷸탐맦랶뮯닙ퟷ쇷돌짨볆(낣뗂볓ꆤ쏉뛠,1998),늢놣뮤,럀횹탂뗄뷸죫헟,샠쯆폚룴샫믺훆훐뗄쒣럂헏낭;퓋쟒탎돉릵춨ꆢ닎폫뫍뿧풽ퟩ횯뇟뷧뗄릲춬쫓튰뫍죏춬ꆣ샽죧탐뇚생쫇퓚햽싔벯췅닣듎짏놣뮤쒳튻닺튵뗄튻쾵쇐웳튵늻쫜쏀맺솪냮뿬뗝릫쮾뗄ꆰ뻸뛔뿏뚨뗘룴특쯍듯ꆱ뗃틦폚춶뗝풱웤쯻쿖폐웳튵뗄쟖랸;룴샫믺훆퓲퓚웳튵닣듎짏퓊탭웳튵늻뗄횴탐쓜솦,뛸횴탐쓜솦쫇릫쮾맦랶릤ퟷ쇷돌짨볆뗄뷡맻;춬폚웤쯻웳튵ꆣ틲캪헢룶맽돌뻟폐늻좷뚨뿉쒣럂탔ꆢ쳡잰탐뚯헟폅쫆틔벰췸쯄ꆢ웳튵쓚늿룴샫믺훆럖컶싧췢늿탔뗈쳘헷,릹훾돉컷쓏몽뿕릫쮾쇮뛔쫖쓑틔쒣럂뗄룴웤쯻톧헟뗄퇐뺿튲뇭쏷,틬훊탔풴뗄볛횵탔ꆢ쾡폐샫믺훆ꆣꆪ66ꆪ
21욷없ꆣ욷없쫇웳튵뎤웚뺭펪믮뚯훐붨솢웰살뗄튻훖탎쿳ꆢ릤ퟷ럧룱틔벰훷쇷폟싛럕캧뗈ꆣ뫜뛠웳튵뻐쓠폚틔샭웳튵컞탎닺,쯼튻떩탎돉뻍늻퓙틀삵폚웳튵뗄폐탎닺,탔훷틥캪믹쪯뗄ꆰ맜샭뿆톧ꆱ맛뗣,횻쿠탅뢴퓓뗄뷡릹ꆢ퇏뛸쫇춨맽폫욷없쿠뛔펦뗄닺욷뚨캻퓚맋뿍훐탎돉웳튵퓚탐튵쏜뗄볆뮮ꆢ퇏룱뗄맦헂ꆢퟔ짏뛸쿂뗄뿘훆ꆢ쏷좷뗄럖릤,뛸뗄탎쿳,뿉틔캪웳튵듸살뎬맽욽뻹쮮욽뗄ퟢ뷰ꆣ욷없뮹뻟폐뫶싔맜샭훐럇뎣훘튪뗄죋뗄틲쯘ꆣ헻뫏컄뮯맛뗣죏캪웳튵컄쳡잰탐뚯헟폅쫆,틲듋볓잿욷없퓋ퟷ쓜솦쓜릻탎돉튻뗀룴샫뮯쫇웳튵뗄컞탎뗄햽싔탔닺,컄뮯췆뚯솦쳥쿖퓚뛔ퟩ횯탐믺훆,잿뮯뛔웳튵펪쿺쓜솦뗄쳡짽뫍놣뮤ꆣ웳튵튪탎돉욷없캪뗄쯜퓬ꆣ웳튵컄뮯붫웳튵퓚뒴튵뫍랢햹맽돌훐뗄믹놾볛횵폅쫆뫍솼뫃뗄짌폾,뇘탫붨솢퓚룟훊솿ꆢ룟탔쓜ꆢ폅훊럾맛맠쫤룸좫쳥풱릤,춨맽뷌폽ꆢ헻뫏뛸탎돉뗄튻쳗뛀쳘뗄볛컱ꆢ룼뫃뗘캪맋뿍럾컱뗄믹뒡짏,뛸헢킩튪쯘뗄쪵쿖폖뇘탫횵쳥쾵,펰쿬웳튵쫊펦쫐뎡뗄닟싔뫍뒦샭웳튵쓚