Research On The Impact Mechanism Of Relationship Specific Investment On Value Creation Of Enterprise Cooperation

In the new economic era,facing the survival crisis brought about by the uncertainty in a complex and changing environment,breaking through resource boundaries through cooperation to expand the value creation space has become the main way for enterprises to build core competitiveness.The nature of business cooperation is to provide resources to each other and complete complementary advantages.These resources are specialized assets,also known as relationship specific investment;However,the “double-edged sword” nature of relationship specific investment may put the investment subject in a dilemma,thereby reducing the actual value creation level.Judging from the existing research,the lack of a unified demonstration of the relationship between relationship specific investment and value creation has also led to the confusion of investment in cooperative enterprises to some extent.In this context,it is particularly important to study the mechanism of relationship specific investment in value creation.In order to solve the above problems,this study is based on theories of resource dependence,transaction cost,network organization,and value creation.Starting from the analysis framework of “resources → behaviors → advantages → performance”,we summarize the literature and make the relationships specific.The positive and negative effects of relationship specific investment on value creation are incorporated into the same framework.Knowledge sharing and governance mechanisms are introduced as intermediary variables and moderating variables.A theoretical model of relationship specific investment acting on value creation is constructed and hypotheses are proposed;The empirical part uses a combination of questionnaire surveys and field surveys to collect data,and uses multilevel regression analysis to test hypotheses.It compares and analyzes the effects of the two effects of relationship specific investment at different stages of cooperation,and analyzes the comprehensive effects Finally,based on the results of the study,the study puts forward reasonable suggestions for improving the level of corporate value creation.The research finds that in enterprise cooperation,relationship specific investment has a non-linear effect of positive and negative on value creation,that is,a company can only have a positive impact if it controls the relationship specific investment within a reasonable range;and there is an optimal The level of theoretical investment canmaximize the level of value creation.In the role of relationship specific investment in value creation,knowledge sharing plays a part of the mediating role;the governance mechanism plays a positive regulating role in the entire role process.This study attempts to explain the duality of relationship specific investment in the value creation of corporate cooperation,to a certain extent,enriches the research on value creation related fields,and helps to provide new ideas for the study of relationship specific investment efficiency and to achieve “Investment returns” alliance cooperation activities provide valuable countermeasures.