Abstract: Specific asset have important value-creation properties, at the same time such asset pose considerable risk. Using the data of Chinese A share listed firms during 2007-2009, this paper analyses the relationships among Specific asset , Industry technology input and firm’s performance. Our result shows: The following factors are our main findings: firstly, if there are no protect from mechanisms of governance, specific asset will have negative effect on performance. Secondly, under condition of Industry technology input specific asset have positive effect on performance.

摘要： 本文研究了企业所处行业技术投入的不同，会如何影响专用性投资和企业绩效之间的关系。实证结果表明：在高技术投入的行业中，增加专用性投资有利于提升企业绩效；但在低技术投入的行业中，增加专用性投资不利于企业绩效。这为我国企业参与全球价值链协作提供了启示，在要求较多技术投入的产业价值链中，可以保持较高水平的专用性投资；而在要求技术投入较低的价值链中，应该注重控制专用性投资的规模。

关键词: 专用性投资 , 技术投入 , 企业绩效 , Specific asset, technology input, firm’s performance