JAIST Repository
https://dspace.jaist.ac.jp/Title
Innovation Trajectories of Embedded Software :
the Case of Automobiles and Mobile Phones in
Japan
Author(s)
XIE, Zhongquan; MIYAZAKI, Kumiko
Citation
年次学術大会講演要旨集, 27: 321-325
Issue Date
2012-10-27
Type
Conference Paper
Text version
publisher
URL
http://hdl.handle.net/10119/11031
Rights
本著作物は研究・技術計画学会の許可のもとに掲載す
るものです。This material is posted here with
permission of the Japan Society for Science
Policy and Research Management.
㻞㻮㻟㻝㻌
㻵㼚㼚㼛㼢㼍㼠㼕㼛㼚㻌㼀㼞㼍㼖㼑㼏㼠㼛㼞㼕㼑㼟㻌㼛㼒㻌㻱㼙㼎㼑㼐㼐㼑㼐㻌㻿㼛㼒㼠㼣㼍㼞㼑㻦㻌 㻌
㼠㼔㼑㻌㻯㼍㼟㼑㻌㼛㼒㻌㻭㼡㼠㼛㼙㼛㼎㼕㼘㼑㼟㻌㼍㼚㼐㻌㻹㼛㼎㼕㼘㼑㻌㻼㼔㼛㼚㼑㼟㻌㼕㼚㻌㻶㼍㼜㼍㼚㻌
㻌 䕿㼆㼔㼛㼚㼓㼝㼡㼍㼚㻌㼄㻵㻱㻝㻘㻞㻘㻌㻷㼡㼙㼕㼗㼛㻌㻹㻵㼅㻭㼆㻭㻷㻵㻝㻌 㻔㻝㻚㻌㻳㼞㼍㼐㼡㼍㼠㼑㻌㻿㼏㼔㼛㼛㼘㻌㼛㼒㻌㻵㼚㼚㼛㼢㼍㼠㼕㼛㼚㻌㻹㼍㼚㼍㼓㼑㼙㼑㼚㼠㻘㻌㼀㼛㼗㼥㼛㻌㻵㼚㼟㼠㼕㼠㼡㼠㼑㻌㼛㼒㻌㼀㼑㼏㼔㼚㼛㼘㼛㼓㼥㻧㻌㻞㻚㼀㼔㼑㻌㻵㼚㼟㼠㼕㼠㼡㼠㼑㻌㼒㼛㼞㻌㻵㼚㼠㼑㼓㼞㼍㼠㼑㼐㻌 㻯㼑㼘㼘㻙㻹㼍㼠㼑㼞㼕㼍㼘㻌㻿㼏㼕㼑㼚㼏㼑㼟㻌㻔㼃㻼㻵㻙㼕㻯㼑㻹㻿㻕㻘㻌㻷㼥㼛㼠㼛㻌㼁㼚㼕㼢㼑㼞㼟㼕㼠㼥㻚㻕㻌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
,QWURGXFWLRQ
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
(PEHGGHG VRIWZDUH LV D NLQG RI VRIWZDUH WKDW HPEHGGHG LQ VSHFLILF PDFKLQHVGHYLFHVHTXLSPHQW DSSDUDWXV HJ URERWV DXWRPRELOHV GLJLWDO DSSOLDQFHV DQG PRELOH SKRQHV WR UHDOL]H VSHFLILF IXQFWLRQV *HQHUDOO\HPEHGGHGVRIWZDUHLVLPSOHPHQWHGHJEXLOW LQ 5HDG2QO\0HPRU\E\WKH PDQXIDFWXUHUVGXULQJWKH PDQXIDFWXULQJ SURFHVV DQG LW FDQQRW EH DGGHG PRGLILHG RU GHOHWHG E\ XVHUV LQ SULQFLSOH $V D ³VRXUFH RI LQWHUQDWLRQDO FRPSHWLWLYHQHVV´ RI -DSDQ >@ HPEHGGHG VRIWZDUHSOD\VDVLJQLILFDQWUROHLQHFRQRPLFGHYHORSPHQW DQGVRFLDOZHOIDUH
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
7KLVSDSHUWULHVWRDGGUHVVWKHIROORZLQJWZRUHVHDUFK TXHVWLRQV +RZ LV WKH LQQRYDWLRQ WUDMHFWRU\ RI HPEHGGHGVRIWZDUH":KDWWHFKQRORJLFDOIDFWRUVUHVXOW
LQVXFKLQQRYDWLRQWUDMHFWRU\"
