| Along with the rapid development of technology, frequent and volatile changes of customers preference and shortening cycles of new product development, the static equilibrium that firms reached within their marketing environment keeps being unbalanced, the advantages set up under static environment and first-mover advantage being eroded, core competence evolving to be core rigidities, as a result, resources and capability will not adapt to environmental changes. More and more scholars hold that dynamic capability turns out to be at the heart of business strategy, value creation and competitive advantages. The previous studies on dynamic capability mainly focus on large firms or established firms, while studies on new ventures are scarce and study on the relationship between dynamic capability and new venture performance is rarely touched. Moreover, new ventures are facing to the practical problems such as short life and difficulty in acquiring sustainable growth. Therefore, the task to explore the effecting mechanism pertaining to the effect of dynamic capability on new venture performance will not only enrich the theoretical study results in the dynamic capability researching field, but also develop and configure dynamic capability for new ventures, as well as provide them with theoretical reasons and practiccal guidance to continuously enhance firm performance so as to realize sustainable growth.Dynamic capability theory remains the stages of concept and framework study, empirical research of which is far from enough and systematic and operable study on dynamic capability are especially needy. Scholars mainly propose the essence of capability and relationship between capability and firm performance from a theoretical perspective. As there are problems such as tautological, abstract and vague, hard to handle concerning the definition limits of dynamic capability, which not only influence its specific measurement but also constraints the theory’s further deepening and developing. Dynamic capability was raised initially under the context of dynamic environment and later it was noticed that dynamic capability also functions under moderately changing, even in stable environment. Hence, what’s the role played by the degree of environment turbulence in the relationship between dynamic capability and firm performance? What’s more, different opinions also exist in how dynamic capability exert influence on firm performance, be it direct relation, uncertain relation or indirect relation. If it is indirect influence, what kind of factors can be used as medium by dynamic capability to influence performance? What is the mechanism of influence? This dissertation, mainly considering these questions and using the method that combined qualitative analysis with quantitative analysis, firstly defines distinctively the connotation of dynamic capability, and then set up concept model of relations between dynamic capability and new venture performance and advances relevant hypotheses, next, test the model and hypotheses by statistically analyzing research data from503new ventures, finally analyze in depth the functioning mechanism of dynamic capability influence on new venture performance. The major contents and conclusions of study are as follows:Connotation and measurement of dynamic capability. Through literature analysis, together with interviews with experts and scholars, employing Latent Multidimensional Construct methods, dynamic capability is defined, from the point of view of constitution factors, as a composite unified construct concept, i.e., a dynamic capability is the firm’s potential to systematically solve problems, compromising five specific but inter-related dimensions as environmental awareness capability, changing and innovative capability, organizational flexibility capability, adaptive capability and learning capability. These five dimensions are independent to each other whereas highly related with the each dimension being the expressions of the multidimensional construct of dynamic capability. AMOS statistics software was used to carry out first-order and high-order factor testing with the results that showed the models has good fitting, thus verifying the proposal that a dynamic capability is a composite unified construct that compromises five dimensions.Dynamic capability possesses direct driving effect on new ventures. This dissertation divides firm performance into two dimensions as profitability and growth, using multiple regression method to analyze the influencing degree of the five dimensions of dynamic capability on both profitability and growth of new ventures. The empirical results shows that.among the five dimensions of dynamic capability, environmental awareness capability, changing and innovative capability, adaptive capability and learning capability possess significant positive effects on new venture profitability and growth while organizational flexibility capability remains less significant. At the same time, learning capability possesses the highest degree of effect on new venture profitability, followed with environmental awareness capability and adaptive capability while changing and innovative capability shows the highest degree of effect on new venture growth with learning capability to follow.The moderating effect of environmental turbulence on the relationship between dynamic capability and new venture performance. The changes of environment was divided into two dimensions as technological turbulence and market turbulence, by using Andrew F. Hayes’s dual moderating variable model to analyze the effects of different environmental conditions on the relationship between dynamic capability and new venture performance. The empirical results shows that technological turbulence and market turbulence exert significant moderating effect on the relationship between dynamic capability and new venture profitability or growth and the combined moderating effects of the two conditions appears to be more significant than either single one. Taken as a whole, the moderating effects of technological turbulence and market turbulence on new venture growth are higher than that on profitability. In short, the stronger the environmental turbulence, the higher the effects of dynamic capability, while under relatively stable environment, dynamic capability still possesses positive enhancing functions which reveals the significance of dynamic capability under environmental risks.The mediate effect of resource management capability on the relationship between dynamic capability and new venture performance. This dissertation uses Baron’s mediate effect three-step test to verify this relation and results shows that resource management capability exert significant semi-mediate effects on the relationships between environmental awareness capability, changing and innovative capability, adaptive capability, learning capability and new venture profitability and growth. The mediate effect of resource management capability appears the highest on the relationship between changing and innovative capability and new venture profitability and followed with that on relations between learning capability and new ventures growth with that on relationship between environmental awareness capability and new venture profitability ranks the third. Comprehensively speaking, the mediate effects of resource management capability are less than the aggregate effects therefore the direct influence of dynamic capability dominates.To sum up, this dissertation distinctively elaborates the connotation of dynamic capability and carries out specific measurements on it and verifies the both the moderating effects of environmental turbulence between dynamic capability and new venture performance and the mediate effects of resource management capability based on the basis of empirical analysis, this dissertation analyzes in depth the functioning mechanism of relevant factors on new venture performance. The conclusions have reference meaning to certain extent on further enriching the research of dynamic capability and guidance to management practice to new ventures. |
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