摘要
基于2008—2011年间A股市场首次公开发行的上市公司数据,应用面板数据固定效应模型与倾向评分匹配法,从互补性资产的视角,实证分析了公司创业投资(CVC)与独立创业投资(IVC)对被投资企业技术创新的影响。结果表明,CVC支持企业的研发投入显著高于IVC支持企业,IVC支持企业的总体专利申请数量显著高于CVC支持企业,总体上CVC对被投资企业技术创新产出的作用不显著。CVC提供的不同类型互补性资产对被投资企业的影响存在差异。CVC母公司持股比例与被投资企业研发投入、发明专利申请、总体专利申请呈显著的非线性倒U型关系,董事会席位对被投资企业发明专利申请具有正向影响,派驻管理与技术人员对被投资企业的研发投入具有显著的正向影响,但对发明专利申请量却具有显著的负向影响。
Based on a sample of A-share listed initial public offering firms during 2008--2011, using pannal data fixed effects model and propensity score matching （PSM）, this article investigated the impacts of corporate venture capital （CVC） and independent venture capital （IVC） on entrepreneurial firms＇ technology innovation in China. The empirical results indicate： CVC backed firms＇ R＆D investment were significantly higher than the IVC backed firms, IVC backed firms＇ overall number of patent applications were significantly higher than CVC backed firms. CVC didn＇t have significant impact on invested firms＇ technology innovation output. The different types of comple- mentary assets that CVC provided have differente impacts on invested firms. There have significant non-linear in- verted U-shaped relationship between CVC investor＇s ownership with invested firm＇s R＆D investment, patent appli- cations and overall patent applications. Board seats of CVC investor have positive impact on patent applications, professionals ＆ technical have significant positive impact on invested firms R＆D investment, but have significant negative to patent applications.
出处
《科学学与科学技术管理》
CSSCI
CSCD
北大核心
2017年第10期120-134,共15页
Science of Science and Management of S.& T.
基金
教育部人文社会科学研究规划基金(17YJAZH080)
关键词
公司创业投资
互补性资产
独立创业投资
技术创新
倾向评分匹配
corporate venture capital
complementary assets
independent venture capital
technology innovation
pro- pensity score matching
