Division of Research
Graduate School of Business Administration
The University of Michigan 密歇根大学工商管理研究生院研究部
A RESOURCE-BASED VIEW OF THE FIRM 基于资源的企业观
Working Paper No. 307 第 307 号工作文件
Birger Wernerfelt 伯格-维尔纳费尔特
The University of Michigan 密歇根大学
1
FOR DISCUSSION PURPOSES ONLY 仅供讨论
None of this material is to be quoted or reproduced without the expressed permission of the Division of Research. 未经研究处明确许可，不得引用或复制本资料。
VIEW OF THE FIRM 公司观
by 由
Birger Wernerfelt* 比尔格-维尔纳费尔特*
The paper explores the usefulness of analyzing firms from the resource side rather than from the product side. In analogy to entry barriers and growth-share matrices, the concepts of resource position barrier and resource-product matrices are suggested. These tools are then used to highlight the new strategic options which naturally emerge from the resource perspective. 本文探讨了从资源方面而非产品方面分析企业的实用性。与进入壁垒和增长份额矩阵类似，本文提出了资源地位壁垒和资源-产品矩阵的概念。然后利用这些工具来强调从资源角度自然产生的新战略选择。
*This paper benefitted from comments by Cynthia Montgomery and George Bittlingmayer. *本文曾获辛西娅-蒙哥马利（Cynthia Montgomery）和乔治-比特林迈耶（George Bittlingmayer）的评论。
1. INTRODUCTION 1.引言
For the firm, resources and products are two sides of the same coin. Most products require the services of several resources and most resources can be used in several products. By specifying the size of the firm’s activity in different product markets, it is possible to infer the minimum necessary resource commitments. Conversely, by specifying a resource profile for a firm, it is possible to find the optimal product-market activities. 对企业而言，资源和产品是一枚硬币的两面。大多数产品需要多种资源的服务，而大多数资源可以用于多种产品。通过明确企业在不同产品市场上的活动规模，可以推断出最低必要资源投入。反之，通过明确企业的资源状况，就可以找到最佳的产品市场活动。
Both perspectives on the firm are reflected in the literature on strategic management. •The traditional concept of strategy (Andrews, 1971) is phrased in terms of the resource position (strengths and weaknesses) of the firm, whereas most of our formal economic tools operate on the product-market side. While these two perspectives should ultimately yield the same insights, one might expect these insights to come with differing ease, depending on the perspective taken. The purpose of this paper is to develop some simple economic tools for analyzing a firm’s resource position and to look at some strategic options suggested by this analysis. In particular, we will look at the optimal use and growth of a given set of resources as well as ways to select and develop new ones. 关于企业的两种观点都反映在战略管理的文献中。-传统的战略概念（安德鲁斯，1971 年）是从企业的资源状况（优势和劣势）出发的，而我们的大多数正规经济学工具则是从产品市场的角度出发的。虽然这两种视角最终会产生相同的洞察力，但人们可能会期望这些洞察力因视角的不同而产生不同的易用性。本文旨在开发一些简单的经济工具，用于分析企业的资源状况，并研究分析所提出的一些战略选择。特别是，我们将研究给定资源的最佳使用和增长，以及选择和开发新资源的方法。
Looking at economic units in terms of their resource endowments has a long tradition in economics. The analysis is typically confined, however, to categories like labor, capital, and perhaps land. The idea of looking at firms as broader sets of resources goes back to the seminal work of Penrose (1959), but, apart from Rubin (1973), has received relatively little formal attention. The reason, no doubt, is the unpleasant properties (for modelling purposes) of some key examples of resources, such as technological skills. The mathematics used by economists typically require that resources obey the law of conservation and exhibit declining returns to scale, as in the 从资源禀赋的角度研究经济单位在经济学中有着悠久的传统。不过，这种分析通常局限于劳动力、资本，或许还有土地等类别。将企业视为更广泛的资源集合的想法可以追溯到彭罗斯（Penrose，1959 年）的开创性工作，但除了鲁宾（Rubin，1973 年）之外，受到的正式关注相对较少。究其原因，无疑是一些重要的资源实例（如技术技能）具有令人不快的特性（以建模为目的）。经济学家使用的数学方法通常要求资源服从守恒定律，并表现出规模报酬递减，如在
traditional theory of factor demand. By virtue of analyzing this type of resource, the economic theory of factor demand becomes a special case of the theory put forward in this paper. By dealing with the financial resources of the firm, the product portfolio theories become another special case of the theory discussed below. 传统的要素需求理论。通过对这类资源的分析，要素需求经济理论成为本文提出的理论的一个特例。通过处理企业的财务资源，产品组合理论成为下文讨论的理论的另一个特例。
It turns out that the resource perspective provides a basis for addressing some key issues in the formulation of strategy for diversified firms, such as: 事实证明，资源视角为解决多元化企业战略制定过程中的一些关键问题提供了基础，例如：
which of the firm’s current resources should diversification be based on? 公司目前的哪些资源应作为多样化的基础？
which resources should be developed through diversification? 应通过多样化开发哪些资源？
in what sequence and into what markets should diversification take place? 多样化应按什么顺序进行？
what types of firms will it be desirable for this particular firm to acquire? 该公司希望收购哪些类型的公司？
Specifically, we shall argue the following propositions: 具体来说，我们将论证以下命题：
Looking at firms in terms of their resources leads to different immediate insights than the traditional product perspective. In particular, diversified firms are seen in a new light. 与传统的产品视角相比，从企业资源的角度来审视企业会带来不同的直接启示。特别是，多元化企业以一种新的视角出现。
One can identify types of resources which can lead to quasi rents. In analogy to entry barriers, these are associated with what we will call resource position barriers. 我们可以确定可导致准租金的资源类型。与进入壁垒类似，这些壁垒与我们所说的资源地位壁垒有关。
St rategy for a bigger firm involves striking a balance between the exploitation of existing resources and the development of new ones. In analogy to the growth-share matrix, this can be visualized in what we will call a resource-product matrix. 大型企业的战略包括在利用现有资源和开发新资源之间取得平衡。与增长份额矩阵类似，我们可以将其形象化为资源-产品矩阵。
An acquisition can be seen as a purchase of a bundle of resources in a highly imperfect market. By basing the purchase on a rare resource, one can maximize this imperfection and one’s chances of buying cheap and getting good returns. 收购可以看作是在一个极不完善的市场中购买一捆资源。通过以稀有资源为基础进行收购，可以最大限度地利用这种不完善，并有机会买到便宜货，获得丰厚回报。
