伙伴年龄非对称性对企业战略联盟价值的影响

摘要/Abstract

摘要：

新环境下，非对称联盟对企业成功越来越重要。基于2009—2013年我国深市股权式联盟公告数据，研究了制造业行业中伙伴年龄非对称性对联盟价值的影响。研究发现，伙伴年龄差距对联盟价值的影响对于不同年龄、规模和研发能力的企业不同。研究结论表明，对于成熟企业来说，年龄非对称的伙伴的价值更高，但随着企业规模和研发能力的提高，年龄非对称伙伴的联盟价值逐渐降低。对于新生企业来说，年龄对称的伙伴是更好的选择，特别是当新生企业的规模和研发能力较强时，同龄伙伴的价值最高。本文深化了联盟伙伴选择的相关研究，揭示了联盟价值创造的边界条件，即企业特征如何影响伙伴年龄差距与联盟价值创造之间的关系。

关键词: 伙伴年龄, 非对称性, 联盟价值, 企业规模, 研发能力

Abstract:

Asymmetric alliance is becoming more and more significant for a firm's success in the new environment. Based on data of equity alliances formed by firms listed on Shenzhen exchange market from 2009 to 2013, we investigate the impact of partner age asymmetry on alliance value for firms in the manufacturing industry. We find that the impact of partner age asymmetry on alliance value is moderated by the firm's age, size and R&D capability. Results show that asymmetric age partners are more valuable than symmetric ones for old firms, but the value created in asymmetric alliances decreases when a firm is big in size or high in R&D capability. On the contrary, partners of similar ages are better choices for young firms, and the alliance value of cooperating with a symmetric age partner increases with the young firm's size and R&D capability. This paper contributes to research on partner selection. It explores the boundary conditions for value creation by strategic alliances, which illustrates the contingent effect of a firm's attributes in the relationship between its partners' age asymmetry and the firm's value extracted from strategic alliances.

Key words: partner age, asymmetry, alliance value, firm size, R&D capability

赵超, 王铁男. 伙伴年龄非对称性对企业战略联盟价值的影响[J]. , 2019, 31(11): 183-194.

Zhao Chao, Wang Tienan. The Impact of Partner Age Asymmetry on Strategic Alliance Value[J]. , 2019, 31(11): 183-194.

