题　目：Interfirm Connectivity and Value Appropriation: Empirical Evidence

嘉　宾：Xinyuan Zhang, PhD Candidate, National University of Singapore

主　持：王薇, 助理教授, 上海交通大学

时　间：2026年09月24日（周四）13:30-15:00

地　点：上海交通大学安泰经济与管理学院包兆龙图书馆B207室

内容简介:

How does interfirm connectivity shape the way that business ventures appropriate value from their inventions? To profit from what they invent, ventures typically rely on complementary assets held outside their boundaries. Benefiting from such assets, however, depends not only on their availability outside the venture but also on how easily they can be accessed through interfirm relationships. We argue that improved connectivity between ventures and their venture capital (VC) investors makes investor complementary assets easier to access, thereby facilitating ventures’ cumulative use of existing inventions while relaxing the very constraints that can make external monetization particularly valuable. To test our arguments, we leverage the staggered introduction of high-speed rail in China as a plausibly exogenous source of improvement in interfirm connectivity between ventures and VC investors. A difference-in-differences analysis supports our predictions, and the results remain robust when triangulated across multiple estimation approaches. Further investigation points to capital and knowledge as two important complementary resources underlying these effects. Our study advances appropriability research by identifying the accessibility of complementary assets as an important determinant shaping value appropriation strategies.

演讲人简介：

Xinyuan Zhang is a Ph.D. candidate in the Department of Strategy and Policy at the National University of Singapore. Her research focuses on innovation management and sustainability, especially in the context of emerging markets. Her dissertation comprises three chapters that explore how firms strategically respond to changing stakeholder and institutional environments. The first chapter (revise-and-resubmit at Strategic Management Journal) examines how interfirm connectivity shapes value appropriation from innovation. This chapter shows that improved connectivity between business ventures and their investors, by easing access to externally controlled complementary assets, shifts ventures’ value appropriation away from external monetization toward retaining and building on their own inventions. The second chapter (under review at Organization Science) examines how firms respond to the joint implementation of government environmental rewards (i.e., subsidies) and threats (i.e., inspections) in their pursuit of corporate green innovation. The third chapter examines how variation in the enforcement configuration of environmental penalties, specifically the combination of frequency and severity, shapes both corporate carbon emissions and the direction of firms’ green innovation. Prior to pursuing an academic career, she worked as an industry analyst in the financial industry and as a summer analyst at the United Nations.

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