公司风险投资对创业企业价值的影响——基于投资阶段的悖论视角  

Impact of CVC on the Value of Entrepreneurial Ventures-A Paradoxical Perspective Based on Investment Stage

作　　者：董静 孙嘉来 DONG Jing;SUN Jia-lai(College of Business,Shanghai University of Finance and Economics,Shanghai 200433,China)

机构地区：[1]上海财经大学商学院,上海200433

出　　处：《研究与发展管理》2025年第1期168-183,共16页R&D Management

基　　金：国家自然科学基金面上项目“‘鱼水相依’抑或‘与鲨共舞’:公司风险投资的作用机制与双重效应研究——基于多元主体互动的视角”(71872108)。

摘　　要：公司风险投资(CVC)以其资源和产业优势助推创业企业成长,成为促进科技创新和经济发展的关键力量。然而,CVC对创业企业的投资是一个充满张力的过程,存在悖论性质的紧张关系。对创业企业而言,CVC的介入可以是“如虎添翼”,也可能是“与鲨共舞”。以我国香港联合交易所(以下简称香港联交所)上市的新经济创业企业为样本,分析并检验CVC不同阶段介入对创业企业市场价值的影响。研究结果表明:如果CVC在创业企业上市前较早期介入,且持股比例较高,会使市场投资者担心CVC对创业企业有更大的战略控制,甚至可能发生价值占用,由此导致创业企业上市后的市场表现较差;如果CVC是在创业企业上市前较晚期介入(基石投资阶段),则CVC投资者与创业企业之间的权力结构将更易平衡,创业企业能更好地保护自身利益,CVC的价值创造作用更为凸显,由此向市场释放积极信号,进而减少创业企业上市时的抑价程度。基于价值占用和价值创造的悖论视角,结合香港联交所特有的融资架构,对公司风险投资不同介入阶段对创业企业价值的影响进行研究,扩展了CVC与创业企业之间互动关系的理论探索与实践分析。Corporate venture capital(CVC),leveraging its resources and industry advantages,thus propels the growth of entrepreneurial ventures and has become a key force in promoting technological innovation and economic development.However,CVC investment is a process fraught with tension and paradoxical relationships.For entrepreneurial ventures,CVC involvement can be like“adding wings to a tiger”or“dancing with sharks.”It analyzed and examined the impact of CVC involvement at different stages on the market value of entrepreneurial ventures,using samples of new economy entrepreneurial ventures listed on the Hong Kong Stock Exchange.The findings reveal that early-stage CVC involvement before an entrepreneurial venture’s IPO,especially with a high shareholding ratio,may cause market investors to worry about increased strategic control by the CVC and potential value appropriation,leading to poorer post-IPO market performance.In contrast,when CVC involve at a later pre-IPO stage(the cornerstone investment phase),the power structure between CVC investor and the entrepreneurial venture tends to be more balanced.This enables the entrepreneurial venture to better protect its interests,enhances the value-creating role of CVC,sends positive signals to the market,and reduces IPO underpricing.From the paradoxical perspective of value appropriation versus value creation,and considering the unique financing structure of the Hong Kong Stock Exchange,it explores the impact of CVC involvement at different stages on the value of entrepreneurial venture,expanding theoretical exploration and practical analysis of the interactive relationship between CVC and entrepreneurial venture.

关 键 词：公司风险投资 创业企业 市场价值 价值创造 价值占用 

分 类 号：F270[经济管理—企业管理]