VC/PE对企业的创新与价值实现影响的纵向比较研究  

Longitudinal Comparative Study on the Impact of VC/PE on Enterprises' Innovation and Value Realization

作　　者：常焙筌 厉无畏[1] CHANG Bei-quan;LI Wu-wei(Gloriours Sun School of Business and Management, Donghua University, Shanghai 200051, China)

机构地区：[1]东华大学旭日工商管理学院,上海200051

出　　处：《研究与发展管理》2018年第3期45-54,99,共11页R&D Management

基　　金：中央高校基本科研业务费专项资金资助项目(CUSF-DH-D-20160660)

摘　　要：在分众传媒、沃金石油和微创医疗案例的驱动下,基于复制拓展的分析逻辑,采用递进推演与比较的分析方法,研究了VC/PE对企业不同阶段创新与价值实现影响的内容与过程.研究发现:新创企业利用未被挖掘的市场或被忽略的资源形成行业准入壁垒,吸引VC与PE支持.VC多采取资源将就策略,构建上下游战略合作机会,积极实现技术创新与设计创新;PE多采取资源重构策略,实现专利授权、资质跨界或改变融资市场性质,表现为兼并收购与开展联盟跨界新业务.在此基础上,结合VC/PE价值实现动因,提出VC/PE资源支持概念,建议VC的政策制定应侧重鼓励以资源将就为核心的设计创新和技术创新,PE的政策制定应适当监管以资源重构为核心的市场创新.Driven by the cases of Focus Media, Walking Petroleum and Microport Medical, based on the replication and expansion logical analysis, it adopted progressive deductive comparative analysis to study the impact content and process of venture capital/private equity on enterprises＇ innovation aad value realization in different stages. The results are as following. Start-ups build industry entry barriers with unexplored markets or ignored resources to attract VC/PE support, VCs mostly employ resource brieolage strategy, establishing upward and downward strategic collaboration op- portunities, fostering technological and design innovation. PEs mostly employ resource reconfiguration strategy to obtain patent authorization, surpass qualification limits or change capital markets nature, displaying their interest on acquisi- tions, purchases and developing new business alliances. On the basis, combined VC/PEs＇ value-generation motiva- tions, it presented the conception of VC/PE resource support, and suggested that VC policy formulation should empha- size on design and technological innovation with resource bricolage as the core, and PE policy formulation should prop- erly supervise market innovation with resource reconfiguration as the core.

关 键 词：VC/PE 创新 价值实现 资源拼凑 资源重构 

分 类 号：F270[经济管理—企业管理]