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Present researches on ownership of latecomers of enterprises in technology catch-up pay little attention to indirect influence of ownership on latecomers through industry-school- institute-user platform and market buyer's power. In this research, resource dependence theory and corporation governance theory are combined to do time-series analysis in case study of thirty-year technology catch-up process of five telecom manufacturers. Research shows following results. First, Ownership factor could exert multiple- way effect which could influence the technology catch-up of latecomers through power of government, buyer and industry platform. Second, ownership factor could reinforce or break alignment effect ① formed among enterprises' technical resource structure, capability development action and innovation capacity performance. Third, State ownership exerted leading function in industry technology innovation, but private ownership favor independent technology innovation. Suggestions are provided here. First, enterprises should avoid trap of external resource dependence and place emphasis on long-term capability building. Second, state assets administration department should manage visibility scientifically. Third, government should fully exert innovation support function of industrial platform and make use of buyer's power carefully. This paper forms logic analysis framework of integrated theories, and develops external control perspective of resource dependence theory and visibility perspective of corporation governance.

Multiple-Way Effect of Ownership Factor in the Catch-up of the Latecomers of Enterprises in China Telecom Manufacturing