In this paper, we theoretically and empirically investigate factors that contribute to product innovation by firms in emerging markets. Combining the innovation literature with the latecomer literature on ‘catch‐up’ strategies of firms in newly industrialized economies, we posit that access to foreign knowledge is essential for fostering product innovation. In particular, we investigate how innovation clusters formed by inward foreign direct investments in an emerging market and export activities of a firm are effective channels for acquiring foreign knowledge. We also suggest firms that invest in research and development and marketing activities benefit further from access to foreign knowledge due to increased absorptive capacity. Empirically, we employ information on over 160,000 indigenous manufacturing firms in China in 2005–2006. We find strong empirical support for our theoretical framework and conclude by discussing the implications for both theory and managerial practice.

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Human resource plays a key role in economic life, which determines the competitive advantage of one enterprise over another. Performance management, as the core of modern human resource management, is more incentive and guiding than eliminating or promoting employees. Based on discussing the effects of performance management in enterprise operations, this paper analyzes problems in performance management of SME, and advances suggestions for SME carrying out effective performance management.Keywords: Small and medium-sized enterprise (SME), Human resource management, Performance management Background of the researchHuman resource is the most active factor in economic activity, and also the most important resource. It has a special effect on economic growth, and also important meanings for the survival and development of enterprise. The concept of human resource management appears after Drucker suggesting the concept of human resource in 1954. It develops fast though it does not have a long history. In the past three decades, human resource management experienced two important changes. The first is to become human resource management from general personnel management. The second is to become strategic human resource management from human resource management. Human resource management includes seven aspects: human resource planning, job analysis, recruitment, performance management, compensation management, training and development, and employee relationship management. Here, performance management is the core of whole system. Although Chinese enterprises have achieved some successes in performance management of human resource, there is still a huge gap, compared to western developed countries. In particular, because of undeveloped theories, low management level, poor quality of staff, and outdated management ideas, Chinese SMEs just mechanically copy and apply some theories of performance management without necessary empirical analysis and resource, exposing many imperfections. The application of performance management in enterprise strategyPerformance management is a process in which managers and employees reach a consensus on responsibilities, goals, and how to achieve success, and also a process of strengthening practical management and driving employees to gain excellent performance. As for the basic functions of human resource management, performance management is the core, which connects closely with every ring of human resource management.First of all, job analysis is an important base for performance management. Job analysis is to establish the job responsibilities of certain position, by which forming key indicators for evaluating the performance of the position. These indicators are standards for evaluating the performance of employees in the position. Job analysis provides the base for the execution of performance management.Secondly, performance management is an important factor determining the compensation. For different compensation systems and different positions, performance management pres...