In Sections 2 and 3, we will examine the simple economics of different types of resources, looking first at the optimal decisions for each firm and then at the competitive outcomes. In Section 4 we will try to apply the theory to a particular type of resource and develop some generic growth strategies. 在第 2 节和第 3 节中，我们将研究不同类型资源的简单经济学原理，首先研究每家公司的最优决策，然后研究竞争结果。在第 4 节中，我们将尝试把这一理论应用于特定类型的资源，并制定一些通用的增长战略。
2. RESOURCES 2.资源
By a firm’s resources at a given point in time, we mean those (tangible and intangible) assets which are tied semipermanently to the firm. The intent is to capture the intuition behind the “strengths” concept (see also Caves, 1980). Examples of resources are: brand names, in-house knowledge of technology, employment of skilled personnel, trade contacts, machinery, efficient procedures, capital, etc. 我们所说的企业在特定时间点的资源，是指那些与企业半永久性联系在一起的（有形和无形）资产。其目的在于捕捉 "优势 "概念背后的直觉（参见 Caves, 1980）。资源的例子包括：品牌、内部技术知识、熟练人员的雇用、贸易联系、机器、高效程序、资本等。
For reasons of logical consistency, the assumption is made that each resource has a finite number of applications, in each of which marginal returns are zero above a given “capacity limit.” The capacity limit of some resources may change with time; for example, the maximum number of machines which can supply a given market. In other cases, the limit may be only a hypothetical construct which is unlikely ever to be reached in practice; for example, the maximum level of technical sophistication which can be used in the computer industry. We also assume that it is possible to measure amounts of both intangible and tangible resources on a continuous scale. 出于逻辑一致性的考虑，假设每种资源都有数量有限的应用，在每种应用中，边际收益在给定的 "能力极限 "之上为零。某些资源的容量极限可能会随着时间的推移而改变，例如，可以供应特定市场的机器的最大数量。在其他情况下，极限可能只是一个假设的概念，在实践中不太可能达到；例如，计算机行业可以使用的最高技术水平。我们还假定，无形资源和有形资源的数量都可以用连续的尺度来衡量。
2.1 Classifications 2.1 分类
Resources can be classified according to several criteria. The first we will consider here is (1) whether or not they obey the law of conservation (e.g., machinery vs. brand names.) While this example seems reasonable on first sight, there is a good deal of evidence to suggest that stretching a brand name too far will diminish its effectiveness; in other words, it does in some sense obey the law of conservation. It is alleged, for example, that Scotch paper fell into this “line-extension trap” (Ries, Cappiello, Colwell, 1978), and lost market share as a result. Also, a resource such as “in-house knowledge of laser technology” is in some sense subject to the law of 资源可以根据几个标准进行分类。在这里，我们首先要考虑的是：（1）资源是否遵守守恒定律（例如，机器与品牌名称）。虽然这个例子乍一看似乎很合理，但有大量证据表明，品牌名称的过度延伸会降低其有效性；换句话说，它在某种意义上确实遵守了守恒定律。例如，据称苏格兰纸业就曾陷入这种 "产品线延伸陷阱"（Ries, Cappiello, Colwell, 1978），并因此失去了市场份额。此外，"内部激光技术知识 "等资源在某种意义上也受 "守恒定律 "的制约。
conservation, since the (finite) number of people who embody the resource can be in only one place at a time. In order to simplify the analysis, however, we will consider the above as a two-way classification rather than a continuum. For purposes of illustration we think of “in-house knowledge of laser technology” as a noncon- servative resource, whereas “skilled assembly labor” will be a conservative resource. This division is clearly judgmental and based on some idea about the likelihood of the capacity constraint being binding. The reader can substitute personal judgment if desired; all that matters for the following is that we will limit our attention to a discrete rather than a continuous classification. 由于体现资源的（有限）人数在同一时间只能出现在一个地方，因此保护资源也就成了一 个问题。不过，为了简化分析，我们将上述情况视为一种双向分类，而不是一个连续统一体。为了便于说明，我们将 "激光技术的内部知识 "视为非保守资源，而 "熟练的装配劳动力 "将是保守资源。这种划分显然是判断性的，是基于对能力约束的可能性的某种想法。如果读者需要，可以用个人判断来代替；对于下文来说，重要的是我们将把注意力限制在离散而非连续的分类上。
Resources can also be classified according to (2) whether or not they can be bought unbundled in perfect markets (e.g., unskilled labor vs. a good organization). By a perfect market we mean one in which a buyer can get as much as he (for practical purposes) would want, without delay, at a given price. In imperfect markets, then, bigger volumes can be bought only after search over a period of time and/or at higher prices. The raison d’etre for the unbundled condition is that mergers and acquisitions, which constitute an important vehicle for resource procurement, can be seen as purchases of resources in bundles. Again here, we can be accused of forcing a judgmental two-way classification on something which is truly a multidimensional continuum. 资源还可以根据（2）是否可以在完美市场上非捆绑购买来分类（例如，非熟练劳动力与良好组织）。我们所说的完美市场，是指买方可以以给定的价格，毫不拖延地获得他（出于实际目的）想要的尽可能多的资源。那么，在不完善的市场中，只有经过一段时间的搜寻和/或以更高的价格才能买到更大的数量。非捆绑条件的存在理由是，构成资源采购重要手段的兼并和收购可以被视为捆绑式的资源采购。在这里，我们也可以被指责为对一个真正的多维连续体强行进行双向分类。
A third method of classification is (3) how they are produced; that is, 第三种分类方法是 (3)它们是如何生产出来的；也就是说、
jointly with products (learning by doing of productions), 与产品共同学习（在生产实践中学习）、
from themselves (managers training other managers), or 管理人员培训其他管理人员），或
from other resources (development of own machinery). 利用其他资源（开发自己的机器）。
Here again, it would be difficult to find a resource which falls squarely in any one category. Analysis in terms of these categories can, however, 同样，也很难找到一种资源完全属于任何一个类别。不过，可以根据这些类别进行分析、
highlight the effect of different phenomena in relation to the relative importance of the three production modes. 突出不同现象对三种生产模式相对重要性的影响。
The final method of classification considered here is (4) whether conservative resources have strictly increasing or strictly decreasing returns to scale in all uses. Again, we simplify by assuming that returns to scale are either: 这里考虑的最后一种分类方法是 (4)保守型资源在所有用途中的规模收益是严格递增还是严格递减。我们再次简化，假设规模回报率为
strictly increasing from zero to the capacity limit in all uses, or 在所有用途中，从零到容量限制严格递增，或
strictly decreasing from zero to the capacity limit in all uses. Intermediate or mixed cases must again be handled by inference from the properties of the polar situations studied here. 在所有情况下，从零到容量极限都是严格递减的。至于中间或混合情况，则必须根据本文所研究的两极情况的特性进行推论。
