Based on the view of dynamic capability, by using the vertical alliance between domestic antomobile manufactures and suppliers as an analysis sample, key composite factors for the alliance management and the alliance performance are proposed. The typical correlation analysis path that the alliance managtment affects the alliance performance is built. The statistical study indicates that the vertical alliance management betwee automobile manufactures and suppliers has a significant positive correlation with the alliance performance. The alliance heavily depends on the spillover effect to affect the alliance performance; and the implementation degree of the alliance goal, the satisfactory degree, and the persist degree have no obvious impact on the alliance performance. The linear formation model for alliance management composite factors mainly depends on the exchange cooperation management program, Finally, on the sasis of above study, the corresponding management practical suggtstion and academic research direction in the future are put forward.