为解决后发企业如何设计在资源约束下开展颠覆性创新的价值创造路径，以及如何通过科学的资源拼凑策略来获取和优化持续竞争优势的问题，采用探索性单案例研究方法，以广州汽车集团股份有限公司（以下简称“广汽”）为例，重点探讨资源拼凑策略如何助推后发企业颠覆性创新的价值创造过程。研究发现，后发企业颠覆性创新的资源拼凑策略主要包括市场拼凑、实物拼凑、人力拼凑、技能拼凑与制度拼凑五大策略，其价值创造过程需要经历价值识别、价值形成、价值传递与价值检验四大阶段，在价值创造的不同环节，资源拼凑策略通过发挥不同的组合效应有效推动了后发企业颠覆性创新的价值创造过程；并以此为基础，构建起资源拼凑视角下后发企业颠覆性创新价值创造的理论模型。最后基于研究结论，得到后发企业的创新发展战略要积极向颠覆性创新探索转化并制定与之相符合的资源拼凑策略；同时政府在颠覆性创新领域的有关制度设计上要综合构建系统完善的政策工具并发挥多级政府的政策协同效应等管理启示。

In order to solve the problem of how latecomer enterprises design value creation paths for disruptive innovation under resource constraints, and how to obtain and optimize sustainable competitive advantages through scientific resource bricolage strategy. This paper adopts an exploratory single-case study method, taking Guangzhou Automobile Group Co., Ltd. (hereinafter referred to as "GAC") as an example, and focuses on how the resource bricolage strategy can promote the value creation process of disruptive innovation of latecomer enterprises.It is found that the resource bricolage strategies of disruptive innovation for latecomer enterprises mainly include five strategies: market bricolage, physical bricolage, manpower bricolage, skill bricolage and system bricolage. Its value creation process needs to go through four stages: value identification, value formation, value transmission and value test. In different segments of value creation, the resource bricolage strategy effectively promotes the value creation process of disruptive innovation for latecomer enterprises by exerting different combination effects. On this basis, this paper constructs a theoretical model of the value creation of disruptive innovation for latecomer enterprises from the perspective of resource bricolage. Finally, based on the research conclusion, the management inspirations obtained include that the innovative development strategy of latecomer enterprises should be actively explored and transformed into disruptive innovation and the corresponding resource bricolage strategy should be formulated. At the same time, the government should comprehensively build systematic and perfect policy tools in the design of relevant systems in the field of disruptive innovation, and give full play to the policy synergy effect of multi-level governments.

F270.7；F273；G301

国家自然科学基金项目“颠覆性创新的技术演进特征与市场扩散路径研究：价值创造视角”（72074056）；广东省软科学研究计划项目“粤港澳大湾区科技创新金融评价与服务体系建设”（2020A1010050056）；广东省普通高校青年创新人才类项目“政策工具对新能源汽车企业创新绩效的影响机制研究”（2021WQNCX101）