Alliance Portfolio Diversity,Equity Governance And Entrepreneurial Firms' Performance

With the rapid changes in the business environment,More and more entrepreneurial firms prefer to apply alliance as the critical strategic tool for resource acquisition.However,entrepreneurial firms do not have the ability and skills of mature enterprises to maximize the use of strategic alliances to obtain complementary resources.It is difficult for a single alliance to acquire entrepreneurial firms Multi-dimensional and complementary resources,which requires enterprises to establish multiple alliances to obtain mutual support resources and capabilities in order to seek entrepreneurial firms growth and development.Based on the basic theory of resources and the theory of transaction costs,this research builds a research model of the relationship between the alliance portfolio diversity,alliance portfolio governance and the performance of entrepreneurial firms,And explores the following three issues in depth:(1)Breakthrough in the past to explore the direct relationship between portfolio diversity and corporate performance,to explore the under what circumstances can portfolio diversity affect the performance,(2)The study sample of this study selects GEM-listed companies,the purpose of which is to explore the relationship between the diversification characteristics of alliance portfolio and the performance of alliance portfolio.Which can better reveal the diversification characteristics of coalition portfolio and the proper choice of alliance governance mechanism constructed by entrepreneurial firms,which will help to enhance the interpretation of the diversification of coalition portfolio and help to enrich the connotation of entrepreneurship network research.(3)Breakthrough in the past to replace the diversity of industries and the complexity of heterogeneous resources,the research limitations of heterogeneous resources characteristics,based on China's unique transitional economy background,the introduction of a combination of institutional diversity,So as to explore the research conclusion that how the different diversity of the coalition portfolio interacts with the different governance mechanisms of the coalition portfolio to influence the performance of the entrepreneurial firms,thereby contributing to enriching the coalition portfolio and the coalition governance,and even the network governance Connotation,helps to enrich the connotation of Union governance and even network governance research.Through the coding of GEM announcement,we get the relevant databases of alliance associations and make hierarchical regression on the related variables in the database.The main conclusions are as follows:(1)The entrepreneurial firms listed on the GEM,the alliance formed by them In the portfolio,the diversity of the strategic alliance partners is manifested by the diversity of industries and institutions.Different from the current relationship between domestic and international alliance-related portfolio diversity and corporate performance,for the startups in China's GEM,the alliance portfolio(2)The diversity of the coalition does not directly affect the performance of the entrepreneurial firms,and the diversity of the coalition partner system depends on the situation,and only if When the coalition takes the equity governance,the higher the diversity of the coalition partners,the greater the contribution of the coalition partners to the business performance.(3)The diversity of the coalition partner industry also does not have an independent effect on the performance.When taking the When equity governance,will reduce the performance of enterprises.