Abstract：It is of the key importance to develop market-based functions in terms of innovation and marketing but not excessively rely on personal relations or emotions, if a new venture pursues a sustainable development. The negative effects of managerial ties and the requirements of China’s transition into market mechanism demand an increasing role of market-based functions. There are usually two pathways to develop market-based assets, i.e., external ties (business and political) and internal investment (R&D and marketing intensity). The results illustrate a substitute not complementary relationship of the two strategies. Furthermore, managerial discretion can promote their complementarity. The results also illustrate an inverted U curvilinear relationship between ties and market-based assets.
张峰，黄玖立，杜运周. 资源约束下新创企业外部关系向市场职能的转化研究[J]. J4, 2016, 13(4): 572-.
ZHANG Feng，HUANG Jiuli，DU Yunzhou. The Transformation of External Ties into Market-Based Functions in New Ventures. J4, 2016, 13(4): 572-.
2016, Vol. 13 
