20世纪70年代末到21世纪初，我国民营制造业企业以“违反比较优势”和“超越制度/政策条件限制”的形式，在资本/技术密集型工业成功创业。基于制度激励、市场竞争、企业家精神和比较优势的传统观点无法解释这一反常现象。基于“能力—机会联结”框架和中国工业/企业史证据，本文提出，工业体系和嵌入式创业者的互动关系及过程塑造了民营制造业企业的创业内容和路径。民营企业通过多样关系途径和组织方式嵌入工业体系中发现机会、利用资源和构建能力，从而在资本/技术密集型工业完成创业。本文为理解中国民营企业崛起和经济奇迹提供了新视角。

From the late 1970s to the beginning of the 21st century, private manufacturing enterprises succeeded in starting up capital/technology-intensive industries in the form of “violating comparative advantage” and “transcending institutional/policy constraints”. The traditional view based on institutional incentives, market competition, entrepreneurship and comparative advantage cannot explain this anomaly. Based on the “capability-opportunity nexus” framework and evidence from Chinese industrial/enterprises history, this paper proposes that the interaction between the industrial system and embedded entrepreneurs and the processes that shape the entrepreneurial content and pathways of private manufacturing enterprises. Private enterprises are embedded in the industrial system through a variety of relational and organizational approaches to identify opportunities, leverage resources, and build capabilities, thereby completing entrepreneurship in capital/technology-intensive industries. This paper provides a new perspective for understanding the rise of private enterprises and the economic miracle in China.

本文受首都经济贸易大学北京市属高校基本科研业务费专项资金资助（项目编号：XRZ2021006）。

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