2.2 Exploitation of Existing Resources 2.2 利用现有资源
Let us look first at what essentially amounts to a static, monopolistic situation in which the firm faces given marginal returns in each application of each resource and has the sole objective of maximizing profits from those. For simplicity we will assume that the marginal returns for each resource in each application are independent of the allocation of the other resources. 首先，让我们看一下基本上等同于静态垄断的情况，在这种情况下，企业在每种资源的每种应用中都面临着给定的边际收益，其唯一目标就是从这些资源中获取最大利润。为简单起见，我们假设每种资源在每种应用中的边际收益与其他资源的分配无关。
For conservative resources with declining returns to scale, the optimal allocation is clearly one which equalizes marginal returns among all applications at the point where the entire stock is used. This simple case is the one 对于规模收益递减的保守资源来说，最佳分配显然是在使用全部存量时使所有应用的边际收益相等。这种简单的情况就是
Figure 1 图 1
treated in the economics literature. It is hard to think of examples where it applies, but the allocation of supervisory labor might be one such case. 经济学文献中也有论述。很难想出它适用的例子，但监督劳动的分配可能是其中之一。
Conservative resources with increasing returns to scale are significantly more tricky to deal with. It is not even clear that you want to put as much as possible into the application with the highest maximum payoff, since other applications might have higher payoff at the level you can attain 对于规模收益不断增加的保守型资源，处理起来要棘手得多。我们甚至不清楚是否要把尽可能多的资源投入到最大回报率最高的应用程序中，因为其他应用程序的回报率可能会更高。
by focusing your resources there. In general, one has to search over several configurations to find the optimal one; however, this will always have the property that at most one application is nonexhausted but utilized. The case with increasing returns to scale thus entails a much more focused use of resources. Because this case is so prevalent in practice, focusing of resources has become almost a general law in business strategy. 集中资源。一般来说，我们需要在多个配置中寻找最佳配置；但这总是有一个特性，即最多有一个应用没有用尽，但却得到了利用。因此，在规模收益递增的情况下，资源的使用要集中得多。由于这种情况在实践中非常普遍，集中资源几乎成了企业战略的一般规律。
Nonconservative resources are not used to varying degrees, but are either used or not used in any given application. Since use in a particular application doesn’t affect our ability to use them in other applications, we should use them in all cases where the return, given the amount of the resource we have, is positive. Technological skills are primary examples of this type of resource. 非保守型资源的使用程度不一，但在任何特定应用中要么使用，要么不使用。由于在某一特定应用中使用这些资源不会影响我们在其他应用中使用这些资源的能力，因此我们应该在所有情况下使用这些资源，只要我们拥有的资源数量带来的回报是正数。技术技能就是这类资源的主要例子。
2.3 Acquisition of Resources in Perfect Markets 2.3 完美市场中的资源获取
For conservative resources with decreasing returns to scale, one should clearly buy until the marginal return equals the unit cost. 对于规模收益递减的保守型资源，显然应该买到边际收益等于单位成本为止。
Figure 2 图 2
Conservative resources with increasing returns to scale are again more tricky. One should clearly buy enough to exhaust the most attractive applications and continue buying until one reaches applications which even at their full use can’t justify the cost of the resource. The rareness of perfect markets and the workings of competitive pressures to depress the returns in cases like this (see below) explain why this pattern is only rarely, if ever, executed. 规模收益递增的保守型资源也比较棘手。显然，我们应该购买足够多的资源来满足最有吸引力的应用需求，然后继续购买，直到那些应用即使被充分利用也无法证明资源成本的合理性。在这种情况下，完美市场的稀缺性和压低回报的竞争压力（见下文）解释了为什么这种模式很少被采用。
Nonconservative resources should also be bought and used in the most attractive applications until one reaches those which cannot justify the resource cost. 非保守型资源也应购买并用于最有吸引力的用途，直到那些无法证明资源成本合理的用途。
2.4 Acquisition of Resources in Imperfect Markets 2.4 在不完善的市场中获取资源
We earlier defined imperfect markets by the characteristic that bigger volumes could be bought only after search over a period of time and/or at higher prices. This means that total marginal costs (of resources and search) will increase as more resources are sought in any given time interval. 我们之前对不完善市场的定义是，只有经过一段时间的搜寻和/或以更高的价格才能买到更多的资源。这意味着，在任何给定的时间间隔内，随着寻找的资源越多，边际总成本（资源和搜索）就会越高。
For conservative resources with declining returns to scale, the presence of an imperfect market does not complicate the analysis significantly. The optimal decision is still to buy resources until the marginal revenue equals marginal costs. 对于规模收益递减的保守型资源，不完善市场的存在并不会使分析变得十分复杂。最优决策仍然是购买资源，直到边际收益等于边际成本。
Figure 3 图 3
For conservative resources with increasing returns to scale, however, the analysis is a little different. Instead of having all applications either fully used or not used at all, we might here have a situation in which one application is only partially exhausted. The reason is that the marginal cost curve might be steeper than the marginal return curve for that application, so that it could be too expensive to buy more. If the relative steepness of the slopes changes, finding the optimal degree to which applications should be exhausted is even more difficult. 然而，对于规模收益递增的保守型资源，分析则略有不同。在这里，我们可能遇到的情况不是所有应用都被完全使用或根本没有使用，而是一种应用只被部分用尽。原因在于，该应用的边际成本曲线可能比边际收益曲线更陡，因此购买更多的应用可能过于昂贵。如果斜率的相对陡度发生了变化，那么要找到应用的最佳耗尽程度就更加困难了。
Nonconservative resources should also here be bought and applied to the most attractive applications, until one hits one which does not justify the resource cost. 在这里，也应该购买非保守型资源，并将其用于最有吸引力的应用，直到遇到无法证明资源成本合理的应用为止。
2.5 Production of Resources 2.5 资源生产
Production of resources is sometimes an alternative to purchase, and sometimes the only way one can get a resource. There are four logical possibilities: 生产资源有时是购买资源的替代方式，有时是获得资源的唯一途径。有四种合乎逻辑的可能性：
resources which by nature can only be purchased (labor contracts with unski11ed labor), 本质上只能购买的资源（与非本地劳动力签订的劳动合同）、
