This paper is based on a typical case company with 50 years of history. It carefully examines the dynamic relationship between the evolutionary path of technological capability and the choice of niche market in the company through interviews, field study, history and archive study. We divide the history of the company into three stages and came to four theoretical conclusions as follows: (1) in the initial stage of the company (or the early stage of a new market entry) , a successful niche firm chooses to enter an industrial section with low competition and high profitability through differentiation by the exploiting its capability of imitation; (2) in the growing stage of the company, the niche firm's technological capability is improved due to technology diffusion, the firm tends to enter diversified niche markets. (3)in this stage, proper entering diversified market is positively related to the improvement of the firm's technological capability, however, over-entering diversified market is negatively related to the improvement of the firm's technological capability. (4) in the mature stage of the company, niche firm acquires core technological capability via complementary asset and indigenous innovation and focuses on core niche market. Based on the aforementioned conclusions, we formulate a comprehensive dynamic evolving model between firm's evolutionary path of technological capability and the choice of niche market.%选取一个具有50年发展历史的典型案例开展研究,通过访谈、实地研究、历史与档案数据等研究方法以及3个历史阶段的划分,考察了技术能力与利基市场之间的动态演化关系.根据利基企业在不同阶段的研究,得到了4个结论:①在创业初期(或进入新市场),成功的利基企业选择利用仿制能力,通过差异化进入低竞争和高盈利的产业环节；②进入成长期,利基企业技术能力通过扩散提升,倾向于进入多利基市场；③适度进入多元化市场与企业的技术能力提升呈正相关关系,过度进入多元化市场与企业的技术能力提升呈负相关关系；④进入成熟期,利基企业通过互补性资产的选择和自主创新,获得核心技术能力,收缩并专注于核心利基市场.基于上述结论,归纳出技术能力演化路径与利基市场选择的动态演化模型.
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