摘要
作为大企业获取外部技术源的重要模式,公司创业投资(CVC)对企业的创新发展意义重大。文章运用中小板、创业板市场的IPO企业数据,实证研究了CVC母公司与被投资企业之间的行业竞争强度对被投资企业创新投入与产出的影响,以及母公司卷入强度的作用机制。研究发现,CVC母公司与被投资企业间的行业竞争强度促进了被投资企业的创新投入,但对其创新产出却具有显著的抑制作用;行业竞争强度显著增加了CVC母公司对被投资企业的卷入强度,母公司的卷入强度促进了被投资企业的创新投入和产出。研究还表明,CVC母公司通过进入被投资企业的董事会、监事会乃至管理层,在一定程度上参与企业的管理,对被投资企业的创新绩效具有积极作用。
In the context of rapid change, innovation is the key for enterprises to maintain sustainable competitiveness and survive and develop in an increasingly competitive market environment. As an important mode for large enterprises to obtain external technology sources,CVC is the main tool for value creation and an important form of corporate entrepreneurial activities. It has the general purpose of obtaining high financial returns as traditional venture capital, and also has the unique strategic goal of maintaining open innovation, acquiring new technologies and entering new markets by investing in start-ups in the same or different industries.Whether the CVC parent company can effectively promote the technological innovation performance and capabilities of invested enterprises while paying attention to its own strategic benefits, researches have not yet formed consensus conclusions. And empirical studies on the reasons for the differentiated impact of CVC investment on innovation performance of invested enterprises are still relatively few.Based on the 2008-2016 GEM and SME IPO enterprise sample data, this paper uses the random effect model of non-Balanced panel data to study the impact of the industry competition intensity between the CVC parent company and invested enterprises on the innovation input and output of invested enterprises in the Chinese context, and analyzes the mechanism of the CVC parent company’s involvement intensity in the board of directors, supervisors, and the management of the invested enterprises. It is found that the CVC parent company which is competitive with invested enterprises is more likely to generate opportunistic behaviors such as imitation and theft, which will inhibit the innovation efforts of invested enterprises. Therefore, the industry competition intensity between the two parties has a significant inhibitory effect on the innovation patent output of invested enterprises. However, the involvement intensity of the CVC parent company has actively promoted the innovative R&D i
作者
王雷
亓亚荣
Wang Lei;Qi Yarong(School of Business,Jiangnan University,Jiangsu Wuxi 214122,China)
出处
《上海财经大学学报（哲学社会科学版）》
CSSCI
北大核心
2019年第2期46-64,共19页
Journal of Shanghai University of Finance and Economics
基金
教育部人文社科基金规划项目(17YJAZH080)
江苏省"六大人才高峰"高层次人才支持计划(JY-049)
江苏高校"青蓝工程"资助计划(苏教师〔2017〕15号)
关键词
公司创业投资
竞争强度
技术创新
卷入强度
倾向得分匹配法
CVC
competition intensity
technology innovation
involvement intensity
propensity score matching