resources which by nature can only be produced (brand names), 自然界只能生产的资源（品牌）、
resources which are purchased for economic reasons (machinery), and 因经济原因而购买的资源（机械），以及
resources which are produced for economic reasons (vertical integration) 因经济原因而生产的资源（纵向一体化）
The choice between institutional frameworks for the two last types is clearly that modelled by the institutional economics (Williamson, 1975). We classified resource production into three types, according to whether they are produced: 最后两种类型的制度框架之间的选择显然是制度经济学（Williamson，1975 年）所模拟的。我们根据资源是否被生产出来，将资源生产分为三种类型：
jointly with products, 产品、
from themselves, or 或
from other resources. 其他资源。
All three production modes clearly involve time and costs. Where the production processes have declining returns to scale, the optimal production level can be found in analogy to the imperfect market situation above. 这三种生产模式显然都涉及时间和成本。如果生产过程的规模收益递减，则可以类比上述不完全市场情况，找到最佳生产水平。
In the case of increasing returns to scale in the production process, a new set of complications appears. The reason is that the marginal cost curve of the output resource declines in such a way that it may intersect the marginal revenue curve in several places. Fortunately, increasing returns in resource production seem rare in practice. 如果生产过程中的规模收益不断增加，就会出现一系列新的复杂问题。原因是产出资源的边际成本曲线的下降方式可能会与边际收益曲线相交多处。幸运的是，资源生产中的收益递增在实践中似乎并不多见。
Figure 4 图 4
2. 6 Acquisition of Resources in Bundles 2.6 批量获取资源
Mergers and acquisition provide an opportunity to trade otherwise nonmarketable resources and to buy or sell resources in bundles. Through this 兼并和收购为交易原本不可销售的资源以及购买或出售捆绑资源提供了机会。通过这种
vehicle one can, for example, sell an image or buy a combination of technological capability and contacts in a given set of markets. As is well known, this is a very imperfect market with few buyers and targets, and yet with a low degree of transparency due to the heterogeneity of both buyers and targets. A key implication of the latter is that a given target will have different values for different buyers, with particularly big variance among those who can obtain some sort of fit (synergy) between their resources and those of the target. 例如，人们可以在特定市场上出售一种形象或购买技术能力与人脉的组合。众所周知，这是一个非常不完善的市场，买方和目标都很少，而且由于买方和目标的异质性，市场透明度很低。后者的一个重要含义是，一个特定的目标对不同的买方具有不同的价值，尤其是在那些能够在其资源与目标资源之间获得某种契合（协同效应）的买方之间，差异会更大。
Because of the extreme difficulties of investigating (often discreetly): 因为调查极其困难（通常是谨慎调查）：
what resources a given target has, 特定目标拥有哪些资源、
which of those the firm can effectively take advantage of , 公司可以有效利用其中哪些优势、
what the cost of doing so will be, and 这样做的成本是多少，以及
what the firm could pay for them, prospective buyers often limit their search to targets which satisfy certain simple criteria. A resource-based set of acquisition strategies (Salter and Weinhold, 1980) is: 因此，潜在买家通常只寻找符合某些简单标准的目标。一套基于资源的收购战略（Salter 和 Weinhold，1980 年）是：
related supplementary (get more of those resources you already have), and 相关补充（获取更多已有资源），以及
related complementary (get resources which combine effectively with those you already have). 相关互补性（获取能与现有资源有效结合的资源）。
Other acquisition strategies are more product-oriented and tend to focus on the firm’s ability to enter (and dominate) attractive markets. 其他收购战略则更多以产品为导向，往往侧重于公司进入（并主导）有吸引力市场的能力。
Let us here focus on the purchase of resource bundles, taking the profitability of using different combinations for given. In this perspective, one’s chance of “beating the market” and getting a cheap buy would be greatest if one tried to build on one’s most unusual resource or resource position. Doing so should make it possible to get into buying situations with 在此，让我们把重点放在购买资源组合上，并考虑到使用不同组合的盈利能力。从这个角度看，如果一个人试图利用自己最不寻常的资源或资源头寸，那么他 "战胜市场 "并获得廉价购买的机会就会最大。这样做就有可能在以下情况下买入股票
relatively little competition. Anticipating the arguments presented below, it is also likely that one will meet relatively little competition in the market for products which use the services of rare resources. All of these tendencies are, of course, subject to a ceteris paribus condition. 竞争相对较少。根据下文的论证，在使用稀有资源服务的产品市场上，竞争也可能相对较少。当然，所有这些趋势都有一个 "比照适用 "的条件。
3. COMPETITION 3.竞赛
So far, we have been thinking solely in terms of an individual firm with a given marginal revenue curve for different resources. Let us here bring competitors into the analysis and ask the question: “Under which circumstances can a firm reap quasi rents over longer periods of time?” 到目前为止，我们只是从单个企业的角度考虑问题，即不同资源的边际收益曲线都是给定的。在此，让我们把竞争对手也纳入分析，并提出这样一个问题："在什么情况下，企业可以在较长时间内获得准租金？
For purposes of analysis, we will use Porter’s five competitive forces (Porter, 1980), although these were originally intended as tools for analysis of products only. 为了便于分析，我们将使用波特的五种竞争力量（Porter，1980 年），尽管这五种竞争力量最初只是用于分析产品的工具。
3.1 General Effects 3.1 总体效果
Under this heading, we will look at the bargaining power of suppliers and buyers as well as the threat posed by substitute resources. 在此标题下，我们将探讨供应商和买方的议价能力以及替代资源构成的威胁。
If the production of a resource itself or of one of its critical inputs is controlled by a monopolistic group, it will, ceteris paribus, diminish the quasi rent available to the users of the resource. A patent holder, for example, appropriates part of the profits of his license holders. On a smaller scale, a good advertising agency will be able to take a share of the image builders’ (customers’) profit. 如果资源本身或其关键投入之一的生产被垄断集团所控制，那么在其他条件不变的情况下，资源使用者可获得的准租金就会减少。例如，专利持有人会侵占其许可证持有人的部分利润。在较小的范围内，一家优秀的广告公司可以从形象建立者（客户）的利润中分一杯羹。
An equally bad situation can occur on the output side if the products resulting from use of the resource can be sold only in monopsonistic markets. If a subcontractor develops a machine which is fully idiosyncratic to one customer, he will stand to gain less than if the machine has more buyers. 如果资源使用所产生的产品只能在垄断市场上销售，那么产出方面也会出现同样糟糕的情况。如果一个分包商开发的机器只对一个客户开放，那么他的收益就会低于该机器有更多买家的情况。
