The number of prior direct ties between FHC subsidiaries and their customers has strong positive effects on the competitive advantages of the subsidiaries, but the relationships are not monotonic.

• 我们发现，外部社会资本包括金控公司与顾客间的直接镶嵌（信任、深度资讯管道、联合解决问题），网路地位，以及交叉销售等因素，都显著影响了金控的市场竞争力。