For the past 70 years, Varian Medical Systems has helped lead the fight against cancer by developing new and more effective cancer treatments and is today's market leader in radiation therapy, treating over four million cancer patients last year. From its founding in 1948, Varian's competitive advantage has been seen as deriving from its “culture of innovation“—a culture that has been fueled by significant investment in research and development. But after a long run of innovation that extended Varian's therapeutic reach and resulted in strong growth, the company's shareholder returns began to sag. And as a number of analysts noted, the stagnation of the share price appears to have been highly correlated with a slowdown in the company's release of new, innovative products.

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一家公司如何推动所有权行为创新和创造股东价值：以瓦里安医疗系统公司为例

在过去的70年中，瓦里安医疗系统公司（Varian Medical Systems）通过开发新的更有效的癌症治疗方法来帮助抗击癌症，并成为当今放射疗法的市场领导者，去年治疗了超过400万癌症患者。自1948年成立以来，瓦里安（Varian）的竞争优势就被视为源于其“创新文化”，这种文化在研发方面投入了大量资金。但是经过长期的创新，扩大了瓦里安的治疗范围并取得了强劲的增长，该公司的股东回报开始下降。而且，正如许多分析师指出的那样，股价的停滞似乎与该公司发布新产品的速度放慢有关。