Finally, the availability of substitute resources will tend to depress returns to the holders of a given resource. A recent example is provided by the way electronic and hydraulic skills have eroded the payoffs to electrical and mechanical skills. 最后，替代资源的出现往往会降低特定资源持有者的回报。最近的一个例子是，电子和液压技能侵蚀了电气和机械技能的回报。
3.2 First Mover Advantages--Resource Position Barriers 3.2 先发优势--资源位置障碍
In some cases, a holder of a resource is able to maintain his relative position vis-a-vis other holders and third persons, as long as these act rationally. In these situations the holder can be said to enjoy the protection of a resource position barrier. Resource position barriers are thus only partially analogous to entry barriers, since they also contain the mechanisms which make an advantage over another resource holder defensible. (Entry barriers in the traditional market context deal only with the situation between incumbents and potential entrants, not with the situation among the incumbents.) 在某些情况下，资源持有者能够保持其相对于其他持有者和第三人的相对地位，只要这些人的行为是合理的。在这种情况下，可以说该持有者享有资源地位壁垒的保护。因此，资源地位壁垒与进入壁垒只有部分相似之处，因为它们也包含使相对于另一资源持有者的优势得以维护的机制。(传统市场背景下的进入壁垒只涉及在位者与潜在进入者之间的情况，而不是在位者之间的情况）。
Before we discuss this concept further, it might be useful to look at a few examples of resource position barriers, going from the more to the less traditional: 在进一步讨论这一概念之前，我们不妨先看几个资源位置障碍的例子，从比较传统的到不太传统的：
Having (relative to world demand) a big capacity in a process with increasing returns to scale 在规模收益递增的过程中，拥有（相对于世界需求量）较大的生产能力
Having a generic brand name (e.g., BIC) 拥有通用品牌名称（如 BIC）
Having low costs in a process subject to experience effects 在受经验影响的过程中成本较低
Having a technological lead in a big field (e.g., IBM) 在某一重要领域拥有技术领先优势（如 IBM）
Having distributor loyalty and other resources to keep it 拥有分销商忠诚度和其他资源来保持忠诚度
Resource positions tend to increase over time since such resources as technological capabilities and resource position barriers are essentially dynamic mechanisms which allow the firm to keep a relative lead rather than an absolute position. A good analogy is trees in a forest: although they all grow, the bigger ones tend to stay bigger, since their very bigness guarantees them the most sun. 资源地位往往会随着时间的推移而提高，因为技术能力和资源地位壁垒等资源本质上是一种动态机制，能使企业保持相对领先而不是绝对地位。森林中的树木就是一个很好的比喻：尽管树木都在生长，但大树往往会一直长得更大，因为大树本身就能保证它们获得最多的阳光。
Note that this (resource-based) concept in some sense supersedes the traditional (product-based) entry barrier concept but in another sense does not: 请注意，这种（以资源为基础的）概念在某种意义上取代了传统的（以产品为基础的）进入壁垒概念，但在另一种意义上又并非如此：
(a) If a firm has entry barriers towards newcomers in market A, which shares the use of a resource with market BB, then another firm which is strong in BB might get a cost advantage there and enter AA that way. (a) 如果一家公司在与市场 BB 共享某种资源的市场 A 中对新进入者设置了进入壁垒，那么在 BB 中实力雄厚的另一家公司可能会在那里获得成本优势，并以这种方式进入 AA 。
(b) If the firm has a resource position barrier in resource alpha\alpha, which is used in market AA, it might still survive the collapse of AA if it could use alpha\alpha somewhere else. (b) 如果企业在市场 AA 中使用的资源 alpha\alpha 存在资源地位障碍，那么如果它能在其他地方使用 alpha\alpha ，则仍有可能在 AA 崩溃后生存下来。
On the other hand, for a resource position barrier to be valuable, it should translate into an entry barrier in at least one market. 另一方面，要使资源地位壁垒具有价值，它至少应转化为一个市场的进入壁垒。
So an entry barrier without a resource position barrier leaves the firm vulnerable to diversifying entrants, whereas a resource position barrier without an entry barrier leaves the firm unable to exploit the barrier. There is thus a nice duality between the two concepts, corresponding to the duality between products and resources. 因此，没有资源地位壁垒的进入壁垒会使企业容易受到多样化进入者的冲击，而没有进入壁垒的资源地位壁垒则会使企业无法利用这一壁垒。因此，这两个概念之间存在着很好的二元性，与产品和资源之间的二元性相对应。
3.3 Quasi-rent-Paying Resources 3.3 准租金资源
Let me here try to identify classes of resources for which resource position barriers can be built up. By their nature, first mover advantages are associated with these barriers; that is, a firm which as of a given point in time finds itself in some sense ahead of others may use these barriers to cement that lead. I shall here argue that it is the properties of the resources and their mode of acquisition which allow this to be done. What a firm wants is to create a situation where its own resource position directly or indirectly makes it more difficult for others to catch up. The mechanisms 在此，让我尝试找出可以建立资源地位壁垒的资源类别。就其本质而言，先发优势与这些壁垒有关；也就是说，一家公司在某一特定时间点发现自己在某种意义上领先于其他公司，就可以利用这些壁垒来巩固这种领先地位。我在这里要论证的是，正是资源的特性及其获取方式使得这种优势得以实现。企业所希望的是创造一种局面，使自己的资源地位直接或间接地使他人更难追赶。机制
through which this can be achieved depend on the way in which others acquire (and use) the resource. 能否实现这一目标取决于他人获取（和使用）资源的方式。
Let us now consider the possibilities. The descriptions in (1) through (5) below correspond to the examples in the above section. 现在让我们考虑一下各种可能性。下文(1)至(5)中的描述与上一节中的例子相对应。
Resources bought in perfect markets 在完美市场上购买的资源
It is well known that conservative resources with decreasing returns to scale cannot yield quasi rents in this setting. On the other hand, economies of scale in the use of conservative resources are the prime example of product entry barriers (Spence, 1977). In resource space, the product entry barrier translates into a resource position barrier, since it will be irrational for entrants to buy the resource necessary to compete in the market. Nonconservative resources can here be looked upon as having extreme scale advantages, but it seems difficult to come up with solid examples (of nonconservative resources bought in perfect markets). 众所周知，在这种情况下，规模收益递减的保守资源无法产生准租金。另一方面，使用保守资源的规模经济是产品进入壁垒的典型例子（Spence，1977 年）。在资源空间中，产品进入壁垒转化为资源地位壁垒，因为进入者购买市场竞争所需的资源是不合理的。在这里，非保守资源可被视为具有极端的规模优势，但似乎很难找到（在完美市场中购买非保守资源的）可靠实例。
