| With the continuous deepening of economic globalization and the continuous development of information technology,the organizational structure of enterprises has begun to change,gradually shifting from pyramid to flat,and the competition faced by enterprises has become increasingly fierce.This internal and external changes have led companies to break through traditional organizational boundaries for collaborative and collaborative innovation activities.Cooperative innovation refers to the process of generating innovation results by two or more enterprises,or between enterprises and universities,scientific research institutions etc.,and for the common goals and interests,by sharing each other's superior resources.The essence of cooperative innovation is that different enterprises provide resources and complement each other.Therefore,at the beginning of cooperative innovation,different enterprises need to contribute their own advantageous resources.These resources are special assets,also called relationship-specific investments.(relationship-specific investment,RSI)or transaction-specific investment.These enterprises use the special assets to achieve a specific purpose and support specific project inputs.The range of application is very limited.If the purpose of cooperation or cooperation is changed,the value of these assets will be drastically reduced or directly disappeared.Relationship-specific investments typically include specialized equipment,specialized technologies,dedicated plants,time and effort.Relationship-specific investment has a high position in marketing relationship research and collaborative innovation research.Relationship-specific investment is a key factor in ensuring the success of collaborative innovation.At present,there are many effects and governance mechanisms on relationship-specific investment in existing research at home and abroad,but few studies focus on the pre-factors of relationship-specific investment and the “double-edged sword” effect.In cooperative innovation,relationship-specific investment can not only enable partners to achieve complementary advantages,gain competitive advantage,improve the overall performance of cooperative projects,and thus improve the income that investor's income from them;at the same time,the opportunistic effect of relationship-specific investment makes that,the more specific assets an investor invests,the more likely they would be squeezed by the other side and can not earn more.This "double-edged sword" feature of relationship-specific investment has the potential to push investors into a dilemma and lower actual investment levels.The two sides of the cooperation thus formed a "prisoner's dilemma",resulting in "double loss" in cooperation.Therefore,in today's cooperative innovation alliance,in order to promote enterprises to dare to carry out relationship-specific investment,and also protect their interests effectively in cooperative innovation activities,to solve the above dilemmas,it is particularly important to analyze the following issues:(1)Why companies want to make relationship-specific investments ?What prompt this action?(2)Which is more remarkable?the value creation effect or the opportunistic effect? What is the difference between the time of occurrence and the characteristics of change?(3)What is the relationship between relationship-specific investment and investor income,is it a simple linear relationship,or is there another complex relationship?(4)Is there a suitable level of investment,so that the value creation effect of relationship-specific investment is greater,and the opportunistic effect is smaller,and the investor can get the greatest benefit?In order to solve the above problems,this study takes the relationship-specific investment in cooperative innovation activities as the research object,and analyzes the causes,value creation effects and opportunistic effects of relationship-specific investment as an integration framework.From the dual perspectives of resource superiority and social capital theory,this paper analyzes the impact of resource complementarity and trust on relationship-specific investment,explores the unique factors of China--the role of human condition in it,and analyzes the mechanism of the company's relationship-specific investment;explores the relationship between relationship-specific investment and investor income,and analyze the mediating role of value creation effect and opportunism effect,constructs the pre-factor of relationship-specific investment in cooperative innovation and the theory of "double-edged sword" effect model.Take high-tech enterprises in the three provinces of Northeast China as samples,and comprehensively using correlation analysis,confirmatory factor analysis,regression analysis and other methods to test the relevant hypotheses.The main conclusions of this paper are as follows:Firstly,resource complementarity,trust,and the interaction between the two factors have a significant positive impact on relationship-specific investment.Resource complementarity and trust will not only promote the company's relationship-specific investment,but also strengthen each other to promote relationship.The occurrence of investment.complementary resources are the “material basis” for enterprises to carry out relationship-specific investment.Trust is the “emotional basis”.These two factors constitute the basic motivation for enterprises to carry out relationship-specific investment.Secondly,human relationship has a significant regulatory effect on the relationship between trust and relationship-specific investment,and also has a significant regulatory effect on the relationship between resource complementarity,trust-specific interactions and relationship-specific investment,but no significant regulatory effect on the relationship between relationship-specific investments and complementing resources.When conducting relationship-specific investment in cooperative innovation,the "social" factor of human condition can play a role in fueling the government to some extent.Thirdly,relationship-specific investment will have a positive impact on investor's income through the value creation effect,and will also have a negative impact through the opportunistic effect.There is no simple linear relationship between relationship-specific investment and investor's income,but exist a non-linear relationship with inverted U-shape.Fourthly,the value creation effect and the opportunistic effect of relationshipspecific investment are not consistent.When the level of relationship-specific investment is low,the value creation effect dominates,and the relationship-specific investment will create value and enhances the investor's income;when the level of the relationship-specific investment exceeds the critical value,the opportunistic effect will dominate the value creation effect,and the relationship-specific investment will reduce the investor's income through the opportunistic effect.When the degree of relationship-specific investment reaches 81.8% of the theoretical maximum value,the investor's income is the largest,there is a relationship-specific investment level that maximizes the investor's income.The main innovations of this paper are as follows:Firstly,based on the dual perspectives of resource-based and social capital theory,explores the impact of resource complementarity,trust and the interaction between the two on the relationship-specific investment.At the same time,combined with the reality of China,introduce the unique factors of China--humanity as the adjustment variable to analyze the adjustment effect of human nature,theoretically reveal the antecedent mechanism of relationship-specific investment,make up for the shortcomings of existing research on the lack of research on the relationship-specific investment,and promote the comparative study of cooperative innovation in the context of East-West institutional culture.Secondly,the value creation effect and opportunism effect of relationshipspecific investment are incorporated into a unified analytical framework.The role of the two effects in different stages of cooperative innovation is analyzed.At the same time,the comprehensive effect of relationship-specific investment is analyzed to make up for the existing shortcomings of the positive and negative effects of relationship-specific investment.Thirdly,it reveals that there is no simple linear relationship between relationship-specific investment and investor's income,but an inverted U-shaped nonlinear relationship.There is an optimal theoretical investment level,which can maximize investor's income.This research finds that the existing literature on the positive and negative effects of relationship-specific investment has been solved to some extent,and it has also provided new ideas for the study of the effect of relationship-specific investment. |
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