公司风险投资与新创企业创新--基于母公司战略意图的视角  

Corporate venture capital and young firms'innovation:From the perspective of parent companies'strategic intent

作　　者：肖珉[1] 陈闯[1] 黄利平 XIAO Min;CHEN Chuang;HUANG Li-ping(School of Management,Xiamen University,Xiamen 361005,China;Guanghua School of Management,Peking University,Beijing 100871,China)

机构地区：[1]厦门大学管理学院,厦门361005 [2]北京大学光华管理学院,北京100871

出　　处：《管理科学学报》2022年第7期61-84,共24页Journal of Management Sciences in China

基　　金：国家自然科学基金资助项目(71672158,71790601);国家社会科学基金资助项目(21 BGL090).

摘　　要：公司风险投资(CVC)是成熟企业设立的对新创企业进行投资的风险投资机构.本文基于CVC母公司实施创新战略,进行外部探索学习的视角,分析CVC作为成熟企业创新学习的机制对新创企业创新的影响,并利用2004年~2017年间我国中小板和创业板上市公司进行实证检验.检验结果发现,相对于具有其他投资目的的资本,承载着母公司创新学习战略意图的CVC所投资的新创企业具有更高的创新水平;母公司感知的创新绩效越低,创新意图越强烈,CVC所投资的新创企业的创新水平越高.进一步的分析还发现,母公司内部创新受到的制度约束越强,CVC所投资的新创企业的创新水平越高.本文认为,CVC有利于促进新创企业的创新,这种促进作用与CVC母公司创新学习的战略意图有关..Corporate venture capital(CVC)is a type of venture capital through which established companies invest in young firms.This paper examines the effect of CVC on young firms'innovation from the perspective of parent companies'strategic intent of implementing innovation through external exploration and learning.Using a sample of young firms listed in China's SME and GEM over the period 2004~2017,the paper studies how CVC affects young firms innovation.The paper finds that CVC-backed firms,which are invested by parent companies with a strategic intent of innovation learning,are more innovative than non-CVC-backed firms.Further,the lower the innovation performance the parent companies perceive,the more innovative the CVCbacked firms become;the severer the institutional constrains of internal innovation the parent companies face,the more innovative the CVC-backed firms become.The paper concludes that CVC facilitates the innovation of young firms and this effect is related to the strategic intent of CVC parent companies'innovation learning.

关 键 词：公司风险投资 战略意图 新创企业 创新 

分 类 号：F832.3[经济管理—金融学]