CVC母公司声誉、地理相关性与企业创新  

CVC Parent Company Reputation,Geographic Relevance and Enterprise Innovation

作　　者：徐虹 朱道丽 XU Hong;ZHU Daoli(Business School,Anhui University of Technology,Ma anshan 243032,China)

机构地区：[1]安徽工业大学商学院,安徽马鞍山243032

出　　处：《南京审计大学学报》2022年第4期41-50,共10页Journal of Nanjing Audit University

基　　金：国家社会科学基金重点项目(19AJY006)。

摘　　要：以我国2009—2019年深圳中小板和创业板上市公司为研究样本,分析CVC母公司声誉对企业创新能力的影响,并进一步检验CVC母公司与创业企业之间的地理相关性在其中的调节作用。研究发现:CVC母公司声誉有助于企业创新能力的提高,CVC母公司与创业企业之间的地理相关性,能强化CVC母公司声誉对企业创新的积极作用;CVC母公司声誉对企业创新能力的提升作用在创始人具有经营控制权、CVC母公司参与度较高的企业中更为显著。进一步探究内在动因及经济后果发现,高声誉CVC母公司提升被投资企业创新能力的动机是为了获得战略回报,其后果表现为提高被投资企业的实质性创新水平。最后,机制检验表明高声誉CVC母公司通过更长的投资期限和缓解被投资企业融资约束来促进企业创新。Taking listed companies on SME Board and GEM in Shenzhen from 2009 to 2019 as research samples,this paper analyzes the impact of CVC parent company reputation on the innovation ability of enterprises,and further tests the regulatory role of the geographical relevance between CVC parent companies and venture enterprises.The results show that the reputation of CVC parent company is helpful to improve the innovation ability of enterprises,and when there is geographical relevance between CVC parent company and venture enterprise,the reputation of CVC parent company can play an active role in enterprise innovation.In addition,the promotion of CVC parent company reputation on enterprise innovation is even greater in enterprises whose founders have operational control and enterprises with higher participation of CVC parent company.Further exploring the internal motivation and economic consequence reveals that the motivation of the high-reputation CVC parent company promoting the invested enterprise innovation is to obtain strategic returns,and the result is to promote the substantial innovation ability of the invested enterprises.Finally,the mechanism test show that the reputation of CVC parent company promotes the invested enterprise innovation by having longer investment term and alleviating the financing constraints of the invested enterprises.

关 键 词：公司风险投资 CVC母公司声誉 企业创新 地理相关性 战略回报 投资期限 融资约束 

分 类 号：F273.1[经济管理—企业管理]