Impact of Strategic Alliances on Financial Performance of Technology-based Ventures

新公司面临着许多由于其新颖性和规模小而造成的绩效障碍。这些障碍包括行业和市场缺乏合法性，筹集足够资金的挑战，以及新技术开发的风险和不确定性。然而，一些企业家利用自己的新颖性、小规模和尖端技术吸引其他公司建立合作关系，即战略联盟，将这些障碍转化为机会。与其他组织结盟的策略已经变得越来越普遍，然而人们对这种关系对新企业的客观价值知之甚少。本研究利用美国半导体行业102家新合资企业的纵向数据库，这些企业与其他公司建立了635个战略联盟，测试了财务绩效和战略联盟的模型。作为财务绩效影响因素的研究变量包括：(1)联盟伙伴属性，如相对权力、文化距离和重要性；(2)战略联盟的数量和类型；(3)技术创新性；（四）创始高层管理团队的实力；（五）募集的投资资金等组织资源；(6)更广阔的市场环境。

New firms face a number of performance obstacles created by their newness and small size. These obstacles include lack of legitimacy in the industry and marketplace, the challenge of raising sufficient capital, and the risks and uncertainties of new technology development. Yet, some entrepreneurs transform these obstacles into opportunities by using their newness, small size, and cutting edge technologies to attract other firms in cooperative relationships, called strategic alliances. The strategy of allying with other organizations has become increasingly prevalent, and yet little is known about the objective value of such relationships to new ventures. Using a longitudinal data base on a population of 102 new ventures in the U.S. semiconductor industry which have created 635 strategic alliances with other firms, this research tests a model of financial performance and strategic alliances. Among the variables to be investigated in the research as factors affecting financial performance are: (1) alliance partner attributes such as relative power, cultural distance, and prominence; (2) the number and type of strategic alliances formed; (3) technological innovativeness; (4) strength of the founding top management team; (5) organizational resources like investment capital raised; and (6) broader market conditions.