基于资源观的中国新创企业早期成长影响因子与战略绩效分析——基于深圳中小企业板的研究证据

本研究在资源基础观理论基础上建立了一个新创企业资源一成长战略～绩效的研究模型，并以深圳中小企业板2007年之前上市的102家上市新创企业为研究对象进行了相关实证研究。其主要研究结论为：（1）中国新创企业的资源差异对企业绩效有直接影响。其中，实物资源与企业盈利性、成长性呈正相关；财务资源与企业成长性呈正相关；声誉资源与企业盈利性呈正相关：人力资源与企业盈利性、成长性呈正相关。（2）新创企业的资源差异对其选择的成长战略有显著影响。有形资源和人力资源丰富的新创企业倾向于采用市场拉动战略．而无形资源丰富的新创企业则倾向于采用创新推动战略。（3）处于不同行业的新创企业，在成长战略方面存在显著差异，高科技行业的企业更多采用创新推动战略，而非高科技行业的企业则更多采用市场拉动战略。但不同行业的企业在企业绩效的盈利性和成长性方面并不存在显著差异。

A Resource-Based Analysis on the Impact Factors of New Ventures in Early Stage and Their Strategic Performance--an Empirical Research on Small and Medium Enterprise Board in Shenzhen Stock Exchange

On the basis of RBV researches, this paper intends to establish a research model for new organizations in terms of resource, growth strategy and performance. An empirical study is conducted with a sample of 102 listed companies from SZ SME stock market （panel data from before 2007）. The main conclusions of this study are drawn as follows： （1） the difference of a firm＇s resources will influence its performance directly namely, physical resources and human resources are positively correlated with the firm＇s profitability and growth; meanwhile, financial resources are positively correlated with firm＇s growth, and reputation resources positively correlated with profitability; （2） there would be statistical significance from the influence of a firm＇s resources on its choice of growth strategy. The study results indicate that firms rich in tangible resources and human resources would take market orientation as a strategy for growth, whilst companies rich in intangible resources would go for innovative strategies for the same purpose; （3） growth strategies in different industries also differ significantly： firms in high-tech have preference of innovative strategies, while those in non-high-tech tend to choose market orientation. Nevertheless, the profitability and growth of firms in different industries are without much significant difference.