Abstract: Facing the dual dilemma of intensified external technology competition and high risk of internal innovation, more and more enterprises choose to join technological alliances to achieve efficient and sustainable development of innovation activities. This paper examines the effect of joining or forming different types of technological alliances on the performance of start-ups and its mechanism, and introduces internal and external innovation environment factors to explore its moderating effect. The results show that the technological alliances between universities and research institutions can significantly improve the innovation performance of start-ups, and the technological alliances between enterprises can significantly improve the financial performance of start-ups. After considering the endogeneity problems such as self-selection of samples, mutual causality and using substitution variables to carry out robustness test, the conclusion is still valid. The mechanism test shows that technological alliances between universities and research institutions affect innovation performance mainly through helping enterprises to utilize industry spillover research and development (R&D) resources and improving R&D input-output efficiency. Inter-enterprise technological alliances affect financial performance mainly through improving market operation efficiency and strengthening social capital. At the same time, R&D intensity and market competition intensity can play a positive moderating role on technological alliances among universities and research institutions and innovation performance, technological alliance among enterprises and financial performance and their mechanisms. From the perspective of differences among alliance members, this paper contributes to the research on the performance of start-ups, and provides important inspiration for start-ups to realize their leapfrog growth by making use of the key advantages and development opportunities brought by the technological alliance strategy.

摘要： 面临外部技术竞争加剧和内部创新高风险性的双重困境，越来越多企业选择加入技术联盟以实现创新活动的高效可持续发展。本文考察了加入或组建不同类型技术联盟对创业企业绩效的影响效果及其作用机制，并引入内外部创新环境因素探讨其调节效应。研究发现：高校、科研机构间的技术联盟能够显著提升创业企业的创新绩效，企业间技术联盟能够显著提升创业企业的财务绩效。在考虑了样本自选择、互为因果等内生性问题并运用替换变量进行稳健性检验后，结论依然成立。机制检验表明，高校、科研机构间技术联盟主要通过帮助企业利用行业溢出研发资源、提高研发投入产出效率两条途径影响创新绩效；企业间技术联盟主要通过提高企业市场运营效率、强化社会资本两条途径影响财务绩效。与此同时，研发强度和市场竞争强度能够对高校、科研机构间技术联盟与创新绩效、企业间技术联盟与财务绩效及其作用机制起到一定的正向调节作用。本文从联盟成员差异性视角贡献于创业企业绩效相关研究，也为创业企业如何借助技术联盟战略带来的关键优势和发展契机以实现自身的飞跃式成长提供了重要启示。