2. Resources bought in imperfect markets 2.在不完善的市场上购买资源
Apart from the increasing returns to scale effect from above, the imperfection of the market generates a nev option. In some cases, later buyers can be forced to, or will always have to, pay higher prices than earlier buyers. Prime examples are the first mover advantages in brand positioning, government contacts, access to raw materials, etc. The other side of the coin–constituted by cases where later buyers can only receive lower returns–is covered by the increasing returns to scale effect mentioned above. In a sense, we are talking about imperfections of the resource and product markets, respectively. 除了上述规模收益递增效应外，市场的不完善还产生了一种新的选择。在某些情况下，后来的购买者可能被迫或不得不支付比先前购买者更高的价格。最典型的例子就是先行者在品牌定位、政府关系、获得原材料等方面的优势。硬币的另一面是，后进者只能获得较低的回报，这就是上文提到的规模回报递增效应。从某种意义上说，我们所说的分别是资源市场和产品市场的不完善。
3. Resources produced jointly with products 3.与产品共同生产的资源
This is the celebrated experience effect, whereby later resource producers have to get their experience in an uphill battle with earlier producers who have lower costs. As is well known, if experience leaks from the early movers to later movers, the effect is to reduce the costs of the latter, so that we might approach the case of an unpatented idea for which no sustainable first mover advantage exists. This is the case, for example, with many production systems and procedures. 这就是著名的经验效应，即后来的资源生产者必须在与成本较低的先行生产者的艰苦斗争中获得经验。众所周知，如果经验从先行者流向后来者，其效果就是降低后来者的成本，因此我们可能会遇到一种未获专利的想法，这种想法不存在可持续的先行者优势。例如，许多生产系统和程序就是这种情况。
4. Resources produced from themselves 4.自产资源
This is the situation with a lot of technological capabilities. Here again, two counteracting effects are at work. On the one hand, a technological lead will allow the firm to keep better people in a more stimulating setting so that the organization can develop and calibrate more advanced ideas than followers. The followers, on the other hand, will often find the reinvention of your ideas easier than you found the original invention. There is again a leakage effect which counterbalances a scale advantage type of effect. 很多技术能力都是这种情况。在这种情况下，同样会产生两种相互抵消的效应。一方面，技术领先可以让公司在更有激励性的环境中留住更优秀的人才，从而使组织能够开发和校准比追随者更先进的想法。另一方面，追随者往往会发现，对你的想法进行再创造比你发现最初的发明更容易。这又是一种泄漏效应，它抵消了规模优势类型的效应。
5. Re sources produced from other resources 5.利用其他资源生产的再资源
In this case you need a defensible position in one of the input resources, such that you can also keep a lead in the resource in question. This form is in a sense a more complex derivative of (1) through (4) rather than a basic case. Because of the complexity of real-1ife situations, however, it may often be easier to look at this type of resource. Apart from the distributor loyalty example, one could mention a lead in a multitechnology application such as fiber optics. If a firm enjoys the protection of a resource position 在这种情况下，你需要在其中一种输入资源中占据有利位置，这样你就能在相关资源中保持领先。从某种意义上说，这种形式是(1)到(4)的一种更复杂的衍生形式，而不是一种基本情况。然而，由于现实情况的复杂性，研究这类资源往往更为容易。除了分销商忠诚度的例子，我们还可以提到光纤等多技术应用领域的领先地位。如果一家公司享有资源地位的保护
barrier in one of the component technologies (and no other technology is similarly blocked by others), it should be able to develop strength in the entire technology complex. 如果在其中一项组成技术上遇到障碍（而且其他技术也没有受到类似的阻碍），就应该能够在整个技术综合体中发展实力。
In general, one should keep in mind that most resources can be used in several products. As a result, a given resource position barrier will often correspond to several products, each yielding part of the quasi rent. 一般来说，我们应该记住，大多数资源可以用于多种产品。因此，一个给定的资源位置障碍往往对应着几种产品，每种产品都产生部分准租金。
4. GENERIC GRONTH STRATEGIES-RESOURCES PRODUCED JOINTLY WITH PRODUCTS 4.通用全球战略--资源与产品联合生产
In the previous section, we looked at several situations in which firms could get quasi rents from individual resources. In general, a first mover advantage in a quasi-rent-paying resource should yield quasi rents in the markets where the resource in question is dominating. Let us now try to apply the theory to a particular type of resource–those produced jointly with prod-ucts–and look at some generic ways in which a firm can increase its pool of such resources. 在上一节中，我们探讨了企业从个别资源中获得准租金的几种情况。一般来说，准租金资源的先行者优势应该在相关资源占主导地位的市场上产生准租金。现在，让我们试着将这一理论应用于一种特殊类型的资源--与原辅料联合生产的资源--并探讨企业增加此类资源储备的一些通用方法。
4.1 Single Business 4.1 单一业务
This is the case most commonly considered in the literature, and the optimal approach consists of obtaining a defensible lead in the price/performance game (Ha11, 1980, and Porter, 1980). This is often done by single resource deepening as in, e.g., strategies based on experience curves, buyer loyalty, or economies of scale. Growth of the resource will often take place along the path of most rapid approach (Spence, 1979), although cash constraints sometimes limit growth (Wernerfelt, 1982). 这是文献中最常见的情况，最佳方法是在价格/性能博弈中获得可辩护的领先优势（Ha11，1980 年；波特，1980 年）。这通常是通过单一资源深化来实现的，如基于经验曲线、买方忠诚度或规模经济的战略。尽管现金约束有时会限制增长（Wernerfelt，1982 年），但资源的增长通常会沿着最快速的途径进行（Spence，1979 年）。
4.2 Multibusiness-Single Resource 4.2 多业务-单一资源
This is the diversification pattern most often considered in business policy (Andrews, 1971). A typical example is provided by BIC’s (BIC, 1974) use of their mass marketing skills, which proved critical in pens, lighters, and razors but insufficient in pantyhose. Attempts to base firms on a single strong technology also fall into this category. Several consulting firms market concepts which exploit this growth pattern (e.g., the “shared experience” of the Boston Consulting Group and the “activity analysis” of Braxton As sociates). 这是商业政策中最常考虑的多样化模式（Andrews，1971 年）。一个典型的例子是 BIC 公司（BIC，1974 年）对其大众营销技能的运用，这种技能在钢笔、打火机和剃须刀方面被证明是至关重要的，但在连裤袜方面却不够充分。将公司建立在单一的强势技术基础上的尝试也属于这一类。一些咨询公司推销利用这种增长模式的概念（如波士顿咨询集团的 "共享经验 "和 Braxton As sociates 的 "活动分析"）。