:KLOH .XPDUHVDQ DQG 0L\D]DNL DUJXHG WKDW LQQRYDWLRQ WUDMHFWRULHV VKRXOG EH DQDO\]HG LQWHJUDWHGO\ UDWKHU WKDQ LQGHSHQGHQWO\ LQ WHUPV RI PDUNHWV RU WHFKQRORJLHV>@LQWKLVVKRUWSDSHUZHRQO\SUHVHQWVWKH WHFKQRORJLFDO UHODWHG SURGXFW LQQRYDWLRQ WUDMHFWRU\ RI HPEHGGHG VRIWZDUH HVSHFLDOO\ LQ WHUPV RI WKH IXQFWLRQV UHDOL]HG E\ HPEHGGHG VRIWZDUH 7KH IXQFWLRQ KHUH LV D EURDGFRQFHSWGHILQHGDVSXUSRVHRIHPEHGGHGVRIWZDUH VXFK DV EHLQJ XVHG WR ³FRQWURO PRQLWRU RU DVVLVW´ >@ VSHFLILF PDFKLQHVGHYLFHVHTXLSPHQWDSSDUDWXV LQ D GLJLWDOZD\QHLWKHUDVHWVHTXHQFHRIVWHSVSDUWRIODUJHU FRPSXWHUSURJUDPQRUKDYLQJDPHDQLQJLQPDWKHPDWLFV
7KHSDSHULVRUJDQL]HGDVIROORZV6HFWLRQGLVFXVVHV WKH WKHRUHWLFDO EDFNJURXQG DQDO\WLFDO IUDPHZRUN PHWKRGRORJ\ DQG GDWD 6HFWLRQ SUHVHQWV WKH PDLQ ILQGLQJV6HFWLRQSURYLGHVFRQFOXVLRQVDQGLPSOLFDWLRQV 7KHRUHWLFDO%DFNJURXQG$QDO\WLFDO)UDPHZRUN 0HWKRGRORJ\DQG'DWD $VDVHPLILQLVKHGSURGXFWWKHIXQFWLRQVRIHPEHGGHG VRIWZDUH DUH UHDOL]HG E\ HPEHGGHG LQWR VSHFLILF HPEHGGHGSURGXFWVHJDXWRPRELOHVRUPRELOHSKRQHV ,QVXFKVHQVHSURGXFWLQQRYDWLRQRIHPEHGGHGVRIWZDUH LVGHILQHGDVWKHILUVWDWWHPSWWRHPEHGVRIWZDUHLQWRDQ
HPEHGGHG SURGXFW RU D VLJQLILFDQW LPSURYHPHQW LQ WKH VRIWZDUHIRUDQHPEHGGHGSURGXFW7KHIXQFWLRQVUHDOL]HG
E\ HPEHGGHG VRIWZDUH DUH FRQVLGHUHG DV D SUR[\ RI SURGXFWLQQRYDWLRQRIHPEHGGHGVRIWZDUH7KHUHIRUHWKH SURGXFW LQQRYDWLRQ WUDMHFWRU\ RI HPEHGGHG VRIWZDUH LV XQGHUVWRRG E\ LQYHVWLJDWLQJ WKH IXQFWLRQV UHDOL]HG E\ HPEHGGHGVRIWZDUH
7KH IXQFWLRQV UHDOL]HG E\ HPEHGGHG VRIWZDUH SXW VSHFLILF UHTXLUHPHQWV RQ HPEHGGHG VRIWZDUH VLQFH HPEHGGHGVRIWZDUHLVD³GHVLJQIRUUHDOZRUOG´>@³QRW WKHWUDQVIRUPDWLRQRIGDWDEXWUDWKHUWKHLQWHUDFWLRQZLWK WKH SK\VLFDO ZRUOG´ DQG ³RI QHFHVVLW\ DFTXLUH VRPH SURSHUWLHV RI WKH SK\VLFDO ZRUOG´ >@ 7KH ³LQWHUDFWLRQ ZLWK WKH SK\VLFDO ZRUOG´ DOVR LQGLFDWHV WKDW WKHUH DUH
GLIIHUHQW W\SHV RI LQWHUDFWLRQV EHWZHHQ WHFKQRORJLFDO
SDUDGLJPV GHILQHG DV ³WKH µPRGHO¶ DQG D µSDWWHUQ¶ RI
