CAJ | 학술논문

创业导向与绩效关系研究结论的相异性驱动学者们开始探究创业导向的不同维度与绩效之间的关系以及这些关系的内在机理。而风险承担与绩效之间的关系尤其令学者感兴趣。新企业的创业实践表明。机会能力在一定程度上会影响新企业风险承担与绩效的关系，但各种机理并未得到有效揭示。本文基于新企业样本，研究了新企业风险承担、机会能力与绩效的关系，并利用调节路径分析方法来检验研究假设。实证结果表明，新企业风险承担分别与机会能力和绩效具有倒u型关系，而且机会能力在风险承担与绩效的倒u型关系中起到了中介传导作用。研究结论说明了新企业冒适度的风险时会有较佳的绩效，规避风险和过度承担风险都会导致绩效的降低，即风险平衡将是新企业的最佳选择，而要确保风险承担的效果显著，确保企业绩效的有效提升，新企业必须提升并完善其机会能力。
창업도향여적효관계연구결론적상이성구동학자문개시탐구창업도향적불동유도여적효지간적관계이급저사관계적내재궤리。이풍험승담여적효지간적관계우기령학자감흥취。신기업적창업실천표명。궤회능력재일정정도상회영향신기업풍험승담여적효적관계，단각충궤리병미득도유효게시。본문기우신기업양본，연구료신기업풍험승담、궤회능력여적효적관계，병이용조절로경분석방법래검험연구가설。실증결과표명，신기업풍험승담분별여궤회능력화적효구유도u형관계，이차궤회능력재풍험승담여적효적도u형관계중기도료중개전도작용。연구결논설명료신기업모괄도적풍험시회유교가적적효，규피풍험화과도승담풍험도회도치적효적강저，즉풍험평형장시신기업적최가선택，이요학보풍험승담적효과현저，학보기업적효적유효제승，신기업필수제승병완선기궤회능력。
The differences for the research results between entrepreneurial orientation and performance drive scholars to study the different relationships among the dimensions of entrepreneurial orientation and the performance. And the scholars are especially interested in the relationship between risk-taking and the performance. The entrepreneurial practice of new ventures shows that opportunity capability may have effect on the above relationship. Based on the samples from new ventures, this article tests the relationships among risk-taking, opportunity capability and the performance by using moderated path analyses with 187 valid samples. The empirical study shows that risk-taking has an inverted u-shape effect on opportunity capability and the performance respectively and the opportunity capability shows a mediating role between risk-taking and the performance. The results show that rational risk-taking for new ventures is reasonable and avoiding risk and excessive risk-taking will cause the performance to go down, which perfects the theory of balanced risk. In order to make the effectiveness of risk-taking excellent and the performance better, new ventures should improve and make their opportunity capabilities perfect. The results gave some implications to the firms. When facing risk, new venture should answer and analyze the risk, but not elude the risk and should not trap into the pitfall of braving for risk, which will be harmful to the performance. Besides, in the course of risk-taking new ventures should not go over the degree of the risk and at the same time they should make the opportunity identification and development capabilities perfect and enhance its abilities of recognizing and leveraging opportunities, and the opportunity capability should match the risk-taking activities. This paper explains the mechanism between risk-taking and the performance from the view of opportunity capability with an inverted U-shape. This result uncovered the nonlinear path from risk-taking to the performance and broke through the current knowledge and highlights the role of opportunity capability in the black box of risk-taking and the performance. For the new ventures, they should improve the opportunity capability and improve the capability system to enhance the effect of risk-taking and promote the performance.