科研管理

科研管理 ›› 2025, Vol. 46 ›› Issue (8): 156-164.DOI: 10.19571/j.cnki.1000-2995.2025.08.015

• 论文 • 上一篇    下一篇

技术冲击下企业战略联盟的价值创造功能

唐雪松1,2，杜怡霏1,2   

  1. 1.西南财经大学会计学院/中国政府审计研究中心，四川 成都610000；
    2.西南财经大学教育部哲学社会科学实验室—西南财经大学金融安全与行为大数据实验室，四川 成都610000
  • 收稿日期:2023-12-04 修回日期:2024-12-25 出版日期:2025-08-20 发布日期:2025-08-14
  • 通讯作者: 杜怡霏
  • 基金资助:
    国家自然科学基金项目：“中国投资者保护公益组织运行效果与机制研究——基于并购重组中投服中心行权视角”（72272123，2023.01—2026.12）；国家自然科学基金面上项目：“独立董事，高管腐败与外部环境”（71672152，2017.01—2020.12）；国家自然科学基金项目：“代理问题、任职风险与独立董事监督决策”（71372206，2014.01—2017.12）。

Value-creation function of firms′ strategic alliances under technological shocks

Tang Xuesong1,2, Du Yifei1,2   

  1. 1. Accounting School / China Government Audit Research Center, Southwestern University of Finance and Economics, Chengdu 610000, Sichuan, China; 
    2. Philosophy and Social Science Laboratory of the Ministry of Education / Financial Security and Behavioral Big Data Laboratory of Southwestern University of Finance and Economics, Southwestern University of Finance and Economics, Chengdu 610000, Sichuan, China
  • Received:2023-12-04 Revised:2024-12-25 Online:2025-08-20 Published:2025-08-14

摘要：    企业如何有效应对技术差距带来的负面影响不仅关系社会总体技术发展水平，也是资本市场稳定和经济协调发展的关键，然而，技术劣势企业如何实现战略赶超尚不清晰。针对此，本文利用 2010—2020 年沪深A 股上市公司样本，使用固定效应模型进行实证检验，研究发现：（1）技术差距对企业价值具有负面影响，但采用战略联盟形式可以有效缓解技术差距的影响；（2）战略联盟缓解技术差距影响的效应在高科技行业尤为明显；（3）战略联盟缓解技术差距的具体机制体现在缓解现金流风险、弥补技术创新经验和克服专用性资产不足；（4）战略联盟缓解技术差距的功能在外部信息环境差及内部控制效率高时更为显著。本文研究成果从企业通过战略联盟进行协作的角度丰富了技术发展相关研究，为技术劣势企业实施赶超战略提供了理论参考。

关键词: 技术差距, 战略联盟, 企业协作, 企业价值

Abstract:    How firms effectively respond to the negative impacts of technological gaps is not only related to the overall level of technological development in society but also serves as a key factor for the stability of capital markets and the coordinated development of the economy. However, it remains unclear how firms with technological disadvantages can achieve strategic catchup. To address this issue, this study empirically examined the sample A-share listed companies from Shanghai and Shenzhen stock exchanges over the period from 2010 to 2020 using a fixed-effects model. The findings are as follows: (1) technological gaps have a negative impact on firm value, but strategic alliances can effectively mitigate this impact; (2) the mitigating effect of strategic alliances is particularly pronounced in high-tech industries; (3) the mechanisms through which strategic alliances mitigate the technological gap include reducing cash flow risks, compensating for a lack of technological innovation experience, and overcoming deficiencies in specialized assets; and (4) the mitigating effect of strategic alliances is more significant when the external information environment is poor and internal control efficiency is high. The findings of this study will enrich the research on technological development from the perspective of firm collaboration through strategic alliances and provide theoretical guidance for technologically disadvantaged firms to implement catch-up strategies.

Key words: technology gap, strategic alliance, firm collaboration, firm value