公司创业投资、防护机制对创业企业技术创新绩效的影响研究  

A Study of the Impact of Corporate Venture Capital and Defense Mechanisms on New Ventures' Technology Innovation Performance

作　　者：乔明哲[1] 张玉利[2] 张璇 闫海洲[1] 宋贺 QIAO Mingzhe;ZHANG Yuli;ZHANG Xuan;YAN Haizhou;SONG He(Shanghai University of International Business and Economics,Shanghai,China;Nankai University,Tianjin,China)

机构地区：[1]上海对外经贸大学金融管理学院 [2]南开大学商学院

出　　处：《管理学报》2024年第7期1023-1033,共11页Chinese Journal of Management

基　　金：国家自然科学基金资助重大项目(72091311);国家自然科学基金资助青年基金项目(72202131);国家社会科学基金资助项目(22BJL128)。

摘　　要：针对公司创业投资(CVC)可能产生的影响和创业企业的潜在防护机制提出研究假设,基于2009~2020年深圳创业板上市公司专利申请数据进行了实证检验,研究显示:(1)CVC与创业企业技术创新绩效之间显著负相关;(2)CVC持股比例与创业企业技术创新绩效之间存在着显著的U形关系;(3)双方业务相关性对CVC持股比例与创业企业技术绩效之间的关系并无显著的调节效应,企业年龄和知识产权保护强度对上述关系存在着显著的调节效应。Based on related literature,hypotheses about influence of CVC and the potential defense mechanisms of new ventures were developed,and empirically tested by patent application data of listed firms from Shenzhen Growth Enterprise Market from year 2009 to 2020.The results indicate that:(1)there is a significant negative correlation between CVC and new ventures' technological innovation performance;(2)there is a significant U-shape curvilinear relationship between CVC shareholding ratios and new ventures' technological innovation performance;(3)business relevance between investors and new ventures do not moderate the relationship between CVC shareholding ratios and new ventures' technological innovation performance,while firm age and intensity of intellectual property protection have moderation effects on the above relationship.

关 键 词：公司创业投资 创业企业 创新绩效 防护机制 

分 类 号：C93[经济管理—管理学]