公司创业投资、技术契合度与被投资企业创新韧性  

Corporate Venture Capital,Technology Fit,and Innovation Resilience of Invested Enterprises

作　　者：王雷 吕诗晖 WANG Lei;LV Shihui(School of Business,Jiangnan University,Wuxi 214000,China)

机构地区：[1]江南大学商学院,江苏无锡214000

出　　处：《财经论丛》2024年第7期48-58,共11页Collected Essays on Finance and Economics

基　　金：江苏省研究生科研与实践创新计划项目(KYCX23_2528);国家社会科学基金项目(19BGL033);江苏科技智库青年人才计划(JSKJZK2023042)。

摘　　要：以协同理论为基础,分析了公司创业投资(CVC)及技术契合度对被投资企业创新韧性的影响,进一步探究了CVC母公司控制权、被投资企业研发效率在双方技术契合度与被投资企业创新韧性关系中的门槛效应,以及被投资企业全要素生产率的调节效应,并以2015—2018年在创业板IPO的281家上市企业为样本进行了实证检验。研究结果表明:CVC能够显著提升被投资企业创新韧性,母公司与被投资企业的技术契合度正向影响被投资企业创新韧性;CVC、技术契合度与被投资企业创新韧性的关系表现出基于外部环境的异质性;母公司控制权、被投资企业研发效率在技术契合度与被投资企业创新韧性关系中起到一阶门槛作用;全要素生产率正向调节技术契合度与被投资企业创新韧性的关系。最后,针对CVC母公司、创业企业以及相关部门提出了相应的对策建议。Innovation is the primary driving force,and entrepreneurial enterprises are an important source of economic growth and technological progress.However,at present,enterprises are facing the impact of weak global economic growth and market saturation,etc.The development of digital economy not only brings opportunities to enterprises,but also magnifies the uncertainty of the market,making small and medium-sized enterprises have urgent innovation needs but struggle to survive.How to reduce the negative impact of external shocks on the innovation of entrepreneurial enterprises and improve the innovation enthusiasm and innovation ability of small and medium-sized entrepreneurial enterprises under the external uncertainty and internal constraints? This paper believes that it is far from enough to only pay attention to static innovation output and innovation input,and it is necessary to start from the source,go deep into the innovation process of enterprises,and pay attention to the continuous and dynamic innovation resilience of enterprises.As a special venture capital that can penetrate into the innovation process of enterprises,corporate venture capital(CVC),a special equity investment,can not only provide funds to improve the innovation investment of enterprises,or provide value-added services to improve the innovation performance of enterprises,but also have the ability to predict and cope with risksas well as anticipate and follow future opportunities.It can help entrepreneurial enterprises to quickly realize the phased innovation results to carry out the next round of innovation.The positive effect of CVC on the innovation of the investee has been confirmed by scholars at home and abroad,but the impact of CVC on the innovation resilience of the investee has not been studied deeply in the dynamic innovation process.In the theoretical analysis part,this paper divides the achievement of innovation resilience into three stages:survival,recovery and breakthrough,and then explores the impact of CVC on the innovation resi

关 键 词：创新韧性 公司创业投资 技术契合度 门槛效应 

分 类 号：F272[经济管理—企业管理]