Give Fish and Teach How to Fish:CVC and Start-up Companies Innovation from the Perspective of Resource and Governance Empowerment
Innovation is an important strategic choice to help start-up companies cross the"valley of death"and achieve sustainable in-novative development.However,due to the disadvantages of being"new"and"weak",the innovation resources and governance experi-ence of start-up companies are relatively insufficient,which restricts the smooth progress of innovation activities.CVC is a new equity fi-nancing method derived from IVC,which can effectively alleviate the resource and governance constraints of start-up enterprises to carry out innovative activities.This paper takes the venture capital events of listed companies before the D round investment from 2009 to 2021 as samples to empirically study the impact of CVC on start-up companies innovation,and verifies the mechanism of resource empower-ment and governance empowerment between CVC and start-up companies innovation.It is found that CVC can better meet the innovation needs of start-up companies and can significantly promote the innovation of start-up companies.Further research shows that CVC allevi-ates the constraint of innovation resources and achieves resource empowerment by providing financial resources,non-financial resources and innovative human resources support for start-up companies.CVC provides governance experience and governance decision support for start-up companies by appointing directors and supervisors to reduce the cost of innovation system and achieve governance empowerment.Resource empowerment and governance empowerment are the intermediary variables that influence the innovation of start-up companies.These conclusions theoretically deepen the understanding of the effect and mechanism of CVC in the context of China's start-up compa-nies innovation,and provide useful enlightenment for all kinds of enterprises to carry out CVC activities and make innovation policies in practice.
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