公司创业投资、防护机制对创业企业技术创新绩效的影响研究
A Study of the Impact of Corporate Venture Capital and Defense Mechanisms on New Ventures'Technology Innovation Performance
乔明哲 1张玉利 2张璇 1闫海洲 1宋贺1
作者信息
- 1. 上海对外经贸大学金融管理学院
- 2. 南开大学商学院
- 折叠
摘要
针对公司创业投资(CVC)可能产生的影响和创业企业的潜在防护机制提出研究假设,基于2009～2020年深圳创业板上市公司专利申请数据进行了实证检验,研究显示:①CVC与创业企业技术创新绩效之间显著负相关;②CVC持股比例与创业企业技术创新绩效之间存在着显著的U形关系;③双方业务相关性对CVC持股比例与创业企业技术绩效之间的关系并无显著的调节效应,企业年龄和知识产权保护强度对上述关系存在着显著的调节效应.
Abstract
Based on related literature,hypotheses about influence of CVC and the potential de-fense mechanisms of new ventures were developed,and empirically tested by patent application data of listed firms from Shenzhen Growth Enterprise Market from year 2009 to 2020.The results indicate that:①there is a significant negative correlation between CVC and new ventures'technological inno-vation performance;②there is a significant U-shape curvilinear relationship between CVC sharehold-ing ratios and new ventures'technological innovation performance;③business relevance between in-vestors and new ventures do not moderate the relationship between CVC shareholding ratios and new ventures'technological innovation performance,while firm age and intensity of intellectual property protection have moderation effects on the above relationship.
关键词
公司创业投资/创业企业/创新绩效/防护机制Key words
corporate venture capital/new venture/innovation performance/defense mechanism引用本文复制引用
基金项目
国家自然科学基金资助重大项目(72091311)
国家社会科学基金资助项目(22BJL128)
国家自然科学基金资助青年基金项目(72202131)
出版年
2024
NETL
NSTL
万方数据