企业风险投资驱动技术创新能力的机理和效应研究  

Research on the Mechanism and Effects of Corporate Venture Capital Driving Technological Innovation Capability

作　　者：邢光远 杨羽宸 李君 XING Guangyuan;YANG Yuchen;LI Jun(School of Economics and Finance,Xi’an Jiaotong University,Xi’an 710061,China;School of Economics and Management,Northwest A&F University,Xi’an 712100,China;School of Management,Xi’an Jiaotong University,Xi’an 710049,China)

机构地区：[1]西安交通大学经济与金融学院,陕西西安710061 [2]西北农林科技大学经济管理学院,陕西西安712100 [3]西安交通大学管理学院,陕西西安710049

出　　处：《当代经济科学》2024年第5期118-130,共13页Modern Economic Science

基　　金：国家社会科学基金重点项目“打赢关键核心技术攻坚战的目标、主攻方向与对策研究”(23AZD037)。

摘　　要：企业风险投资已成为母企业获取新知识、新技术和新机会的重要承载体。基于知识基础理论构建企业风险投资影响母企业技术创新能力的机理逻辑和影响因素概念模型,提出母企业数字化转型的中介效应以及投资组合异质性、参与深度调节效应的假设。以2010—2022年469家开展企业风险投资实践活动的沪深A股上市公司为样本,实证检验发现:(1)企业风险投资规模不仅直接正向影响母企业技术创新能力,而且通过母企业数字化转型正向效应促进其技术创新能力,揭示母企业数字化转型在企业风险投资规模与技术创新能力之间发挥中介作用;(2)投资组合异质性首先促进了企业风险投资规模对企业技术创新能力的正向影响,但超过一定阈值会抑制企业风险投资规模对企业技术创新能力的促进作用,揭示投资组合异质性对企业风险投资影响技术创新能力关系具有倒U型调节作用;(3)母企业的参与深度正向调节企业风险投资规模对企业技术创新能力的促进作用。因此,母企业应积极开展企业风险投资,加强数字化转型促进技术创新,并优化投资组合以发挥企业风险投资的最大效能,实现企业的资源共享和创新价值。The continuous enhancement of technological innovation capabilities is critical for enterprises to secure competitive advantages,mitigate risks,and achieve sustainable growth.However,many large firms face challenges in achieving breakthrough innovations through internal R&D alone.As a result,they increasingly rely on corporate venture capital(CVC)as a vital mechanism for acquiring new knowledge,technologies,and opportunities.Despite growing interest in CVC,the relationship between digital transformation and CVC,and its implications for technological innovation,particularly in developing countries like China,remains underexplored.Grounded in knowledge-based theory,this study proposes a conceptual model that outlines the logic and determinants of CVC’s influence on the technological innovation capabilities of parent companies.Using a dataset of 469 A-share listed firms in Shanghai and Shenzhen from 2010 to 2022,our empirical analysis yields several key findings.First,the scale of CVC investments positively impacts the technological innovation capabilities of parent companies,with digital transformation acting as a mediating factor in this relationship.Second,the heterogeneity of investment portfolios exerts an inverted U-shaped moderating effect on the link between CVC scale and technological innovation capabilities.Third,deeper involvement of parent firms strengthens the positive effects of CVC scale on technological innovation.This research advances the existing literature in three major ways.First,it offers a detailed analysis of how CVC practices influence the technological innovation of parent companies through the lens of knowledge-based theory,expanding the application of this framework in the context of CVC.Second,by incorporating digital transformation as a mediating variable,it unveils the mechanisms by which CVC influences innovation capabilities,offering novel insights into the role of digital transformation in amplifying CVC’s impact.Finally,the study highlights the moderating effects of investment

关 键 词：企业风险投资 技术创新能力 企业数字化转型 投资组合 参与深度 

分 类 号：F273.1[经济管理—企业管理] F275[经济管理—国民经济]