CVC与IVC谁更能促进初创企业创新?  

CVC & IVC: Which promotes innovation more effectively in entrepreneurial firms?

作　　者：薛超凯[1] 任宗强[2] 党兴华[1] XUE Chao-kai;REN Zong-qiang;DANG Xing-hua(School of Economics and Management,Xi’an University of Technology,Xi’an 710054,China;Research Center of Wenzhouness Economy,Wenzhou University,Wenzhou 325035,China)

机构地区：[1]西安理工大学经济与管理学院,陕西西安710054 [2]温州大学温州人经济研究中心,浙江温州325035

出　　处：《管理工程学报》2019年第4期38-48,共11页Journal of Industrial Engineering and Engineering Management

基　　金：国家自然科学基金资助项目(71572146、71302010);教育部人文社会科学基金资助项目(15YJC630104);陕西省特色学科资助项目(105/7075X1301)

摘　　要：本文采用企业创新的明显特征--研发投入和专利,并手工收集了196家创业板上市公司的研发投入、专利、风险投资等数据,研究企业风险投资(简称CVC)与独立风险投资(简称IVC)对初创企业创新的影响差异及其机理。研究发现,无论从创新投入(研发投入)还是从创新产出(专利总数)上来看,由CVC支持的初创企业的创新水平显著高于由IVC支持的初创企业。进一步的,本文从“投资期限”假说、“母公司支持”假说和“自选择”假说分别检验CVC更加促进企业创新的机制,发现CVC对初创企业的投资期限更长,从而显著促进了企业创新(支持“投资期限”假说)。而且,在CVC支持的初创企业中,与CVC的母公司同行业的企业的创新水平显著高于非同行业的企业(支持“母公司支持”假说)。不过,CVC和IVC选择投资的企业的年龄、规模、业绩、资产负债率等企业特征上并没有显著差异(不支持“自选择”假说)。本文的研究丰富了风险投资如何影响企业创新的相关文献,为实现创新型国家战略目标提供政策参考。With the growing acceptance of the “mass entrepreneurship and innovation,” entrepreneurial activities are no longer “factor investment” but “investment-driven” and “innovation-driven.” A variety of capital and entrepreneurial activities are prevalent. Entrepreneurial firms utilize the latest technology to produce products and re-create business models, and they usually are characterized by high risk, high investment, and long cycle. Moreover, entrepreneurial firms are coupled with weak financial strength and limited financing. Therefore, venture capital (VC) becomes the main channel for equity financing. The existing literature mainly studies the impact of VC on the enterprise’s innovation from various dimensions such as VC holding, VC capital background, VC entry timing, etc. However, previous literature rarely explores the effect of firm innovation between corporate venture capital (CVC) and independent venture capital (IVC). This study aims to close the gap. We first describe the characteristics of CVC and IVC. Using hand-collected data from 196 listed companies, we test how CVC differs from IVC in promoting innovation, where innovation is measured by R&D expenditure and patent. Comparing to IVC, CVC has a longer investment horizon and is supported by parent companies. According to the “investment horizon” and “parent support” hypotheses, the above result will lead to differences in the impact of innovation in entrepreneurial firms. The “investment horizon” hypothesis assumes that CVC has a long investment horizon and can invest in entrepreneurial firms that cannot generate financial returns immediately but have high potential growth. Furthermore, CVC managers may have a higher tolerance for the failure of short-term innovation activities. Therefore, CVC has a longer investment horizon and more support for innovative inputs and outputs in entrepreneurial firms. The “parent support” hypothesis assumes that CVC relies on their parent company’s superior expertise so that CVC ca

关 键 词：企业风险投资 独立风险投资 创新 初创企业 

分 类 号：F830.59[经济管理—金融学]