늿쎬뛜돥춻붨솢퓚늻뛏뗄닺욷뒴탂ꆢ퓺쪵룟킧뗄맜샭쮮욽ꆢ췪짆뗄맋뿍뗄튻쾵쇐ힼ퓲뫍탐캪랽쪽,헢웤훐째춸ퟅ뒴튵헟룶죋퓚짧믡맜샭쾵춳믹뒡짏ꆣ웳튵뗄뺺헹,틑뺭뫁컞퇚쫎뗘뇭쿖캪웳튵뮯맽돌훐탎돉뗄뛔죋탔뗄믹놾볙짨ꆢ볛횵맛뫍쫀뷧맛,튲쓽욷없뗄뺺헹,맺췢웳튵뗄욷없햽쫵틑퓚좫쟲랶캧쓚뗃떽퇩뷡쇋퓚뒴튵맽돌훐뒴튵헟벯쳥탎돉뗄뺭펪샭쓮ꆣ붫헢킩샭쓮횤,웳튵튪짺듦,튪랢햹,뇘탫ퟟ욷없뮯뺭펪뗄슷ퟓ퓚좫쟲뫍볛횵맛춨맽룷훖믮뚯뫍탎쪽뇭쿖돶살,닅쫇뇈뷏췪헻뗄웳튻쳥뮯뗄쫐뎡뮷뺳훐쿔뗃룼볓웈쟐ꆣ맺쓚웳튵뗄짺듦폫랢햹튵컄뮯ꆣ평폚웳튵컄뮯폐샺쪷믽샛탔ꆢퟩ횯볤컄뮯닮틬탔ꆢ쏦쇙룼볓퇏뻾뗄쳴햽,횻폐믽벫죚죫떽쫀뷧쫐뎡뗄튻쳥뮯뷸쏱ퟥ쟸폲탔ꆢ춾뺶틀삵탔틔벰탎돉맽돌뗄틲맻쒣뫽탔,웳튵돌훐,ퟟ욷없뺭펪뗄뗀슷닅쫇헦헽뗄돶슷ꆣ컄뮯쫇튻훖쳬좻뗄룴샫믺훆ꆣ31횪쪶ꆣ횪쪶ퟷ캪웳튵뗄튻훖햽싔탔닺쫇뫁컞틉컊평짏뿉볻,퓚쫐뎡뺺헹룼캪벤쇒뗄뷱쳬,릹훾믹폚뺺헹뗄ꆣ돉캪웳튵햽싔탔닺뗄횪쪶뻟폐뛀쳘탔ꆢ쾡폐탔ꆢ볛횵폅쫆뗄룴샫믺훆,놣뮤웤뫋탄쓜솦늻틗놻뛔쫖쒣럂뫍틆,탔뫍늻뿉쳦듺탔(BollingerandSmith,2001)ꆣ웤훐웰뻶뚨쫇캬돖웳튵퓚뷏뎤쪱볤쓚뺺헹폅쫆뗄폐솦커웷ꆣ샭싛뫍쪵볹탔ퟷ폃뗄쫇틢믡탔뗄횪쪶ꆣ틢믡탔뗄횪쪶쓑틔뇠싫,횻쓜퓚뻹틑횤쏷,돉릦뗄웳튵튻냣뚼뻟폐뛀쳘뗄웳튵컄뮯ꆢ횪쏻뗄쪵볹훐믱뗃뫍믽샛,늢쟒횻쓜퓚웤펦폃맽돌훐닅쓜맛달뫍랢욷없탎쿳,틔벰폫닺튵뮷뺳ꆢ뺺헹햽싔욥엤뗄뻶닟쓜솦뫍뻶짺ퟷ폃닟횴탐쓜솦ꆣ쳬좻뻟폐룴샫믺훆쳘헷뗄웳튵컄뮯ꆢ욷없ꆢ맜,틲듋맽돌탔뫍뺭퇩탔뗄횪쪶쫇쓑틔쒣럂뗄ꆣ뒦퓚몣솿탅쾢뫍뿬쯙ힼ좷뗄탅쾢샻폃랴펦탨쟳횮볤,웳튵ퟮ웈쟐탨샭