VROXWLRQ RI VHOHFWHG WHFKQRORJLFDO SUREOHPV´ E\ 'RVL >@7KHUHIRUHVXFKLQWHUDFWLRQVEHWZHHQWHFKQRORJLFDO SDUDGLJPVLQGLFDWHKHWHURJHQHRXVLQQRYDWLRQWUDMHFWRULHV EHFDXVHRIGLIIHUHQWUHTXLUHPHQWVLQW\SHVRILQWHUDFWLRQV WR UHDOL]HG VSHFLILF IXQFWLRQV ,Q RWKHU ZRUGV GLIIHUHQW UHTXLUHPHQWV RQ HPEHGGHG VRIWZDUH GXH WR WKH LQWHUDFWLRQV ZLWK SK\VLFDO ZRUOG DUH EDVLFDOO\ WHFKQRORJLFDO UHDVRQV WKDW KHWHURJHQHRXV LQQRYDWLRQ WUDMHFWRULHVRIHPEHGGHGVRIWZDUHH[LVW
6XFK GLIIHUHQW UHTXLUHPHQWV RQ HPEHGGHG VRIWZDUH LQYROYHWZRVLJQLILFDQWDVSHFWVUHDOWLPHFRPSXWLQJDQG
UHOLDELOLW\5HDOWLPHSURJUDPVPXVWJXDUDQWHHDUHVSRQVH
ZLWKLQVWULFWWLPHFRQVWUDLQWV>@VXFKDVLQPLOOLVHFRQGV RUPLFURVHFRQGV7KHLVVXHLVQRWMXVWWKDWH[HFXWLRQWDNHV WLPH HYHQ ZLWK LQILQLWHO\ IDVW FRPSXWHUV HPEHGGHG VRIWZDUH ZRXOG VWLOO KDYH WR GHDO ZLWK WLPH EHFDXVH WKH SK\VLFDO SURFHVVHV ZLWK ZKLFK LW LQWHUDFWV HYROYH RYHU WLPH>@
'HDGOLQHVRIUHDOWLPHWDVNVFDQEHFODVVLILHGDV HLWKHU KDUG ILUP RU VRIW >@ $ GHDGOLQH LV VDLG WR EHKDUG LI PLVVLQJ D GHDGOLQH LV D WRWDO V\VWHP IDLOXUH RU
FDWDVWURSKLFHJLIVRIWZDUHLQDQWLORFNEUDNLQJV\VWHP $%6 FDQQRW PHHW WKH GHDGOLQH UHVSRQVH WLPH DXWRPRELOH PD\ EH OLNHO\ WR HQWHU D VSLQ ZKLFK FRXOG UHVXOWLQDQDFFLGHQW)LUPUHDOWLPHPHDQVWKDWLQIUHTXHQW GHDGOLQH PLVVHV DUH WROHUDEOH EXW PD\ GHJUDGH WKH V\VWHP¶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
7KHUHIRUHZHSURSRVH
+\SRWKHVLV ,QQRYDWLRQ WUDMHFWRULHV RI HPEHGGHG
VRIWZDUHDUHKHWHURJHQHRXVLQGLIIHUHQWW\SHVRIIXQFWLRQV
+\SRWKHVLV ± 7KH GLIIHUHQW UHTXLUHPHQWV RQ
HPEHGGHG VRIWZDUH GXH WR LQWHUDFWLRQV EHWZHHQ YDULRXV WHFKQRORJLFDO SDUDGLJPV VXFK DV UHDOWLPH FRPSXWLQJ DQG UHOLDELOLW\ DUH EDVLFDOO\ WHFKQRORJLFDO UHDVRQV RI KHWHURJHQHRXV LQQRYDWLRQ WUDMHFWRULHV RI HPEHGGHG VRIWZDUH
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³LQWHUQHW FRQQHFWLRQ´ DQG FODVVLILHG LQWR ³GDWD UHODWHG IXQFWLRQV´ 7KH GLIIHUHQW ILHOGV RI IXQFWLRQV LQ GLPHQVLRQV RI UHDOWLPHFRPSXWLQJDQGUHOLDELOLW\DUHSUHVHQWHGURXJKO\ LQ)LJ )LJ3URSRVHGFKDUDFWHULVWLFVPDWUL[ RIGLIIHUHQWILHOGVRIIXQFWLRQV
