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1、外文翻譯原文AModelofCompetitiveAdvantageMaterialSource:StrategicManagementJournal,Mar.,1993Author:MargaretA.PeterafHeterogeneityAbasicassumptionofresource-basedworkisthattheresourcebundlesandcapabilitiesunderlyingproductionareheterogeneousacrossfirms.Onemightdescribeproduc
2、tivefactorsinuseashavingintrinsicallydifferentiallevelsof'efficiency'.Somearesuperiortoothers.Firmsendowedwithsuchresourcesareabletoproducemoreeconomicallyorbettersatisfycustomerwants.Heterogeneityimpliesthatfirmsofvaryingcapabilitiesareabletocompeteinthemarket-place
3、and,atleast,breakeven.Firmswithmarginalresourcescanonlyexpecttobreakeven.Firmswithsuperiorresourceswillearnrents.RicardianrentsHeterogeneityinanindustrymayreflectthepresenceofsuperiorproductivefactorswhichareinlimitedsupply.Theymaybefixedfactorswhichcannotbeexpanded.
4、Moreoften,theyarequasi-fixed,inthesensethattheirsupplycannotbeexpandedrapidly.Theyarescarceinthesensethattheyareinsufficienttosatisfydemandfortheirservices.Thus,inferiorresourcesarebroughtintoproductionaswell.ThisisthefamiliarRicardianargument.Itmaybeunderstoodmostcl
5、earlybyassumingthatfirmswithsuperiorresourceshaveloweraveragecoststhanotherfirms.Theselowcostfirmshavesomewhatinelasticsupplycurves,inthattheycannotexpandoutputrapidly,regardlessofhowhighthepricemaybe.Highprices,however,doinduceotherlessefficientfirmstoentertheindust
6、ry.Suchfirmswillenterandproducesolongaspriceexceedstheirmarginalcost.Inequilibrium,industrydemandandsupplyareinbalance,high-costfirmsbreakeven,andlow-costfirmsearnsupranormalprofitsintheformofrentstotheirscarceresources.Firmsarepricetakersandproduceatthepointwherepri
7、ceequalsmarginalcost.Thehighreturnsofefficientfirmscannotbeattributedtoanartificialrestrictionofoutputortomarketpower.Neitherdotheydependuponuniquenessorevenrarityintheabsolutesense.Itistheoreticallypossibleforrentstobeearnedbyanumberofequallyefficientproducers,solon
8、gasanefficiencydifferentialremainsbetweenthemandotherproducers.Whatkeyisthatthesuperiorresourcesremainlimitedinsupply.Thus,efficien
