公司创业投资对企业技术创新的影响研究——基于组织间学习的视角  

Impact of Corporate Venture Capital on Corporate Technology Innovation——From the Perspective of Inter-organization Learning

作　　者：康永博 王苏生[1] 彭珂[1] KANG Yong-bo WANG Su-sheng PENG Ke(Shenzhen Graduate School, Harbin Institute of Technology, Shenzhen 518055, China)

机构地区：[1]哈尔滨工业大学深圳研究生院,深圳518055

出　　处：《研究与发展管理》2017年第5期87-98,共12页R&D Management

基　　金：国家自然科学基金青年基金资助项目"上市公司环境绩效与公司价值和风险关系--基于金融投资角度的理论和实证分析"(71103050);深圳市软科学资助项目"深圳市"十三五"优势传统产业科技创新发展战略研究"(RKX201503240950316)

摘　　要：基于组织间学习的视角,以国内新兴的"PE+上市公司"公司创业投资(CVC)模式为研究对象,考察了CVC项目投资对企业技术创新的影响,以及风险投资声誉、行业不确定性和投资企业参与程度对二者关系的调节作用,并进一步检验了在不同的CVC项目目标下CVC项目投资对企业技术创新影响的差异.以独特的有风险投资参与的CVC项目投资数据为研究样本,本文研究发现:CVC项目投资与企业技术创新之间存在倒U形关系.结合声誉理论,风险投资声誉会对二者之间的关系产生显著的正向调节作用.行业不确定性的增加会提高投资企业利用CVC活动进行组织间学习的积极效用.投资企业在CVC项目中的参与程度越深入,越有利于促进投资企业的技术创新.此外,在不同CVC项目目标下,二者之间的关系存在显著的差异.From the perspective of inter-organization learning and in the context of ＂PE ＋ listed companies＂, it exam- ined the relationship between corporate venture capital （CVC） program investment and corporate technology innovation, and moderating effects of VC reputation, uncertainty and CVC involvement of parent corporate. It also examined the main effect under different objectives of CVC program. By using the special data of CVC programs that VC is involved and based on inter-organization learning theory, the results find that CVC program investment has the inverted-U effect on the corporate technology innovation. Based on the reputation theory, VC reputation has a positive moderating effect on the relationship between CVC program investment and corporate technology innovation. Industry uncertainty and CVC involvement of parent corporate have positive moderating effect on the relationship between CVC program invest- ment and corporate technology innovation. It further finds that under different objectives of CVC program, the relation- ship between CVC program investment and corporate technology innovation has significant difference.

关 键 词：公司创业投资 企业技术创新 组织间学习 风险投资声誉 行业不确定性 

分 类 号：F830.91[经济管理—金融学]