【摘要】 后发企业颠覆性创新的实现不仅存在技术性能的越轨提升，更需打破市场认知劣势，得到市场检验。然而，现有研究尚未关注到市场认知的重要性，对其作用机制和演化过程未有系统性分析。本文采用纵向多案例研究方法，以滴滴出行、美团和Airbnb等颠覆传统“食住行”行业的创新案例，审视后发企业市场认知的演化路径。研究发现：后发企业的市场认知呈现出差异化形象、卓越者身份和领导者地位等状态演化，以驱动企业历经初创期、追赶期和成熟期的发展，实现对传统在位者的颠覆；初创期，后发企业受利基诱导，通过疏离行动和价值建构等塑造机制，以形成差异化形象实现新市场进入；追赶期，后发企业受竞争驱动因素影响，采取强化行动和方向重塑等转化机制，以树立卓越者身份实现新市场进阶；成熟期，后发企业由未来趋势引导，采取分化行动和未来引领等隔离机制，以占据新兴行业领导者位置，完成市场认知演化。综合本文的理论研究模型，为指导后发企业突破市场认知劣势，实现颠覆性创新提供有益的管理启示。更多还原

【Abstract】 The realization of disruptive innovation by latecomer firms not only involves the transgression of technological performance but also needs to break the disadvantage of market cognition and be tested by the market. However, existing studies have not yet paid attention to the importance of market cognition and have not systematically analyzed its mechanism and evolution. Therefore, this paper adopted a longitudinal multi-case approach, by selecting cases of corporate disruptive innovations such as Didi, Meituan, and Airbnb to examine the evolutionary path of market cognition. The findings of this paper are as follows:(1) the market cognition of latecomer firms shows an evolution of states such as differentiated image, excellent status, and leader status to drive firms through start-up, catch-up, and maturity phases to achieve disruption of traditional incumbents;(2) during the start-up period, driven by niche-inducing motivations, latecomer firms adopt shaping mechanisms such as detachment actions and value construction. In turn, they can achieve new market entry by forming a differentiated image;(3) during the catch-up period, driven by competition-driven factors, latecomer firms adopt transformative mechanisms such as intensified actions and reorientation. In turn, they realize new market advancement by establishing the status of excellence;(4) during the maturity period, driven by future trend-led factors, latecomer firms adopt segregation mechanisms such as separation actions and future leadership. In turn, they become emerging industry leaders and complete the evolution of market cognition. The theoretical research model in this paper has provided some valuable managerial insights to guide latecomer firms to break through the market cognition disadvantage and realize disruptive innovation.更多还原