Building Ladders out of Chains: China's Hybrid-led Technological Development in Disaggregated Value Chains
研究中国由全球混合型企业主导的技术发展模式，这类企业结合外国融资与国内资源，在分散、快速、技术密集的价值链中表现优于其他企业。
Abstract In China, entrepreneurs hailing from ethnic Chinese transnational technology networks have linked up with global capital to create hybrid firms that combine relatively efficient foreign financing with a strategic commitment to intensive utilisation of domestic resources to create their core corporate competencies. This article refers to these firms as global hybrid firms and to development driven by these firms as hybrid-led development. Hybrids, given their generally small scale and scope, work best in sectors exhibiting disaggregated value chains, fast clockspeeds and high technology-intensity. Patent data demonstrates that hybrids outperform other firms generally and especially in sectors exhibiting these three characteristics.