摘要
企业风险投资(CVC)在资本市场上的地位日趋凸显。本文以生态价值网为分析框架,研究了CVC投资时机选择机制及其价值效应。具体来说,本文以阿里巴巴和腾讯分别选择不同时点投资哔哩哔哩为分析切入点,结合组织生态理论和资源基础理论,建立了以拓展生态位宽度和实现生态位跃迁为目的、以实现高资源赋能为原则的CVC投资时点选择理论机制。研究发现,CVC基于拓宽生态位的目的形成投资意愿,而被投资企业则为实现生态位跃迁而选择接受投资。进一步地,CVC和被投资企业分别倾向于在对方核心资源为自身赋能较高的时点进入投资或接受投资,以推进自身战略目标和资本回报的实现。最终,CVC投资时点的确定是双方投资时点偏好相互匹配的结果。本文不仅具有理论价值,而且对中国资本市场资源配置效率的提高也具有重要的现实指导意义。
Corporate venture capital(CVC)is playing an increasingly prominent role in the capital market.This paper investigates the timing mechanism of CVC investment and its value effect in the framework of ecological value network.Specifically,employing the organizational ecology theory and resource-based theory,this paper takes Alibaba and Tencent choosing different periods to invest BiliBili as the starting point and establishes a theoretical timing mechanism of CVC investment which aims to expand niche width and realize niche shifting,and takes high resource empowerment as the principle.This study finds that CVCs invest in order to expand the niche width,while the invested firms accept the investment to achieve niche shifting.Furthermore,CVCs and invested firms tend to invest or accept investment at the time when the core resources of the opposite firms provide high energization to them,so as to achieve the strategic purpose and receive capital return.Finally,CVC investment timing is determined by the match of CVCs’and invested firms’preference.This paper not only has theoretical value,but also has significant practical implications for the improvement of resource allocation efficiency in Chinese capital market.
出处
《会计研究》
CSSCI
北大核心
2022年第5期105-117,共13页
Accounting Research
基金
国家社会科学基金重大项目(19ZDA101)
国家自然科学基金青年项目(72002034)的资助
