竞合关系双元性和高科技创业企业IPO  

Relational Ambidexterity and High‑tech Startups’Initial Public Offering

作　　者：张楠 李元旭[1] 吴金璇 ZHANG Nan;LI Yuan-xu;WU Jin-xuan(School of Management,Fudan University,Shanghai,200433,China)

机构地区：[1]复旦大学管理学院,上海200433

出　　处：《经济管理》2024年第5期149-167,共19页Business and Management Journal ( BMJ )

摘　　要：现有研究广泛关注了高科技创业企业与其他组织的直接和正式关系,但对间接和非正式的组织间关系研究不足。间接和非正式的组织间关系能影响企业的组织学习,塑造其发展路径。基于2000—2021年中国未上市高科技创业企业数据,本文实证检验了企业通过风险投资机构与其他创业企业形成的间接关系组合的竞合关系双元性如何影响高科技创业企业IPO可能性,并从学习意愿和学习能力两个角度探讨其权变因素。通过进一步的机制分析,本文发现,关系双元性通过促进技术和商业两方面的组织间学习,显著提升高科技创业企业IPO可能性,且创业者的开放思维模式和投资者多元性增强了关系双元性的积极作用。研究表明,间接和非正式的组织间关系能促进组织间学习,揭示了非正式关系在知识网络中的重要地位,同时展示了间接竞争关系的积极作用。这一结论也为理解风险投资机构的作用提供了新思路,即风险投资机构通过其投资组合内部形成的间接关系,影响被投资企业的组织间学习和创业成功概率。Compared to traditional firms,high⁃tech startups not only need to bear the high risks of R&D,but also face tremendous uncertainties in business operation.For high⁃tech startups,absorbing diverse knowledge through inter⁃organizational relationships is of paramount importance.Among various inter⁃organizational relationships,those with competitors and collaborators are the two most important types.These two types of relationships provide distinct and irreplaceable support for the growth of high⁃tech startups.This study investigates how the configuration of rivals and collaborators within a high⁃tech startup’s portfolio of indirect ties formed via common venture capital firms affects its likelihood of going IPO.While direct and formal inter⁃organizational relationships such as alliances between high⁃tech startups and other organizations have received extensive scholarly attention,research on indirect and informal inter⁃organizational ties remains insufficient.Indirect and informal relationships can influence inter⁃organizational learning and shape firms’developmental trajectories.Building on interorganizational learning theory,we propose that a simultaneous and balanced presence of both rivals and collaborators within a high⁃tech startup’s indirect ties portfolio will facilitate the startup’learning of commercial and technological knowledge,thereby enhancing its IPO likelihood.Based on data of unlisted high⁃tech startups in China from 2000 to 2021,this study empirically investigates how the relational ambidexterity in the portfolios of indirect ties formed through common venture capital firms with other startups affects the IPO likelihood of high⁃tech startups.We further explore the moderating factors from the perspectives of learning willingness and learning capability.We find that relational ambidexterity significantly enhances high⁃tech startups’IPO likelihood by promoting the startup’learning of commercial and technological knowledge.Moreover,entrepreneurs’open mindsets a

关 键 词：关系双元性 组织间学习 高科技创业企业 IPO 

分 类 号：F270.3[经济管理—企业管理]