Abstract: The growth of a new venture should take into consideration two important strategic goals of survival and sustained development. Therefore, the quick profit return characteristic of opportunistic orientation and the sustainability characteristic of innovation orientation are critical to the growth of a new venture. From a resource behavior perspective, this paper explores the impact mechanism of these two strategic orientations on the growth of a new venture. Based on resource-based view and the strategic fit theory, this paper constructs a theoretical model of the impact of the opportunistic orientation and the innovation orientation on the growth of a new venture, with network embeddedness and resource bricolage as the mediators, and market potential as the moderator. An empirical analysis of the data of 205 new ventures show that both the opportunistic orientation and the innovation orientation have a significantly positive impact on the growth of a new venture, and the impact of the innovation orientation is stronger than that of the opportunistic orientation. Network embeddedness partially mediates the relationship between the opportunistic orientation and the growth of a new venture, but has no mediating effect between the innovation orientation and the growth of a new venture. Resource bricolage completely mediates the relationship between the opportunistic orientation and the growth of a new venture, and partially mediates the relationship between the innovation orientation and the growth of a new venture. Market potential positively moderates the relationship between the opportunistic orientation/innovation orientation and the growth of a new venture, and the relationship between network embeddedness and the growth of new venture, but has no moderating effect between resource bricolage and the growth of a new venture.

Key words: opportunistic orientation, innovation orientation, network embeddedness, resource bricolage, market potential, growth of a new venture

摘要： 新创企业成长要兼顾生存和长久发展两个重要战略目标，机会导向的短期获利性和创新导向的可持续发展性都对新创企业成长具有重要影响。从资源行为视角，探讨两种战略导向对新创企业成长的影响机制。基于资源基础理论和战略匹配理论，以网络嵌入和资源拼凑为中介变量，市场潜力为调节变量，构建机会导向和创新导向对新创企业成长影响的理论模型。利用205家新创企业数据进行实证分析，结果发现：机会导向和创新导向均对新创企业成长绩效有显著正向影响，但创新导向的影响效应更大；网络嵌入在机会导向与新创企业成长绩效间起部分中介作用，在创新导向与新创企业成长绩效无中介作用，资源拼凑在机会导向与新创企业成长绩效间起完全中介作用，在创新导向与新创企业成长绩效间起部分中介作用；市场潜力正向调节机会导向和创新导向以及网络嵌入对新创企业成长绩效的影响，但在资源拼凑与新创企业成长绩效间无调节作用。

关键词: 机会导向, 创新导向, 网络嵌入, 资源拼凑, 市场潜力, 新创企业成长