创始人CEO与公司创业投资  

Founder-CEOs and Corporate Venture Capital

作　　者：陈虹 支晓强[1] CHEN Hong;ZHI Xiaoqiang(Renmin Business School,Renmin University of China,Beijing 100872,China)

机构地区：[1]中国人民大学商学院,北京100872

出　　处：《北京工商大学学报（社会科学版）》2024年第4期100-115,共16页JOURNAL OF BEIJING TECHNOLOGY AND BUSINESS UNIVERSITY:SOCIAL SCIENCES

基　　金：国家自然科学基金项目“公司社交媒体策略性信息披露及其经济后果研究”(72272146);教育部哲学社会科学研究重大课题攻关项目“校办企业国有资产监管及审计研究”(23JZD013)。

摘　　要：公司创业投资是成熟产业公司进行外部探索与学习的新兴战略手段,创始人CEO的个人特质则与公司创业投资高收益与高风险并存等特点相契合。基于高层梯队理论,利用2009—2020年创业板上市公司的数据,探讨了创始人CEO对公司创业投资的影响。研究发现,创始人CEO有助于促进企业发起公司创业投资。进一步分析发现,创始人CEO的组织认同、冒险倾向和社会资源等特质发挥了调节作用。其中:在组织认同方面,当外部大股东治理更弱和产品市场竞争程度更低时,创始人CEO对公司创业投资的提升作用更强;在冒险倾向方面,当企业环境不确定性更高、女性董事比例更高时,创始人CEO更能发挥对公司创业投资的促进作用;在社会资源方面,当企业接受过私募与风险投资时,创始人CEO更能推动公司创业投资的开展。此外,创始人CEO能够有效引导独立创投单元的设立与运营,推动创投单元更多地投资于早期新创企业,促进创投单元参与联合投资。因此,企业应弘扬企业家精神,制定有效促进公司创业投资的措施,促进新创企业科技成果的转化,助力经济高质量发展。Corporate venture capital(CVC)is an emerging strategic means for established industrial companies to engage in external exploration and learning,and personal attributes of founder-CEOs align well with the characteristics of high returns and risks associated with CVC.Based on the upper echelons theory and the data of Growth Enterprise Market(GEM)-listed companies from 2009 to 2020,this paper investigates the impact of founder-CEOs on CVC.The findings show that founder-CEOs significantly facilitate CVC activities.Further analysis reveals that the characteristics of founder-CEOs such as organizational identity,risk-taking tendency and social resources play a moderating role.In terms of organizational identity,when external major shareholders'governance is weaker or product market competition is milder,the role of the founder-CEOs in promoting CVC activities is stronger.In terms of risk-taking tendency,in the presence of higher uncertainty of corporate environment or a greater proportion of female directors,founder-CEOs are more inclined to engage in CVC activities.Regarding social resources,when companies have received private equity or venture capital,the founder-CEOs are more likely to initiate CVC investments.Additionally,founder-CEOs can effectively guide the establishment and operation of independent CVC units,fostering increased investment in early-stage startups and facilitating CVC involvement in joint investments.Therefore,enterprises should fully leverage the entrepreneurial spirit of their founders,devise effective strategies to promote CVC investments,facilitate the commercialization of scientific and technological achievements by startups,and contribute to high-quality economic development.

关 键 词：创始人CEO 公司创业投资(CVC) 组织认同 冒险倾向 社会资源 创投单元 

分 类 号：F272[经济管理—企业管理] F832[经济管理—国民经济]