创业投资对制造企业创新的资源支持效应——股东积极主义路径与异质性情境

Resource Supporting Effect of Venture Capital on Manufacturing Firm Innovation: Shareholder Activism Path and Heterogeneous Context

摘要:

针对转型时期面临提质增效压力的中国制造企业，基于创业板2009－2019年的制造企业面板数据，探究创业投资对于制造企业自主创新资源配置的作用机制。研究发现：具有耐心资本与专家赋能属性的创业投资股权参与，缓解了制造企业的创新资源约束，促进了制造企业创新活动的财务资源与智力资源的配置力度；在作用路径上，创业投资通过加强股权制衡、参与董事会决策等中介路径，对激励制造企业创新资源配置发挥了积极主义投资者的角色作用；那些所处环境具有高度动态性、市场竞争激烈、接受政府财税扶持较多的制造企业，创业投资的创新资源支持效应更显著。研究结论的决策参考和政策启示为：制造企业应主动进行对外融资营销、加强与专业创业投资机构之间的合作，以获取和配置创新资源力度；创业投资机构应切实秉持服务创新创业的使命，持续提升支持制造企业创新的专家赋能水准；政府职能主管部门应营造创业投资机构多样化、专业化和规范化运作的制度环境，引导创业投资更多地流入转型升级的制造企业。

关键词:创业投资; 制造企业;自主创新;资源支持效应; 股东积极主义

Abstract:

Based on the panel data of manufacturing firms in Chinext during 2009 to 2019, the influence mechanism of venture capital on innovation resource allocation of manufacturing firms which are facing the pressure of improving quality and enhancing efficiency is explored. The findings show that the patient capital and expert service endowed by venture capital can alleviate the resource constraints of manufacturing firms and promote the allocation of both financial resources and intellectual resources for innovation activities. According to the result of mediating model, venture capital plays the role of active investor in the allocation of innovative resources in manufacturing firms by forming effective equity balances and holding seats on the board of directors. Moreover, the moderating model is constructed considering the heterogenous context, it further reveals that the more highly dynamic market environment or the more government incentives the manufacturing firm confronts, the more significant the resource support effect of venture capital is. The decision-making reference and policy implications of this article are as follows: manufacturing firms should take the initiative to carry out external financing marketing and strengthen the cooperation with professional venture capitalists in order to acquire and allocate innovation resources, venture capitalists should earnestly uphold the mission of serving innovation and entrepreneurship and facilitate the expert role to support the innovation of manufacturing firms, and the governmental authorities should create an institutional environment to avail specialized venture capital to flow into manufacturing firms which are undergoing transformation and upgradation in China.

Key words:venture capital; manufacturing firm; independent innovation; resource supporting effect; shareholder activism