| As reform and opening up over the past 40 years,China’s manufacturing industry has experienced a extensive stage of development,which relies on demographic dividends and cost advantages to achieve rapid expansion.Innovation-driven transformation and upgrading of manufacturing industry has become an inevitable requirement for the development of manufacturing industry in the new era.Under the open economy,China’s manufacturing industry is facing not only fierce competition among state-owned enterprises,private enterprises and foreign-invested enterprises,but also global manufacturing competition including developed countries in Europe and the United States,Asian countries and regions,and other emerging economies.Especially since this century,it has been based on big data,cloud computing,artificial intelligence and industrial Internet.With the rapid development of advanced manufacturing technology and the shortening of iteration cycle of manufacturing industry,China’s traditional manufacturing industry is facing tremendous pressure of restructuring and upgrading.At the same time,the former capital shortage and the infinite supply of labor force have changed into the new normal of capital surplus,overcapacity and structural shortage of labor force.The development of manufacturing industry is facing new constraints of factor supply.In this context,only by fully tapping the resource endowment of enterprises and enhancing the innovation ability of enterprises,can the core competitiveness of manufacturing enterprises be enhanced,thus enabling China’s manufacturing industry to win new development space in international competition.Enterprise resources include external resources and internal resources.Generally speaking,it is difficult for enterprises to get support from external resources.Internal resources can be used as a key source of innovation activities and sustainable growth of enterprises.In the case of limited external resources available,it is particularly important for enterprises to tap and cultivate internal resources.Universal complementary assets and redundant resources are strategic and basic resources within enterprises.If they are integrated and utilized scientifically and effectively,they can be transformed into unique competitive advantages of enterprises,enhance their core competitiveness and influence in the market,improve their performance and create tremendous value for enterprises.Based on resource-based theory,complementary assets theory,power behavior theory and bounded rationality theory,this paper analyses the importance and necessity of resource status for enterprise development,the role of complementary assets in enterprise performance,and the sources of redundant resources.Through a systematic review of relevant literature at home and abroad,this paper puts forward a research framework of "generic complementary assets-enterprise performance".The two dimensions of non-precipitative redundant resources and precipitative redundant resources are introduced into the research framework respectively,and the research hypothesis and analysis model are put forward.On this basis,the financial data of 676 listed manufacturing enterprises in China from 2013 to 2017 are used to validate the research hypothesis through five multiple linear regression models.The results show that there is a positive correlation between generic complementary assets and corporate performance.The higher the level of generic complementary assets,the better the corporate performance.Redundant resources have a significant positive moderating effect on the relationship between genericcomplementary assets and corporate performance.Therefore,when implementing sustainable development strategy,manufacturing enterprises constantly identify and tap internal resources,and enhance the integration and utilization of different types of resources can enable enterprises to obtain competitive advantages. |