Although the general idea here is to expand your position in a single resource, it is not always optimal to go full force in several markets simultaneously. Quite often, it is better to develop the resource in one market and then to enter other markets from a position of strength. An example is BIC, which entered the markets for pens, lighters, and razors sequentially. This sequential entry strategy, an idea going back to John Stuart Mill, is also often followed by firms when they go international. 虽然这里的总体思路是扩大你在单一资源上的地位，但同时在几个市场上全力以赴并不总是最佳选择。通常情况下，最好是在一个市场开发资源，然后从优势地位进入其他市场。BIC 公司就是一个例子，它先后进入了钢笔、打火机和剃须刀市场。这种顺序进入战略是约翰-斯图亚特-米尔（John Stuart Mill）提出的理念，也是企业走向国际市场时经常采用的战略。
Let us now look at the simplest possible model of this phenomenon. (A more elaborate formalization can be found in Bardhan [1971].) A firm can operate in two markets, AA and BB, which use processes II and II in proportions a_(I)\mathrm{a}_{\mathrm{I}} and b_(I),b_(II)\mathrm{b}_{\mathrm{I}}, \mathrm{b}_{\mathrm{II}}, respectively. I will assume process II skills to be available in a perfect market, whereas process II skills can be developed via experience curve processes. So skills in process I are the quasi-rent-paying resource. We will look at the firm as having a two-period time horizon and consider the wisdom of developing process II skills in market AA before market BB is entered. 现在让我们来看看这种现象的最简单模型。(一家公司可以在两个市场上运营，即 AA 和 BB 市场，这两个市场分别按 a_(I)\mathrm{a}_{\mathrm{I}} 和 b_(I),b_(II)\mathrm{b}_{\mathrm{I}}, \mathrm{b}_{\mathrm{II}} 的比例使用流程 II 和流程 II。我将假设流程 II 的技能可以在一个完美的市场中获得，而流程 II 的技能则可以通过经验曲线流程培养。因此，流程 I 中的技能是准租金资源。我们将把公司的时间跨度看作两期，并考虑在进入市场 BB 之前在市场 AA 中开发流程 II 技能的明智性。
In the following, all parameters are assumed positive and subscripts A, B, I, II, 1, 2, refer to the markets, processes, and periods so named. The demand curves are assumed to be linear so that the quantity sold is a linear function of the price charged: 在下文中，所有参数均假定为正值，下标 A、B、I、II、1、2 分别指市场、过程和时期。假设需求曲线是线性的，因此销售量是价格的线性函数：
Variable costs are assumed to be zero and fixed costs, c, of selling above zero outputs are 假设可变成本为零，销售零以上产出的固定成本 c 为
{:[C_(A1)=gamma_(AI),","" if "A_(1) > 0],[C_(A2)=gamma_(AI)-eta_(AI)(a_(I)A_(1)+b_(I)B_(1)),","" if "A_(2) > 0],[C_(B1)=gamma_(BI)+gamma_(BII),","" if "B_(1) > 0],[C_(B2)=gamma_(BI)-eta_(BI)(a_(I)A_(1)+b_(I)B_(1))+gamma_(BII),","" if "B_(2) > 0]:}\begin{array}{ll}
C_{A 1}=\gamma_{A I} & , \text { if } A_{1}>0 \\
C_{A 2}=\gamma_{A I}-\eta_{A I}\left(a_{I} A_{1}+b_{I} B_{1}\right) & , \text { if } A_{2}>0 \\
C_{B 1}=\gamma_{B I}+\gamma_{B I I} & , \text { if } B_{1}>0 \\
C_{B 2}=\gamma_{B I}-\eta_{B I}\left(a_{I} A_{1}+b_{I} B_{1}\right)+\gamma_{B I I} & , \text { if } B_{2}>0
\end{array}
The idea is here that first period experience lowers process II costs in the second period. The simple linear version of the experience curve is chosen for analytical convenience and is in no way crucial to the qualitative results below. 这里的想法是，第一阶段的经验会降低第二阶段的过程 II 成本。选择经验曲线的简单线性版本是为了分析方便，与下文的定性结果无关。
If the firm tries to maximize the total profit over the two periods, the objective is to maximize: 如果公司试图使两个时期的总利润最大化，那么目标就是最大化：
By inserting the above equations, differentiating with respect to P_(Al)\mathrm{P}_{\mathrm{Al}}, P_(A2),P_(B1),P_(B2)\mathrm{P}_{\mathrm{A} 2}, \mathrm{P}_{\mathrm{B} 1}, \mathrm{P}_{\mathrm{B} 2}, and using the first order conditions, we find that, if a11 outputs are positive, the optimal levels are 插入上述方程，与 P_(Al)\mathrm{P}_{\mathrm{Al}} 、 P_(A2),P_(B1),P_(B2)\mathrm{P}_{\mathrm{A} 2}, \mathrm{P}_{\mathrm{B} 1}, \mathrm{P}_{\mathrm{B} 2} 微分，并利用一阶条件，我们可以发现，如果 a11 产出为正，则最佳水平为
If we insert (A_(1)^(**),A_(2)^(**),B_(1)^(**),B_(2)^(**)),(A_(1)^(**),A_(2)^(**),0,B_(2)^(**))\left(A_{1}^{*}, A_{2}^{*}, B_{1}^{*}, B_{2}^{*}\right),\left(A_{1}^{*}, A_{2}^{*}, 0, B_{2}^{*}\right), and (A_(1)^(**),A_(2)^(**),0,0)\left(A_{1}^{*}, A_{2}^{*}, 0,0\right) in the maximant, we can find the conditions under which it is optimal to enter market BB only in the second period. These conditions are: 如果在最大值中插入 (A_(1)^(**),A_(2)^(**),B_(1)^(**),B_(2)^(**)),(A_(1)^(**),A_(2)^(**),0,B_(2)^(**))\left(A_{1}^{*}, A_{2}^{*}, B_{1}^{*}, B_{2}^{*}\right),\left(A_{1}^{*}, A_{2}^{*}, 0, B_{2}^{*}\right) 和 (A_(1)^(**),A_(2)^(**),0,0)\left(A_{1}^{*}, A_{2}^{*}, 0,0\right) ，我们就可以找到仅在第二期进入市场 BB 才是最优选择的条件。这些条件是
So sequential entry tends to be better when 因此，在下列情况下，顺序输入往往更好
market AA is big relative to market BB ( theta_(A)\theta_{A} is large, theta_(B)\theta_{B} is small) 市场 AA 相对于市场 BB 大（ theta_(A)\theta_{A} 大， theta_(B)\theta_{B} 小）
the loss of late entry in market BB is small (theta_(B2)^(2)phi_(B1)^(-1)-theta_(B1)^(2)phi_(B1)^(-1):}\left(\theta_{\mathrm{B} 2}^{2} \phi_{\mathrm{B} 1}^{-1}-\theta_{\mathrm{B} 1}^{2} \phi_{\mathrm{B} 1}^{-1}\right. is large) 市场 BB 晚进入的损失小 (theta_(B2)^(2)phi_(B1)^(-1)-theta_(B1)^(2)phi_(B1)^(-1):}\left(\theta_{\mathrm{B} 2}^{2} \phi_{\mathrm{B} 1}^{-1}-\theta_{\mathrm{B} 1}^{2} \phi_{\mathrm{B} 1}^{-1}\right. 大）。
product B generates only little learning ( b_(I)b_{I} is small) 产品 B 只产生少量学习（ b_(I)b_{I} 很小）
product A generates a lot of learning ( a_(I)\mathrm{a}_{\mathrm{I}} is large) 产品 A 产生了大量学习（ a_(I)\mathrm{a}_{\mathrm{I}} 很大）
While the effect here is generated through an experience curve type of argument, a little reflection will reveal that other instances of resources produced jointly with products can also have the same effect. An example of this is brand loyalty in connection with economies of scale in process I, which will mean that a big A_(1)A_{1} guarantees sales and thus low costs of process I in period 2. 虽然这里的效果是通过经验曲线类型的论证产生的，但稍加思考就会发现，与产品共同生产的其他资源也会产生同样的效果。例如，品牌忠诚度与工序 I 的规模经济有关，这意味着一个大的 A_(1)A_{1} 可以保证工序 I 在第 2 期的销量，从而降低成本。
4.3 Multibusiness-Multiple Resources 4.3 多业务-多资源