参考文献

[1] 史会斌.非对称联盟中组织公平感对承诺影响差异的实证研究[J].工业技术经济, 2014,250(8):139-146
[2] Gulati R. Social Structure and Alliance Formation Patterns:A Longitudinal Analysis[J]. Administrative Science Quarterly, 1995,40(4):619-652
[3] Emerson R. M. Power-Dependence Relations[J]. American Sociological Review, 1962,27(1):31-41
[4] 杨建华,高卉杰,郭龙.横向物流联盟伙伴相似性、关系承诺与联盟绩效的关系研究[J].软科学, 2016,30(4):60-64
[5] 马永远,江旭.战略联盟伙伴间特征与联盟管理实践转移[J].管理科学, 2014,27(5):1-11
[6] 詹也,郭京京.弱势企业对多重非对称联盟的管理战略——一个双案例比较研究[J].财经论丛, 2015,197(8):89-95
[7] 宋波,黄静.非对称性合作视角下战略联盟的稳定性分析——基于鹰鸽博弈模型[J].软科学, 2013,27(2):28-31
[8] 赵艳玲,龙勇.组织文化差异、初始共同善意信任对关系治理的影响研究——来自我国建筑业非股权联盟的证据[J].软科学, 2016,30(1):46-49
[9] Yang H., Zheng Y., Zaheer A. Asymmetric Learning Capabilities and Stock Market Returns[J]. Academy of Management Journal, 2015,58(2):356-374
[10] Bruderl J., Schussler R. Organizational Mortality:The Liabilities of Newness and Adolescence[J]. Administrative Science Quarterly, 1990,35(3):530-547
[11] 雷辉,聂珊珊.权变视角下联盟组合配置战略对绩效的影响[J].系统工程, 2015,261(9):1-8
[12] Stewart T., Amit R. Learning about Failure:Bankruptcy, Firm Age, and the Resource-Based View[J]. Organization Science, 2003,14(5):497-509
[13] Venkataraman S., Low M. B. The Effects of Liabilities of Age and Size on Autonomous Sub-Units of Established Firms in the Steel Distribution Industry[J]. Journal of Business Venturing, 1994,9(3):189-204
[14] Mindruta D., Moeen M., Agarwal R. A Two-Sided Matching Approach for Partner Selection and Assessing Complementarities in Partners'Attributes in Inter-Firm Alliances[J]. Strategic Management Journal, 2016,37(1):206-231
[15] Stern I., Dukerich J. M., Zajac E. Unmixed Signals:How Reputation and Status Affect Alliance Formation[J]. Strategic Management Journal, 2014,35(4):512-531
[16] Anand B. N., Khanna T. Do Firms Learn to Create Value?The Case of Alliances[J]. Strategic Management Journal, 2000,21(3):295-315
[17] Rothaermel F. T., Deeds D. L. Alliance Type, Alliance Experience and Alliance Management Capability in High-Technology Ventures[J]. Journal of Business Venturing, 2006,21(4):429-460
[18] Diestre L., Rajagopalan N. Are All ‘Sharks’ Dangerous?New Biotechnology Ventures and Partner Selection in R&D Alliances[J]. Strategic Management Journal, 2012,33(10):1115-1134
[19] Howard M., Steensma H. K., Lyles M., et al. Learning to Collaborate through Collaboration:How Allying with Expert Firms Influences Collaborative Innovation within Novice Firms[J]. Strategic Management Journal, 2016,37(10):2092-2103
[20] Katila R., Rosenberger J. D., Eisenhardt K. M. Swimming with Sharks:Technology Ventures, Defense Mechanisms and Corporate Relationships[J]. Administrative Science Quarterly, 2008,53(2):295-332
[21] 龙勇,郑景丽,吴海春.战略联盟中交易成本、联盟能力对效率边界影响的实证研究[J].管理评论, 2012,24(12):107-114
[22] 周青,王乃有,马香媛.产业技术创新战略联盟冲突类型与影响因素的关联分析[J].科学学研究, 2014,32(3):473-480
[23] 陈莹,武志伟.联盟企业间关系公平性对合作绩效的影响——关系承诺的中介作用与目标一致的调节作用[J].预测, 2014,33(6):15-19
[24] Meschi P. X., Cheng L. T. W. Stock Price Reactions to Sino-European Joint Ventures[J]. Journal of World Business, 2002,37(2):119-126
[25] 赵炎,王琦.联盟网络的小世界性对企业创新影响的实证研究——基于中国通信设备产业的分析[J].中国软科学, 2013,268(4):108-116
[26] 叶江峰,任浩,郝斌.企业间知识异质性、联盟管理能力与创新绩效关系研究[J].预测, 2015,34(6):14-20
[27] Rothaermel F. T., Deeds D. L. Exploration and Exploitation Alliances in Biotechnology:A System of New Product Development[J]. Strategic Management Journal, 2004,25(3):201-221
[28] Vandaie R., Zaheer A. Surviving Bear Hugs:Firm Capability, Large Partner Alliances, and Growth[J]. Strategic Management Journal, 2014,35(4):566-577
[29] Dushnitsky G., Lenox M. J. When do Incumbents Learn from Entrepreneurial Ventures?:Corporate Venture Capital and Investing Firm Innovation Rates[J]. Research Policy, 2005,34(5):615-639
[30] Dushnitsky G., Lenox M. J. When do Firms Undertake R&D by Investing in New Ventures?[J]. Strategic Management Journal, 2005,26(10):947-965
[31] Sharpe W. F. Capital Asset Prices:A Theory of Market Equilibrium under Conditions of Risk[J]. Journal of Finance, 1964,19(3):425-442
[32] Gulati R., Lavie D., Singh H. The Nature of Partnering Experience and the Gains from Alliances[J]. Strategic Management Journal, 2009,30(11):1213-1233
[33] McConnell J., Nantell T. J. Corporate Combinations and Common Stock Returns:The Case of Joint Ventures[J]. The Journal of Finance, 1985,40(2):519-536
[34] Kale P., Dyer J. H., Singh H. Alliance Capability, Stock Market Response, and Long-Term Alliance Success:The Role of the Alliance Function[J]. Strategic Management Journal, 2002,23(8):747-767
[35] Lavie D. Alliance Portfolios and Firm Performance:A Study of Value Creation and Appropriation in the Us Software Industry[J]. Strategic Management Journal, 2007,28(12):1187-1212