The Double-edged Sword Effect of Resources Diversity in Alliance Portfolio——Mediated by Product Market Power

Abstract

Abstract: More and more firms acquire abundant complementary resources from outside by building diversified alliance portfolio, so as to improve their performance. Existing studies only focus on the direct relationship between the two, which makes the impact mechanism of the alliance portfolio diversity a question to be answered. This study focuses on the performance impact of the alliance portfolio resources diversity and investigates whether the product market power plays a mediated role. Based on the panel data of 278 listed companies in China's Growth Enterprise Market, the study finds that there is an inverted U-shaped relationship between the alliance portfolio resources diversity and the firm performance, and the product market power mediates the relationship between the two. The study complements the exploration of the impact mechanism between the alliance portfolio diversity and the firm performance, and provides useful guidance for firms to fully explore the potential value of the alliance portfolio resources diversity in practice.

Key words: Alliance Portfolio Resource Diversity, Product Market Power, Performance, Impact Mechanism

摘要： 越来越多企业通过构建多样性联盟组合获取外部丰富的互补性资源,以提升绩效。现有研究仅着眼于直接关系,使得如何发挥联盟组合多样性的价值以促进最终绩效,成为一个待解谜团。聚焦联盟组合资源多样性的绩效影响,考察产品市场势力是否在其中发挥中介作用,运用创业板278家上市公司的面板数据进行实证检验发现,联盟组合资源多样性与企业绩效呈倒U型关系,产品市场势力在二者之间扮演中介角色。研究补充了联盟组合多样性与企业绩效之间影响机制的探索,并为企业在联盟实践中充分挖掘联盟组合多样性的潜在价值提供了有益指引。

关键词: 联盟组合资源多样性, 产品市场势力, 绩效, 影响机制

CLC Number:

HU Xinhua. The Double-edged Sword Effect of Resources Diversity in Alliance Portfolio——Mediated by Product Market Power[J]. , 2021, 37(4): 83-93.

胡新华. 联盟组合中资源多样性的“双刃剑”效应——以产品市场势力为中介[J]. 财经论丛, 2021, 37(4): 83-93.

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