公司风险投资、母公司异质性与技术创新  

Corporate Venture Capital,Heterogeneity of Parent Company and Technological Innovation

作　　者：温军[1] 李凌霄 杨竞豪 高文新[1] WEN Jun;LI Ling-xiao;YANG Jing-hao;GAO Wen-xin(School of Economics and Finance,Xi’an Jiaotong University,Xi’an,Shaanxi,710061,China)

机构地区：[1]西安交通大学经济与金融学院,陕西西安710061

出　　处：《经济管理》2024年第6期60-80,共21页Business and Management Journal ( BMJ )

基　　金：国家自然科学基金面上项目“经济制裁对中国技术创新的影响机制、效果及对策——基于省级面板数据的研究”(72074176);“一带一路”创新人才交流外国专家项目“‘一带一路’沿线国家资本市场韧性与技术创新研究”(DL2022170001L);陕西省研究生教育综合改革研究与实践项目“新文科背景下高等院校研究生教材建设研究——以《产业经济学》为例”(YJSZG2023011)。

摘　　要：近年来,公司风险投资(CVC)发展如火如荼,但其对母公司创新绩效的影响及作用机制尚不明确。本文通过引入创新团队利益分享比和市场势力两因素,对经典风险投资行为模型进行了拓展,借此研究了风险投资与母公司创新的关系以及母公司产权异质性对这种关系的调节机制,并基于沪深两市上市公司数据进行了实证检验。研究发现:(1)企业从事风险投资显著提高了自身的创新水平,创新产出和创新效率在设立风险投资机构后均明显提升;(2)不同企业从事风险投资具有不同的创新效应,创新团队利益分享比例越低的企业,设立风险投资机构的外部购买创新对内部组织创新的替代效应越强,创新绩效的提升作用越明显,且这种效应随企业自身市场势力的增强而增加,市场势力大的企业从事风险投资对竞争对手创新空间的挤压效果更明显,创新竞争效应更显著;(3)与民营企业设立风险投资无法获取组织替代效应不同,国有企业内部员工持股比例低,设立风险投资机构使资源由使用效率较低的内部创新向使用效率相对较高的外部购买再创新转化,具有明显的创新效应,且内部创新团队利益分享比例高和自身市场势力越强的国有企业这种效应越明显。本研究不仅从母公司异质性维度为学术界理解风险投资的创新效应提供了新的研究视角,还为修正现有的企业风险投资政策提供了重要依据。In recent years,corporate venture capital(CVC)has developed rapidly,but its impact and mechanism on the innovation performance of the parent company are not yet clear.This article extends the classic venture capital behavior model by introducing two factors:innovation team benefit sharing ratio and market power.Through this,it studies the relationship between venture capital and parent company innovation,as well as the moderating mechanism of parent company property rights heterogeneity on this relationship.Empirical tests are conducted based on data from listed companies in the Shanghai and Shenzhen stock markets.The results showed that:(1)Enterprises engaged in venture capital significantly improved their innovation level,and both patent application and innovation efficiency were significantly improved after the establishment of venture capital;(2)The establishment of venture capital by different enterprises has different innovation effects.The lower the proportion of profit sharing in the innovation team,the greater the substitution effect of external market purchasing innovation on internal organizational innovation,and the more obvious the improvement effect of innovation.This effect increases with the increase of the enterprise’s own market power.Enterprises with large market power have a more significant squeezing effect on the innovation space of competitors by establishing venture capital,and the innovation competition effect is more significant;(3)Unlike private enterprises that cannot obtain organizational substitution effects through venture capital,state-owned enterprises have a low proportion of internal employee shareholding.The establishment of venture capital has a significant innovation effect on the transformation of resources from internal innovation with lower utilization efficiency to external purchase and innovation with relatively higher utilization efficiency.Moreover,the greater the proportion of internal innovation team benefits sharing and the market power of state-owned enterprises,

关 键 词：公司风险投资 母公司创新效应 创新团队利益分享比 市场势力 

分 类 号：F279.23[经济管理—企业管理]