6XEVHTXHQWO\ ZH DQDO\VLV WKH LQQRYDWLRQ DFWLYLWLHV LQ GLIIHUHQW ILHOGV RI IXQFWLRQV WR LQYHVWLJDWH ZKHWKHU WKHLU LQQRYDWLRQ WUDMHFWRULHV DUH GLIIHUHQW DQG WR LGHQWLI\ ZKDW NLQGV RI WHFKQRORJLFDO IDFWRUV DUH UHVSRQVLEOH IRU VXFK KHWHURJHQHLW\
,QQRYDWLRQ DFWLYLWLHV LQ HPEHGGHG VRIWZDUH UHDOL]HG IXQFWLRQV LQ DXWRPRELOHV DUH PHDVXUHG E\ WKH SDWHQWV LVVXHG LQ 8QLWHG 6WDWHV 3DWHQW DQG 7UDGHPDUN 2IILFH 863727KH IXQFWLRQV UHDOL]HG E\ HPEHGGHG VRIWZDUH LQPRELOHSKRQHVDUHPHDVXUHGE\SDWHQWVWKDWFODLPHGDV DPRELOHSKRQHLQ-DSDQ3DWHQW2IILFH-327KHUHVXOWV DUHSUHVHQWHGLQWKHQH[WVHFWLRQ 5 HOLD EL OLW \ 5HDOWLPHFRPSXWLQJ
6RIW
)LUP +DUG
+ LJK /RZ
0DLQ)LQGLQJV
+HWHURJHQHRXVLQQRYDWLRQWUDMHFWRULHVRI HPEHGGHGVRIWZDUH
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
&RPSDULQJ WKH WZR FDVHV ZH REWDLQHG WKH IROORZLQJ ILQGLQJV
7KHVKDUHRILQQRYDWLRQDFWLYLWLHVRQWKHIXQFWLRQV UHODWHG WR LQIRUPDWLRQ SURFHVVLQJ VXFK DV ,& 7 V\VWHP DQGGDWDUHODWHGIXQFWLRQVKDYHLQFUHDVHGGXULQJWKHODVW
WHQ \HDUV 7KLV LQGLFDWHV WKDW GDWD UHODWHG IXQFWLRQV DQG ,& 7 V\VWHP KDYH EHHQ SOD\LQJ PRUH DQG PRUH VLJQLILFDQWUROHDVLQQRYDWLRQIRFXVLQHPEHGGHGVRIWZDUH UHDOL]HGIXQFWLRQV
7KHLQQRYDWLRQDFWLYLWLHV RIHPEHGGHGVRIWZDUHLQ WKH ILHOG RI IXQFWLRQV UHODWHG WR FRQWURO VSHFLILF GHYLFHVDSSDUDWXVLQHPEHGGHGSURGXFWVGLGQRWLQFUHDVHG LQ FRUUHVSRQGLQJ WR WKH PDWXULW\ RI WKHVH WHFKQRORJLHV VXFK DV WKH WDEOH LQQRYDWLRQ DFWLYLWLHV LQ WKH ILHOG RI SRZHU WUDLQ FRQWURO LQ DXWRPRELOHV DQG WKH GHFUHDVH RI FDOO UHODWHG IXQFWLRQV DQG WKH IXQFWLRQV UHODWHG WR KDUGZDUHFRPSRQHQWFRQWUROLQPRELOHSKRQHV
7KH VRIWZDUH IXQFWLRQV UHODWHG WR FRQWUROOLQJ QHZ HPHUJLQJ WHFKQRORJLHV LQFUHDVHG ZKLFK DUH FRUUHVSRQGLQJWRWKHLQFUHDVLQJQHHGRIIXQFWLRQVUHDOL]HG E\HPEHGGHGVRIWZDUHVXFKDVEDWWHU\DQGHOHFWULFSRZHU FRQWURO LQ DXWRPRELOHV DQG QRQFDOO UHODWHG FRPPXQLFDWLRQIXQFWLRQVQHDUILHOGFRPPXQLFDWLRQ1)& VJWHOHYLVLRQHWF7KLVLQGLFDWHVWKDWWKHLQWHUDFWLRQRI FRPSXWLQJ WHFKQRORJLFDO SDUDGLJPV DQG WKH SDUDGLJPV
