CVC联合投资,成员异质性与企业技术创新  

CVC Syndication,Member Heterogeneity and Corporate Technological Innovation

作　　者：向海燕[1] 高原 Xiang Haiyan;Gao Yuan(School of Economics&Management,Xi'an Technological University,Xi'an 710021,China)

机构地区：[1]西安工业大学经济管理学院,陕西西安710021

出　　处：《科技管理研究》2021年第21期86-92,共7页Science and Technology Management Research

基　　金：国家社会科学基金项目“基于高溢价并购视角的非关联大股东的公司治理机制及效果研究”(20XGL005);陕西省科技厅软科学研究计划项目“基于类别股权的控制权结构创新对于陕西科技企业融资的促进研究”(2020KRM007)。

摘　　要：以2016—2019年公司风险投资(CVC)支持的创业板上市制造业企业为样本,研究CVC联合投资对被投资企业技术创新的影响。研究发现,相比CVC单独投资的企业,CVC联合投资的企业技术创新能力较弱;联合投资成员持股比例的差异显著抑制被投资企业技术创新的提升;联合投资成员产权性质的多元化显著促进被投资企业技术创新的提升;联合投资成员母公司的行业异质性促进被投资企业的技术创新;而联合投资成员母公司与被投资企业的行业相似度不利于被投资企业技术创新。This paper studies the impact of CVC syndication on the technological innovation of the invested enterprises based on the samples of listed manufacturing enterprises supported by corporate venture capital(CVC) from 2016 to 2019.The results show that:compared with the enterprises invested by CVC alone,the technological innovation ability of enterprises invested jointly by CVC is weaker.Through the analysis of the heterogeneity of CVC joint investment characteristics,it is found that:the difference in the shareholding ratio of joint investment members significantly inhibits the improvement of technological innovation of the invested enterprises;the industry heterogeneity of the parent company of joint investment members promotes the technological innovation of the invested enterprises;the industry similarity between the parent company of joint investment members and the invested enterprises is not conducive to the technological innovation of the invested enterprises based on the view that CVC has technology threat and moral hazard.

关 键 词：CVC联合投资 异质性 企业技术创新 

分 类 号：F832[经济管理—金融学] F273.1