CVC联合投资,成员异质性与企业技术创新

CVC Syndication, Member Heterogeneity and Corporate Technological Innovation

摘要:

本文以 2016年至 2019 年公司风险投资(CVC)支持的创业板上市制造业企业为样本,研究了CVC联合投资对被投资企业技术创新的影响。研究发现：相比CVC单独投资的企业,CVC联合投资的企业技术创新能力较弱。通过对CVC联合投资特征异质性的分析发现：联合投资成员持股比例的差异显著抑制了被投资企业技术创新的提升；联合投资成员产权性质的多元化显著促进了被投资企业技术创新的提升；联合投资成员母公司的行业异质性促进了被投资企业的技术创新；而联合投资成员母公司与被投资企业的行业相似度不利于被投资企业技术创新。

Abstract:

This paper studies the impact of CVC syndication on the technological innovation of the invested enterprises based on the samples of listed manufacturing enterprises supported by corporate venture capital (CVC) from 2016 to 2019. The results show that: compared with the enterprises invested by CVC alone, the technological innovation ability of enterprises invested jointly by CVC is weaker. Through the analysis of the heterogeneity of CVC joint investment characteristics, it is found that: the difference in the shareholding ratio of joint investment members significantly inhibits the improvement of technological innovation of the invested enterprises; the industry heterogeneity of the parent company of joint investment members promotes the technological innovation of the invested enterprises; the industry similarity between the parent company of joint investment members and the invested enterprises is not conducive to the technological innovation of the invested enterprises On the view that CVC has technology threat and moral hazard.