组织学习视角下CVC对企业技术创新的影响机理研究  

Research on the Impact and Mechanism of CVC on Corporate Technological Innovation from the Perspective of Organizational Learning

作　　者：郭菊娥[1] 李君 冷奥琳 GUO Ju'e;LI Jun;LENG Aolin(School of Management,Xi'an Jiaotong University,Xi'an 710049,China;School of Management,Northwestern Polytechnical University,Xi'an 710072,China)

机构地区：[1]西安交通大学管理学院,西安710049 [2]西北工业大学管理学院,西安710072

出　　处：《计量经济学报》2024年第6期1691-1712,共22页China Journal of Econometrics

基　　金：国家社会科学基金重点项目(23AZD037)。

摘　　要：企业技术创新离不开持续的组织学习,本文基于组织学习理论考察了企业风险投资(CVC)对技术创新的影响机理,利用人工核查的2010–2022年647家参与CVC活动的中国沪深A股上市企业数据为样本,实证检验发现:(1)CVC对企业技术创新具有显著的促进作用;(2)CVC主要通过驱动企业数字化转型和提升企业吸收能力从而促进企业技术创新;(3)母企业与创业企业之间的行业距离和交通时长对CVC与企业技术创新之间的关系均具有负向调节作用,而空间距离的影响则不显著;(4)CVC对企业技术创新的影响具有区域异质性特征,相较于西部地区,在经济发展状况较好的东部地区和中部地区CVC对企业技术创新的促进效果更好.本文的研究结论为企业借助CVC来促进技术创新提供了决策依据和经验证据.Corporate technological innovation cannot be separated from continuous organizational learning.Based on organizational learning theory,this article examines the impact and mechanism of corporate venture capital on technological innovation.Using manually verified data from 647 Chinese A-share listed companies participating in corporate venture capital activities from 2010 to 2022 as a sample,empirical testing found that:(1) CVC has a significant promoting effect on corporate technological innovation.(2) CVC mainly promotes technological innovation in enterprises by driving digital transformation and enhancing their absorptive capacity.(3) The industry distance and transportation time between the parent enterprise and the start-up enterprise have a negative moderating effect on the relationship between CVC and enterprise technological innovation,while the impact of spatial distance is not significant.The impact of CVC on enterprise technological innovation has regional heterogeneity characteristics.(4) Compared with the western region,CVC has a better promoting effect on enterprise technological innovation in the eastern and central regions with better economic development.The research conclusion of this article provides decision-making basis and empirical evidence for further utilizing CVC to promote technological innovation in enterprises.

关 键 词：企业风险投资 技术创新 数字化转型 吸收能力 行业距离 地理距离 

分 类 号：F273.1[经济管理—企业管理]