目前学术界对于企业合作的理论研究主要是从博弈论、交易成本
理论和资源管理论的角度出发，论述了合作存在的必要性和意义。而
对于合作绩效影响因素的研究相对较少，主要是对合作内容和合作方
式选择的研究。合作内容方面大部分集中于 R&D 合作，研究结果均
表明 R&D 合作对企业有明显的积极作用；合作方式选择则要与合作
双方的交易特征相契合。但是目前还缺乏对合作绩效影响因素的系统
性研究
本文研究的问题是：系统地研究合作中哪些因素会影响到合作的
绩效及这些因素的影响机制。为此，本文从实证的角度出发，通过对
沪深两市 A 股上市的 551 家公司自 1995 年以来的 1017 项各种类型的
合作事项的系统梳理，从合作内容、合作伙伴、合作方式和合作进展
四个维度出发系统地进行了相关研究。本文采用资本市场二手数据的
实证研究结果表明：整体来看，合作对企业价值有明显的积极作用，
资本市场对于合作事件的反应表现为先升后降，而后回归理性水平
同时，本文对合作绩效影响因素的系统研究表明：在合作对企业价值
的积极作用中，研发合作比非研发合作的影响要大，同行业合作比跨
行业合作的作用要强，两方合作比多方合作的效果要好，协议合作比
合资合作的效力要高，合作进展在合作伙伴数量对企业价值的影响中
有削弱的调节作用，而在合作方式对企业价值的影响中有增强的调节
作用。本文的研究结论在理论和实践上都具有一定的参考价值
关键词：合作，合作内容，合作伙伴，合作方式，合作进展
ABSTRACT
Cooperation is an important way for enterprises to seek and combine
resources to improve their own value, which is very important for the
company’s operation and development. Cooperation can enhance the
connection between enterprises, improve efficiency, save cost, and
combine resources to create values so that to influence the enterprise’s
value. We can always see in the stock market that when the cooperation
happened, it always follows a big up-and-down of the company’s stock
price.
At present, the theory research about cooperation are mainly using
game theory, transaction costs theory and resource management theory to
analysis the necessity and significance of cooperation. While researches
studied the cooperation affecting factors are relatively fewer. And they are
mainly focus on cooperation content and how to choose cooperation mode.
Researches about cooperation content are focus on R&D cooperation and
results showed that R&D cooperation had a positive effect on enterprise.
And researches about cooperation mode choose showed that the
cooperation mode must be suitable to the characteristics of cooperation
enterprises. But there are still no systematic researches studied the
cooperation affecting factors.
The main question we studied here is that what kind of factors that
will affect the cooperation performance. So I studied 1017 cooperation
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