UHODWHG WR VSHFLILF WHFKQRORJLHV DUH JURZWK SRLQWV RI LQQRYDWLRQDFWLYLWLHVLQHPEHGGHGVRIWZDUH
7KHUHKDYHEHHQVKLIWVRILQQRYDWLRQWUDMHFWRULHVLQ HPEHGGHGVRIWZDUH,IZHFRQVLGHUSRZHUWUDLQFRQWUROLQ DXWRPRELOHV FDOO DQG QRQFDOO UHODWHG IXQFWLRQV DQG WKH IXQFWLRQV UHODWHG WR KDUGZDUH FRPSRQHQW FRQWURO LQ PRELOH SKRQHV DV FRQWUROFHQWHUHG IXQFWLRQV DQG ,& 7 V\VWHPDQGGDWDUHODWHGIXQFWLRQVDVLQIRUPDWLRQFHQWHUHG IXQFWLRQVWKHQ ZHFDQVD\WKDW WKHUHKDVEHHQDVKLIWRI LQQRYDWLRQ WUDMHFWRULHV LQ HPEHGGHG VRIWZDUH IURP FRQWUROFHQWHUHG WR LQIRUPDWLRQFHQWHUHG IXQFWLRQV )XUWKHUPRUHLIWKHFRQWUROFHQWHUHGIXQFWLRQVDUHVWLOODW LWVHDUO\VWDJHVXFKDVWKHIXQFWLRQVUHODWHGFRQWUROQHDU ILHOG FRPPXQLFDWLRQ 1)& WKHUH VKRXOG EH VRPH FRQFHQWUDWLRQ RQ VXFK FRQWUROFHQWHUHG IXQFWLRQV 2QFH VXFKFRQWUROFHQWHUHGIXQFWLRQVKDVEHHQUHDOL]HGWRVRPH H[WHQW WKHUH LV UHTXLUHPHQW RQ IRFXVLQJ PRUH RQ LQIRUPDWLRQFHQWHUHGIXQFWLRQV
,QVXPPDU\WKHUHDUHGLIIHUHQWLQQRYDWLRQIRFXVHVDQG FRPSRXQG DQQXDO JURZWK UDWHV LQ SURGXFW LQQRYDWLRQ RI HPEHGGHG VRIWZDUH 7KLV VXSSRUWV +\SRWKHVLV ,Q 6HFWLRQZHZLOOFRQWLQXHWRGLVFXVVWKHWHFKQRORJLFDO UHDVRQV RI VXFK KHWHURJHQHLWLHV RI SURGXFW LQQRYDWLRQ WUDMHFWRULHVLQHPEHGGHGVRIWZDUH
7HFKQRORJLFDOUHDVRQVRIKHWHURJHQHRXV LQQRYDWLRQWUDMHFWRULHV
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¶ VSHHG KDV LQFUHDVHG GUDPDWLFDOO\ 7KLV LQGLFDWHV WKDW LQQRYDWLRQ WUDMHFWRU\ RI HPEHGGHG VRIWZDUH UHDOL]HG IXQFWLRQV ZLWK WKH FKDUDFWHULVWLFV RI KDUG UHDOWLPH FRPSXWLQJ DQG KLJK UHOLDELOLW\GHSHQGVPRUHRQWKHWHFKQRORJLFDOSDUDGLJPRI UHODWHG WHFKQRORJLHV UDWKHU WKDQ FRPSXWLQJ WHFKQRORJLFDO
SDUDGLJPV
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