쓜솦틔벰횪쪶뗄릲쿭폫뒴퓬믺훆쫇탎돉뫍캬돖웳튵뺺헹폅튪뷢뻶뗄쫇횪쪶뗄맜샭ꆢ릲쿭폫뒴퓬믺훆컊쳢,죧맻좱짙헢쫆뗄훘튪틲쯘,틲듋웳튵뇘탫듓햽싔룟뛈폨틔훘쫓ꆣ훖믺훆,웳튵횪쪶벯돉뫍횧돖뺭펪맜샭뻶닟뗄웳튵횪쪶쾵춳[닎뾼컄쿗]붨짨뚼붫듦퓚횪쪶믽샛ꆢ샻폃랽쪽ꆢ킧싊폫킧쓜뗄욿뺱컊\[1\]\[J\].쳢ꆣ춨맽벯돉횪쪶맜샭쮼쿫,쓜릻퓚튻뚨돌뛈짏듲웆뒫춳믹StrategicManagementReviews,1991,(12).폚웳튵닣듎뷡릹쒣탍뗄욽쏦뮯웳튵횪쪶쾵춳뷡릹뗄뻖쿞탔,\[2\]붫웳튵횪쪶쾵춳뇟뷧죡뮯,쪹웳튵횪쪶뗄삩즢ꆢ틆ꆢ룼캪theFirm\[J\].StratgeicManagementJournal,1996,(2).춨뎩ꆣ떫쫇,퓚횪쪶ꆢ탅쾢릲쿭뗄맽돌훐듦퓚횪쪶닺좨뗄놣\[3\]놴퓞뿉.릫쮾햽싔뺭볃톧\[M\].놱뺩:놱뺩듳톧돶뮤컊쳢,틲듋뇘탫쳡릩튻훖믹폚횪쪶쓜솦뗄룴샫믺훆,헢훖냦짧,1999.놣뮤훆뛈쓜릻놣뮤웳튵뗄횪쪶뒴탂늻놻뺺헹뛔쫖뗁폃믲쒣\[4\]뛎킡뮪,슳죴폞.믹폚풴뗄웳튵쓜솦샭싛쫶움럂,듓뛸캬돖웳튵돖탸뗄뺺헹폅쫆ꆣ\[J\].뺭볃움싛,2002,(6).41웳튵컄뮯ꆣ웳튵컄뮯쫇튻룶ퟩ횯뺭맽뎤웚믽샛뛸\[5\]횣붭뮴.웳튵샭싛:퇝뷸뺭볃톧뗄맛뗣쫶움\[J\].탎돉뗄뺭볃움싛,2001,(2).,캪ퟩ횯쓚늿돉풱릲춬죏뿉,춨맽컯훊ꆢ훆뛈ꆢ뺫짱뗈랽쏦뇭쿖돶살뗄튻훖볛횵맛ꆣ웳튵컄뮯냼삨튻룶ퟩ횯쓚쯹\[6\]?쏷뷜,랽춳램.횪쪶폫웳튵돖탸뺺헹폅쫆\[J\].폐돉풱쯹릲춬ퟱ쫘뗄싗샭뗀뗂ꆢ쮼캬랽쪽ꆢ탐캪맦랶ꆢ웳튵뢴떩톧놨,2003,(5).[퓰죎뇠벭:뫺춤춤]ꆪ67ꆪ
