Top Management Team Social Capital,Alliance Portfolio And Corporate Technological Innovation Performance

With the increasing of complexity and uncertainty of technological innovation,the resources owned by single enterprise are more and more difficult to meet the demand of technological innovation.This phenomenon is more significant in the entrepreneurial enterprise group.In this context,the strategic alliance as a core access path to gain scarce resources,which can break through the scale of their own and achieve cross-alliance resource sharing,and ultimately promote enterprise technology innovation.However,the current research on the alliance portfolios is mostly aimed at mature enterprises,and focus on the role of the alliance portfolio performance,ignoring the decision-making executives who can influence the alliance structure and its performance,and lacking of the reasearch on the antecedent factor.Therefore,starting from the view of executives' personal relations,it also has important theoretical and practical significance to explore the driving logic behind the performance relationship of Chinese enterprise alliance portfolios.This study takes 115 Small-and-Medium-sized Enterprises listed in Shenzhen stock exchange in our country as the research samples.Takes social capital theory,resource-based view theory and Transaction Costs theory as theoretical basis,and establishes theoretical framework of “Top management team social capital — alliance portfolio — technological innovation performance”.This research lucubrates the following three questions:(1)Breakthrough the limitations of using a sole perspective of diversity to explore the composition of the alliance portfolios,introducing the concept of the complementarity and exploring the supporting mechanism of the multi-type resources,to analysis the relevance of the interaction.(2)Based on the existing research on the direct mechanism of the relationship between the Top management team social capital and technological innovation performance,it reveals the intermediate mechanism of alliance portfolio complementarity and the theoretical explanation of the internal mechanism of the above relations.(3)This thesis deepens the antecedent factor of the alliance portfolio characteristics,and reveals the leading cause of the alliance portfolio interaction.The study found that:(1)the Top management team social capital is an important inducing factor to induce the cross-association.(2)The influence of the Top management team social capital on the diversity of the alliance portfolio is negative,which may be related to the characteristics of the companies listed in the growth enterprises market.(3)The influence of the Top management team social capital on the complementarity of the alliance portfolio is negative.(4)The alliance portfolio complementarity plays a completely mediating role in the relationship between the Top management team social capital and technological innovation performance.That is,the the Top management team social capital can not be directly transformed into the innovation performance of the enterprise.It is necessary to make an impact on the innovation performance through the alliance combination decision made by the executive based on its social network,especially the alliance portofolio combination.