7KHGDWDUHODWHGIXQFWLRQVDUHFKDUDFWHUL]HGE\VRIW UHDOWLPH FRPSXWLQJ DQG ORZ UHOLDELOLW\ 7KLV NLQG RI IXQFWLRQVLVKLJKO\GHSHQGLQJRQFRPSXWLQJWHFKQRORJLFDO SDUDGLJPUDWKHUWKDQWKHSDUDGLJPRIUHODWHGWHFKQRORJLHV ,QRWKHUZRUGVWKHGHYHORSPHQWRIFRPSXWLQJWHFKQRORJ\ SOD\VDGHWHUPLQDWLYHUROH,QWKHFDVHRIPRELOHSKRQHV LQQRYDWLRQ LQ GDWD UHODWHG IXQFWLRQV DUH GHWHUPLQHG E\ SURFHVVRUV¶VSHHGWRODUJHH[WHQW;LHDQG0L\D]DNL KDYH DOUHDG\ DUJXHG WKDW WKH LQFUHDVLQJ VSHHG RI SURFHVVRUV LV D PDLQ IDFWRU UHVXOWLQJ LQ WKH LQFUHDVH RI GDWDUHODWHGIXQFWLRQV>@7KLVLQGLFDWHVWKDWLQQRYDWLRQV LQ WKH IXQFWLRQV ZLWK VRIW UHDOWLPH FRPSXWLQJ DQG ORZ UHOLDELOLW\DUHPRUHOLNHO\GHSHQGLQJRQWKHGHYHORSPHQW RIFRPSXWLQJWHFKQRORJ\
,Q VXPPDU\ GLIIHUHQW W\SHV RI LQWHUDFWLRQ EHWZHHQ FRPSXWLQJ WHFKQRORJLFDO SDUDGLJP DQG WKH SDUDGLJP RI UHODWHGWHFKQRORJLHVLQIXQFWLRQVZLWKGLIIHUHQWGHJUHHVRI UHDOWLPH FRPSXWLQJ DQG UHOLDELOLW\ DUH EDVLFDOO\ WHFKQRORJLFDOIDFWRUVLQIOXHQFLQJLQQRYDWLRQWUDMHFWRU\RI HPEHGGHGVRIWZDUHZKLFKVXSSRUWV+\SRWKHVLV
&RQFOXVLRQVDQG,PSOLFDWLRQV
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
7KHUH DUH LPSOLFDWLRQV EDVHG RQ WKHVH UHVXOWV )LUVWO\ GLIIHUHQWLQQRYDWLRQWUDMHFWRULHVLQHPEHGGHGVRIWZDUHLQ WHUPVRIIXQFWLRQVLPSO\GLIIHUHQWLQQRYDWLRQVWUDWHJLHVLQ HPEHGGHG VRIWZDUH ,PSOHPHQWLQJ LQQRYDWLRQ VWUDWHJLHV VKRXOGFRQVLGHUWKHIROORZLQJDVSHFWVD6LJQLILFDQFHRI VSHFLILF IXQFWLRQV E 7HFKQRORJLFDO FKDUDFWHULVWLFV UHODWHG WR VSHFLILF ILHOG RI IXQFWLRQV ZLWK GLIIHUHQW UHTXLUHPHQWVRIKLJKDFFXPXODWLRQRIVSHFLILFNQRZOHGJH RU UHDOWLPH FRPSXWLQJ F 'LIIHUHQW VWDJHV RI LQQRYDWLRQWUDMHFWRULHV
6HFRQGO\ WKH LQQRYDWLRQ WUDMHFWRU\ VKLIW IURP FRQWUROFHQWHUHG WR LQIRUPDWLRQFHQWHUHG LPSOLHV D VLJQLILFDQW FKDQJH RI WKH UROH RI HPEHGGHG VRIWZDUH 7KHUHIRUHWKHUHLVSUHVVLQJQHHGIRUHQJLQHHUVWRFKDQJH WKH YLHZSRLQWV IURP KDUGZDUHGRPLQDWHG WR VRIWZDUHGRPLQDWHGGHYHORSPHQWSURFHVVDQGWRLQQRYDWH LQ WKH GHYHORSPHQW SURFHVV WR PHHW WKH QHHGV UHODWHG WR WKHVKLIWRILQQRYDWLRQWUDMHFWRU\
