创新激励还是创新封杀?——基于大科技平台股权投资市场的微观证据  

Innovation Spur or Kill Zone?Micro Evidence from Big Tech's Venture Investments

作　　者：王诗桪 高廷帆 杨利宏 Wang Shixun;Gao Tingfan;Yang Lihong(School of Economics and Management,Fuzhou University;School of Economics,Capital University of Economics and Business;Institute of Urban Development,Nanjing Audit University;Marshall School of Business,University of Southern California)

机构地区：[1]福州大学经济与管理学院 [2]首都经济贸易大学经济学院 [3]南京审计大学城市发展研究院 [4]南加州大学马歇尔商学院

出　　处：《管理世界》2023年第9期176-190,共15页Journal of Management World

基　　金：国家自然科学基金项目(基金号:71573269);国家社科基金一般项目(基金号:22BJL060);福建省社科基金基地重大项目(基金号:FJ2021MJDZ010);江苏省社科重大基金项目(基金号:2021SZDA123)的支持。

摘　　要：大科技平台是产业创新和经济增长的重要引擎。股权投资已经成为了大科技平台对外扩张的重要方式之一,其对创新的影响在全球范围内引发了广泛争议。大科技平台的股权投资究竟是激励了产业创新、还是建立了“创新封杀区”?本文基于2005~2021年创业投资与专利申请的独特数据集,利用超过11万条观测值样本进行了实证检验。研究发现:大科技平台的创投显著提升了被投资企业的创新水平,特别是以发明专利为代表的实质性创新。这一提升来自大科技平台创投后的支持,而不能完全归因大科技平台事前的投资策略选择。支持方式包括财务资源、技术协同、数字生态带来的多样化知识等。本文基于大规模微观证据揭示了大科技创投的创新效应,实证检验了当前学界与政策实践者广泛争议的“创新封杀区”。研究结论为我国规范大科技平台与数字经济竞争策略、引导平台资本健康发展提供了事实依据和经验启示。The big tech has become an important engine of industrial innovation and economic growth.Corporate venture capital has become the main means for the expansion of the big tech.In either theory,practice or policy,the effect of venture capital from big tech on innovation remains an open question.Whether the investment promote innovation or creates"kill zone"caused widely debate.Based on the unique data set of venture capital and patent applications from 2005 to 2021,this paper makes an empirical test based on a sample of over 110000 observations.The research finds that the investment of big tech has significantly improved the innovation of the portfolios,especially the substantive innovation reflected in invention patents.This improvement comes from the support after the investment,rather than the ex-ante investment strategy choice.The specific supports of big tech include financial resource,technology collaboration,and diversified knowledge from ecosystem.This paper provides the micro evidence with a large sample,reveals the innovation effect of big tech venture capital and empirically tests the widely debated"kill zone"among researchers and policy makers.The results give facts and implications for the competition policy of big techs and digital economy,and guidance to the healthy development of platform capital.

关 键 词：大科技平台 公司创投 创新 产业生态 

分 类 号：F124.3[经济管理—世界经济] F832.48