风险投资网络联结与企业技术转移  

Venture Capital Network Tie and Enterprise Technology Transfer

作　　者：徐研 杨珅睿 焦继军 XU Yan;YANG Kunrui;JIAO Jijun(School of Finance,Henan University of Economics and Law,Zhengzhou 450046,China;College of Business,Johnson&Wales University,Providence 02903,USA)

机构地区：[1]河南财经政法大学金融学院,河南郑州450046 [2]美国强生威尔士大学商学院,美国罗得岛州普罗维登斯02903

出　　处：《经济经纬》2022年第5期99-109,共11页Economic Survey

基　　金：国家社会科学基金项目(18CJL030);河南财经政法大学信和·黄廷芳青年学者资助计划;河南省软科学研究项目(212400410353)。

摘　　要：利用CVSource数据库和国家知识产权局的数据,以2009—2019年在创业板上市且有风投股东的企业为样本建立面板模型,实证分析了风险投资能否依托其网络联结关系带来的信息优势有效地促进企业技术转移。研究发现:当被投企业与技术转移能力较强的企业之间存在风投联结形成的网络时,能够提升自身的技术转移水平。风险投资网络联结对企业技术转移的促进效应呈现高质量化特征,即风险投资网络联结不能显著地促进非发明专利技术转移,却能显著地促进企业的发明专利技术转移。此外,当风投网络为强联结关系时,会增强风投网络联结对技术转移的促进效应;当风投的行业专长较强时,其网络联结对被投企业技术转移的正向影响也会越强。研究拓展了对风险投资网络联结关系在企业技术转移中重要性的认识,也从社会网络视角为风投机构优化对于技术转移项目的投资决策提供了实证参考。Based on the data of CVSource database and State intellectual property office,this paper establishes a panel model based on the samples of enterprises with venture capital shareholders listed on the Gem from 2009 to 2019,and empirically analyzes whether venture capital can effectively promote technology transfer by relying on the information advantage brought by its network connection.It is found that when there is a network tie formed by venture capital between the invested enterprise and the enterprise with strong technology transfer ability,the invested enterprise’s technology transfer level can be improved.Moreover,the promotion effect of venture capital network connection on enterprise technology transfer is characterized by high quality,that is,although venture capital network connection can not significantly promote the transfer of non-invention patent technology,it can significantly promote the transfer of enterprise invention patent technology.In addition,when the venture capital network is a strong connection,the promotion effect of venture capital network connection on technology transfer will be enhanced.And when the industry expertise of venture capital is strong,its network connection will have a stronger positive impact on the technology transfer of the invested enterprises.This study not only expands the understanding of the importance of venture capital network connection in enterprise technology transfer,but also provides an empirical reference for venture capital institutions to optimize their investment decisions on technology transfer projects from the perspective of social network.

关 键 词：风险投资 网络联结 技术转移 信息传导效应 调节效应 

分 类 号：F810.422[经济管理—财政学]