7KLUGO\ WKH UHVXOW WKDW SURGXFW LQQRYDWLRQV RI HPEHGGHG VRIWZDUH LQ GLIIHUHQW W\SHV RI IXQFWLRQV ZHUH WKHUHVXOWVRILQWHUDFWLRQDPRQJWHFKQRORJLFDOSDUDGLJPV DORQJ LQQRYDWLRQ WUDMHFWRULHV KDV WZR LPSOLFDWLRQV D 1HZ FRQQHFWLRQ EHWZHHQ VRIWZDUH HQJLQHHULQJ WHFKQRORJLHV DQG RWKHU GHYLFHV PD\ SURYLGH QHZ LQQRYDWLRQ WUDMHFWRULHV LQ WHUPV RI IXQFWLRQV UHDOL]HG E\ HPEHGGHGVRIWZDUHE7KHFRHYROXWLRQRIWHFKQRORJLFDO SDUDGLJPV DOVR LPSOLHV FRRSHUDWLRQ EHWZHHQ VRIWZDUH HQJLQHHUV DQG WKH HQJLQHHUV UHODWHG WR VSHFLILF WHFKQRORJLHV 3URGXFW LQQRYDWLRQV RFFXU ZKHQ HQJLQHHUV FRRSHUDWH WR PDNH HPEHGGHG VRIWZDUH UHDOL]H VSHFLILF IXQFWLRQV
)RXUWKO\ XQGHUVWDQGLQJ WKH GLIIHUHQW LQQRYDWLRQ WUDMHFWRULHV RI HPEHGGHG VRIWZDUH GHSHQGLQJ RQ KRZ KHDYLO\GHSHQGRQFRPSXWLQJWHFKQRORJLFDOSDUDGLJPDQG WKHSDUDGLJPRIUHODWHGWHFKQRORJLHVPD\KHOSHQJLQHHUV RU FRPSDQLHV PDNLQJ DSSURSULDWH LQQRYDWLRQ VWUDWHJLHV IRU HPEHGGHG VRIWZDUH DFFRUGLQJ WR WKH GHJUHH RI UHDOWLPH FRPSXWLQJ DQG UHOLDELOLW\ RI WKH HPEHGGHG VRIWZDUHUHDOL]HGIXQFWLRQV
7KLV SDSHU PDLQO\ GLVFXVVHG WHFKQRORJLFDO UHDVRQV UHODWHG WR KHWHURJHQHLW\ RI LQQRYDWLRQ WUDMHFWRULHV QRW PHQWLRQLQJQRQWHFKQRORJLFDOUHDVRQVRUWKHDFWLYLWLHVRI LQQRYDWLYHDFWRUVVLQFHWKHSDJHOLPLWDWLRQ6XFKNLQGRI UHVHDUFKWRSLFVZLOOEHGLVFXVVHGLQRXUIXWXUHVWXG\ 5HIHUHQFH >@ 1 .XPDUHVDQ DQG . 0L\D]DNL ³0DQDJHPHQW DQG 3ROLF\ &RQFHUQV RYHU VKLIWV LQ ,QQRYDWLRQ 7UDMHFWRULHV 7KH &DVH RI WKH -DSDQHVH 5RERWLFV ,QGXVWU\´ 7HFKQRORJ\ $QDO\VLV DQG 6WUDWHJLF
0DQDJHPHQWYROQRSS
>@ 3(+DUW³$UWLILFLDO,QWHOOLJHQFHLQ7UDQVLWLRQ´$,0DJD]LQHYRO QRSS
>@ 3 4XLQWDV ³3URJUDPPHG ,QQRYDWLRQ" 7UDMHFWRULHV RI &KDQJH LQ 6RIWZDUH'HYHORSPHQW´,QIRUPDWLRQ7HFKQRORJ\ 3HRSOHYRO QRSS