A special example of this case is captured by the product portfolio theory (Henderson, 1979), where strong businesses in a firm’s growth-share matrix supply weak ones with cash. In general, one would expect businesses to be resource-related in much stronger ways than just financially. 产品组合理论（Henderson，1979 年）就是这种情况的一个特例，即公司增长份额矩阵中的强势企业为弱势企业提供现金。一般来说，人们会认为企业与资源相关的方式远不止财务相关。
If we changed the above model, such that skills in process II were also developed by experience, we could interpret the sequential entry pattern as a process in which the strong resource (I) in period 2 supports the weak one (II). So in analogy to products, which subsidize each other through cash flows, we may look at resources as subsidizing each other through joint cost effects. Note that this captures the interrelationships between multiple businesses in a much more general framework than the financial interrelationships which drive the growth-share matrix. 如果我们改变上述模式，使流程 II 中的技能也是通过经验培养出来的，我们就可以把顺序进入模式解释为一个流程，在这个流程中，第 2 期的强势资源（I）支持弱势资源（II）。因此，与产品通过现金流相互补贴类似，我们可以将资源视为通过联合成本效应相互补贴。请注意，与驱动增长份额矩阵的财务相互关系相比，这在一个更为宽泛的框架中捕捉到了多个企业之间的相互关系。
In analogy to the growth-share matrix, a simple tool for analysis of resource portfolios could be a resource-product matrix such as that illustrated in Figure 5, where the entries represent the relative importance of a resource in a product or a product in a resource. 与增长份额矩阵类似，资源组合分析的一个简单工具可以是资源-产品矩阵，如图 5 所示，其中的条目表示资源在产品中或产品在资源中的相对重要性。
Figure 5 图 5
In the management of such a portfolio, candidates for product or resource diversification must be evaluated in terms of their short-term balance effects (as in the product portfolio) and also in terms of their long-term capacity to function as stepping stones to further expansion. In Figure 5, Product E is a better candidate than product FF for two reasons: it uses more of the firm’s strong resources and it develops a new one (VI), which can be used for further growth (G). An example of such a stepping stone sequence is provided by the Japanese strategy of competing in the computer market with skills developed in semiconductors (Business Week, 1981). 在管理这种产品组合时，必须根据产品或资源多样化的短期平衡效应（如产品组合）以及作为进一步扩张的垫脚石的长期能力来评估产品或资源多样化的候选产品。在图 5 中，产品 E 是比产品 FF 更佳的候选产品，原因有二：一是它使用了更多公司的强势资源，二是它开发了一种新资源（VI），可用于进一步增长（G）。日本利用在半导体领域发展起来的技术在计算机市场上竞争的战略就是这样一个例子（《商业周刊》，1981 年）。
In the framework above, the optimal growth of the firm involves a balance between exploitation of existing resources and development of new ones (Penrose, 1959; Rubin, 1973; Wernerfelt, 1977). Even in an uncertain setting, this does not necessarily make versatile (multibusiness) resources more attractive than more specialized resources. The reason is that although versatile resources give more options, one would expect more and bigger competition in those. 在上述框架中，企业的最佳增长涉及现有资源开发与新资源开发之间的平衡（Penrose, 1959；Rubin, 1973；Wernerfelt, 1977）。即使在不确定的环境中，这也不一定会使多功能（多业务）资源比专业化资源更具吸引力。原因在于，虽然多用途资源提供了更多的选择，但人们也会期待在这些资源中出现更多和更大的竞争。
5. CONCLUSION 5.结论
This paper has attempted to look at firms in terms of their resources rather than in terms of their products. It was conjectured that this perspective would throw a different light on strategic options, especially those open to diversified firms. 本文试图从资源而非产品的角度来审视企业。据推测，这一视角将为战略选择，特别是为多元化企业提供的战略选择提供不同的视角。
After looking at the basic economics of different types of resources, we defined resource position barriers as partially analogous to entry barriers. On the basis of this definition we began to sketch a picture of firms as trying to develop such barriers, perhaps through products in which already strong resources support less strong ones. This mechanism is again exploited in the resource-product matrix, which is somewhat analogous to the growth-share matrix and allows us to consider different growth paths. It should be kept in mind that the theory in Section 4 considered only resources of the type which are produced jointly with products. Growth strategies for other types of resources have yet to be developed. The only general statement made about growth strategy is that in some sense it involves striking a balance between the exploitation of existing resources and the development of new ones. 在研究了不同类型资源的基本经济学原理后，我们将资源地位壁垒定义为部分类似于进入壁垒。在此定义的基础上，我们开始勾勒出一幅企业试图发展这种壁垒的图景，也许是通过已经很强的资源支持不太强的资源的产品。资源-产品矩阵再次利用了这一机制，它在某种程度上类似于增长份额矩阵，允许我们考虑不同的增长路径。需要注意的是，第 4 节中的理论只考虑了与产品共同生产的资源类型。其他类型资源的增长战略尚待开发。关于增长战略的唯一一般性说明是，从某种意义上说，它涉及到在利用现有资源和开发新资源之间取得平衡。
The paper is meant only as a first cut at a huge can of worms. Apart from the obvious need to look at growth strategies for other types of resources, much more research needs to be done on the actual process of managing a multiresource firm. We know nothing, for example, about multiple point competition, about how one can combine capabilities across operating divisions, about how one can use a broad resource portfolio to hedge against technological uncertainty, or about how one can set up a structure and systems which can help a firm execute these strategies. 本文只是对这一巨大问题的初步探讨。除了显然需要研究其他类型资源的增长战略外，还需要对管理多资源公司的实际过程进行更多的研究。例如，我们对多点竞争、如何将各业务部门的能力结合起来、如何利用广泛的资源组合来规避技术的不确定性，以及如何建立有助于公司执行这些战略的结构和系统等问题一无所知。
The new focus on technology in strategy, the increasing tendency for firms to define themselves in terms of technologies, and the setting up of cross-divisional strategic organization (Texas Instruments, 1971), technology groups, and arenas (General Electric, 1981) seem to indicate that objectives like the above are strived for, although perhaps implicitly, in several firms. 战略中对技术的新关注、企业越来越倾向于以技术来定义自己，以及跨部门战略组织（德州仪器公司，1971 年）、技术集团和舞台（通用电气公司，1981 年）的建立，似乎都表明，类似上述的目标在一些企业中正在努力实现，尽管可能是隐性的。
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