高管职业经历与公司创业投资搜索策略  

Top Executive’s Career Experience and Knowledge Search Strategy of Corporate Venture Capital

作　　者：陈虹 CHEN Hong

机构地区：[1]中国人民大学商学院

出　　处：《新经济》2025年第3期65-99,共35页New Economy

摘　　要：利用公司创业投资(CVC)搜索外部知识是企业实施开放式创新的重要环节,搜索策略的制定与企业未来战略调整密切相关,而企业的战略规划深受高管特质的影响。本文基于高层梯队理论,以2007—2021年A股上市公司为样本,实证检验了高管的职业经历丰富程度对公司创业投资知识搜索策略的影响。研究发现,高管职业经历越丰富,公司创投单元知识搜索的多元化和远距离程度越高。具有丰富职业经历的高管能够通过提升企业的外部注意力配置和风险承担意愿,促进公司创业投资的多元化和远距离知识搜索,表现为企业知识宽度较低和经济政策不确定性较高时,高管的正向作用更显著。并且,更高的冗余资源、更强的吸收能力和更丰富的社会资源有助于高管正向作用的发挥。最后,具有丰富职业经历的高管更倾向于推动多元化和远距离相结合的二元知识搜索。本文丰富了公司创业投资策略选择领域的驱动因素研究,拓展了高管职业经历之于经济后果的讨论。Using corporate venture capital(CVC)to search for external knowledge is an important part when firms’implement open innovative activities.The formulation of search strategy is closely related to firms’future strategic adjustments,while their strategic planning are deeply influenced by the traits of top executives.Based on the top echelon theory,this paper empirically examines the impact of executives with rich career experience on the knowledge search strategy of CVCs using a sample of A-share listed companies from 2007 to 2021.We find that the richer of executives’career experience,the more diversified of knowledge and the further distance of knowledge of CVC units investing in startups.Executives with rich career experience are able to promote diversification and long-distance knowledge search in CVC investments by enhancing firms’external attention allocation and the willingness of risktaking,which is manifested in the more significant positive effect of executives when firms’knowledge breadth is lower and economic policy uncertainty is higher.Moreover,more redundant resources,stronger absorptive capacity and more social resources are more conducive to the positive role of rich career experienced executives.Finally,rich career experienced executives are more inclined to promote binary knowledge search combining diversification and distance.This paper enriches the research on the drivers of CVC investment strategy choices and expands the discussion of the economic consequences of executives’career experiences.

关 键 词：公司创业投资(CVC) 知识搜索 职业经历丰富度 开放式创新 

分 类 号：F272.3[经济管理—企业管理]