CVC驱动同业创新:溢出效应的机制检验  

The CVC-driven peer innovation:A mechanism test of the spillover effect

作　　者：张娆 张玥 Zhang Rao;Zhang Yue(College of Finance,Nanjing Agricultural University,Nanjing 210095,Jiangsu,China)

机构地区：[1]南京农业大学金融学院,江苏南京210095

出　　处：《科研管理》2022年第5期23-33,共11页Science Research Management

基　　金：国家社会科学基金项目:“混合所有制改革的双向混合与提升企业风险承担能力”(18BGL085,2018-2022);江苏高校“青蓝工程”(2022-2025)。

摘　　要：公司创业投资(CVC)是当前创投领域的热点话题,对优化资本市场资金配置,促进企业高质量发展起着关键性作用。本文以2008—2018年我国A股上市公司为研究对象,考察与验证CVC对同业企业的溢出效应,以期确认CVC的外部创新激励作用。研究结果表明:(1)CVC与同业创新水平呈显著正相关,溢出效果存在;(2)探究其影响机制,投资公司创新是溢出效应产生的可能路径和关键节点;(3)进一步研究发现,CVC驱动同业创新的效应存在明显的场域特征,主要发生于行业经营风险低、市场化程度高的情境下。文章将CVC与溢出效应相结合,不仅拓展了CVC的理论框架,为CVC的功能呈现创造了新思路,为CVC的经济后果研究提供了新视角,同时为优化国家投融资政策、赋能行业协同创新提供经验证据,对企业践行创新驱动发展战略、助力双循环发展新格局亦具有参考意义。Under the increasingly complex and volatile market environment,sustained value creation capabilities and competitive advantages are crucial and essential for enterprises.Technological innovation is regarded as an important method for enterprises to maintain their competitive advantages and market position.Nevertheless,enterprises are facing the dilemma of new technology exploration and development due to the lack of innovation resources and insufficient endogenous power mechanisms.More and more large enterprises are trying to conduct Corporate Venture Capital(CVC)programs,seeking external sources of innovation to make up for the R&D activities within the organization.CVC is an equity investment directly or indirectly provided by non-financial companies to start-up companies,which is an effective path for companies to explore innovative technologies and business models.China introduced the pattern of CVC in the 20th century.After more than two decades of development,CVC in China has begun to shape.In 2020,the total amount of CVC in China exceeds 200 billion yuan,becoming the backbone of the venture capital market that cannot be ignored.As a capital link between invested and investee companies,the significance and value of CVC has been confirmed,covering many functions such as technology innovation,capability development,market articulation and ecological construction.However,existing studies mainly focused on the micro-level impact of CVC on individual companies(investors and investees).Whether such a large-scale CVC has external spillover effects and what is the function of CVC at the meso-level have not been extensively studied.Based on A-share listed companies from 2008 to 2018,this paper examines the external spillover effects and spillover paths of CVC by using the data in the CV source database.The results show that:(1)CVC has significantly improved the innovation performance of peer companies,that is,the spillover effect is manifested as a positive contribution to the innovation level of peers.(2)Investor i

关 键 词：公司创业投资(CVC) 同业创新 溢出效应 

分 类 号：F272.3[经济管理—企业管理]