>@ ) +DFNOLQ 9 5DXULFK DQG & 0DU[W ³,PSOLFDWLRQV RI 7HFKQRORJLFDO&RQYHUJHQFHRQ,QQRYDWLRQ7UDMHFWRULHV7KH&DVHRI ,&7,QGXVWU\´,QWHUQDWLRQDO-RXUQDORI,QQRYDWLRQDQG7HFKQRORJ\
0DQDJHPHQW,-,70YROQRSS
>@ 0& +X DQG &< :X ³([SORULQJ 7HFKQRORJLFDO ,QQRYDWLRQ 7UDMHFWRULHV WKURXJK /DWHFRPHUV (YLGHQFH IURP 7DLZDQV %LF\FOH ,QGXVWU\´7HFKQRORJ\$QDO\VLVDQG6WUDWHJLF0DQDJHPHQWYRO QRSS
>@ 0(7, *RYHUQPHQW ,QLWLDWLYHV IRU WKH &RPSHWLYHQHVV 6WUHQJWKHQLQJRI-DSDQHVH6RIWZDUH
>@ : ( 6WHLQPXHOOHU 7KH (XURSHDQ 6RIWZDUH VHFWRUDO V\VWHP RI LQQRYDWLRQ6HFWRUDO 6\VWHPVRI ,QQRYDWLRQ&RQFHSWV ,VVXHV DQG
$QDO\VLVRI6L[0DMRU6HFWRUVLQ(XURSH)0DOHUEDHG&DPEULGJH
&DPEULGJH8QLYHUVLW\3UHVV
>@ : ( 6WHLQPXHOOHU ³(PEHGGHG 6RIWZDUH (XURSHDQ 0DUNHWV DQG &DSDELOLWLHV´ (XURSHDQ 6HFWRUDO 6\VWHPV RI ,QQRYDWLRQ 3URMHFW :RUNLQJ3DSHU63588QLYHUVLW\RI6XVVH[
>@ .0L\D]DNLDQG..OLQFHZLF]6HFWRUDO6\VWHPVRI,QQRYDWLRQLQ $VLD7KH&DVHRI6RIWZDUH5HVHDUFK$FWLYLWLHVSS >@- +HQNHO ³6HOHFWLYH UHYHDOLQJ LQ RSHQ LQQRYDWLRQ SURFHVVHV 7KH
FDVH RI HPEHGGHG /LQX[´ 5HVHDUFK 3ROLF\ YRO QR SS
>@=;LHDQG.0L\D]DNL'\QDPLFVDQGKHWHURJHQHLW\RISURGXFW LQQRYDWLRQLQHPEHGGHGVRIWZDUH7KHFDVHRI-DSDQHVHDXWRPRWLYH VRIWZDUHSS
>@= ;LH DQG . 0L\D]DNL ³3URGXFW ,QQRYDWLRQV RI (PEHGGHG 6RIWZDUH LQ 0RELOH 3KRQHV $Q (PSULFDO $QDO\VLV %DVHG RQ WKH )XQFWLRQV5HDOL]HGE\(PEHGGHG6RIWZDUH´-RXUQDORI,QIRUPDWLRQ
DQG&RPPXQLFDWLRQ5HVHDUFKYROQRSS
>@,((( ³(PEHGGHG 6\VWHPV´ LQ (PEHGGHG 6\VWHPV DQG WKH <HDU 3UREOHP*XLGDQFH1RWHV,((7HFKQLFDO*XLGHOLQHV SS
>@($/HH(PEHGGHG6RIWZDUH $GYDQFHVLQ&RPSXWHUV0 =HONRZLW]HGSS/RQGRQ$FDGHPLF3UHVV >@*'RVL³7HFKQRORJLFDOSDUDGLJPVDQGWHFKQRORJLFDOWUDMHFWRULHV$
VXJJHVWHG LQWHUSUHWDWLRQ RI WKH GHWHUPLQDQWV DQG GLUHFWLRQV RI WHFKQLFDO FKDQJH´ 5HVHDUFK 3ROLF\ YRO QR SS
>@0 %HQ$UL 3ULQFLSOHV RI &RQFXUUHQW DQG 'LVWULEXWHG
3URJUDPPLQJSASS3UHQWLFH+DOO
>@.*6KLQ³5HDO7LPH&RPSXWLQJ$1HZ'LVFLSOLQHRI&RPSXWHU 6FLHQFHDQG(QJLQHHULQJ´3URFHHGLQJVRIWKH,(((YROQR SS