公司创业投资与企业技术创新绩效——基于实物期权视角的研究  

Corporate Venture Capital and Technological Innovation Performance from a Real Option Perspective

作　　者：乔明哲[1,2] 张玉利[1] 张玮倩[2] 虞星星 Qiao Mingzhe;Zhang Yuli;Zhang Weiqian;Yu Xingxing(School of Business, Nankai University, Tianjin 300071, China;School of Finance and Management, Shanghai University of International Business and Economics, Shanghai 201620, China)

机构地区：[1]南开大学商学院,天津300071 [2]上海对外经贸大学金融管理学院,上海201620

出　　处：《外国经济与管理》2017年第12期38-52,共15页Foreign Economics & Management

基　　金：国家自然科学基金重点项目(71532005);国家自然科学基金面上项目(71272217);上海市教育委员会科研创新重点项目(14ZS147)

摘　　要：由于内部创新效率较低,成熟企业难以像创业企业那样灵活应对外部环境的变化。随着环境不确定性程度的增加,公司创业投资成为成熟企业从创业企业获取创新资源的重要战略手段,并在实践中迅速兴起。本文基于实物期权理论,运用2001—2014年间376家参与公司创业投资活动的沪深上市公司的数据进行了实证分析,结果表明:公司创业投资数量与投资企业的技术创新绩效之间存在着显著的倒U形关系;投资企业面临的环境不确定性和自身的内部创新投入对于上述关系均具有显著的正向调节作用。本文为公司创业投资实物期权属性对投资企业创新绩效的影响提供了直接的实证证据,揭示了公司创业投资获得的外部创新资源与企业内部创新投入之间的互补效应,丰富了公司创业投资和实物期权等方面的研究。Compared with new ventures, established firms are difficult to flexibly respond to external environment changes because of their low efficiency in internal innovation activities. With increasing environment uncertainty, the trajectory of technology innovation becomes more and more unpredictable, and corporate venture capital（CVC）has become an important strategic method to incumbents for acquiring innovation resources from new ventures, and rises rapidly in practice. CVC could help incumbents to configure technology real options more effectively through investing a variety of new ventures, thereby enabling them to explore innovation opportunities in much more wide areas. Researches have provided considerable empirical evidence in the positive effect of CVC investment on incumbents＇ innovation performance, but there still lacks direct evidence in the effects of CVC real option attributes on investor firms＇ technological innovation performance. Therefore, we carry out an empirical research based on real options and organizational learning theories to answer following questions： first, could CVC investment improve investor firms＇ technological innovation performance under higher uncertain environment？ second, could internal innovation input enhance the positive effect of CVC investment on investor firms＇ technological innovation performance？ We employ the data of 376 listed firms from Shanghai and Shenzhen stock markets which have made CVC investment from 2001 to 2014, and analyze them with negative binomial regressions. The results indicate that： （1）there is a significant inverted U-shaped relationship between the number of CVC investment and investor firms＇ technological innovation performance; （2）environment uncertainty has a significant positive moderating effect on the relationship between CVC investment and investor firms＇ technological innovation performance; （3）the internal technology innovation input also has a significant positive moderating effect on the relationship bet

关 键 词：公司创业投资 技术创新 环境不确定性 创新投入 实物期权 

分 类 号：F270[经济管理—企业管理]