Based on the perspective of risk taking,this paper studies the economic consequences of strategic alliance cooperation and finds that the overall risk taking level of companies participating in strategic alliance is significantly improved.The mechanism test shows that the strategic alliance improves the level of enterprise risk taking by reducing agency cost and operation cost.Further research shows that for non-state-owned enterprises,enterprises with high industry competition degree and enterprises in low marketization level,strategic alliance has a greater effect on the improvement of corporate risk taking.The expansion research shows that the equity cooperation model,bilateral contract form and regional business cooperation culture significantly increase the role of strategic alliance in enhancing corporate risk taking.The impact of strategic alliance on enterprise risk taking is manifested in the expansion of debt financing scale,the improvement of capital expenditure level and the increase of R&D investment.In view of this,enterprises should actively seek to establish effective strategic alliances,while regulators should also encourage and support enterprises to build strategic alliances to enhance their risk bearing capacity,thereby enhancing their competitive advantages and boosting their high-quality development.
万方数据
维普
