Research on the Mechanism and Effects of Corporate Venture Capital Driving Technological Innovation Capability
The continuous enhancement of technological innovation capabilities is critical for enterprises to secure competitive advantages,mitigate risks,and achieve sustainable growth. However,many large firms face challenges in achieving breakthrough innovations through internal R&D alone. As a result,they increasingly rely on corporate venture capital (CVC) as a vital mechanism for acquiring new knowledge,technologies,and opportunities. Despite growing interest in CVC,the relationship between digital transformation and CVC,and its implications for technological innovation,particularly in developing countries like China,remains underexplored.Grounded in knowledge-based theory,this study proposes a conceptual model that outlines the logic and determinants of CVC's influence on the technological innovation capabilities of parent companies. Using a dataset of 469 A-share listed firms in Shanghai and Shenzhen from 2010 to 2022,our empirical analysis yields several key findings. First,the scale of CVC investments positively impacts the technological innovation capabilities of parent companies,with digital transformation acting as a mediating factor in this relationship. Second,the heterogeneity of investment portfolios exerts an inverted U-shaped moderating effect on the link between CVC scale and technological innovation capabilities. Third,deeper involvement of parent firms strengthens the positive effects of CVC scale on technological innovation.This research advances the existing literature in three major ways. First,it offers a detailed analysis of how CVC practices influence the technological innovation of parent companies through the lens of knowledge-based theory,expanding the application of this framework in the context of CVC. Second,by incorporating digital transformation as a mediating variable,it unveils the mechanisms by which CVC influences innovation capabilities,offering novel insights into the role of digital transformation in amplifying CVC's impact. Finally,the study highlights the moderating effects of investment portfolio heterogeneity and parental involvement depth,emphasizing the importance of investment quality over quantity in startups.Our findings illuminate the processes and outcomes of Chinese enterprises using CVC to bolster their technological innovation,offering both theoretical and practical insights for firms aiming to leverage CVC to enhance their technological competitiveness.
corporate venture capitaltechnological innovation capabilitydigital transformationheterogeneity of investment portfolioparticipation depth
万方数据
维普
