Corporate Venture Capital,Heterogeneity of Parent Company and Technological Innovation
In recent years,corporate venture capital(CVC)has developed rapidly,but its impact and mechanism on the innovation performance of the parent company are not yet clear.This article extends the classic venture capital behavior model by introducing two factors:innovation team benefit sharing ratio and market power.Through this,it studies the relationship between venture capital and parent company innovation,as well as the moderating mechanism of parent company property rights heterogeneity on this relationship.Empirical tests are conducted based on data from listed companies in the Shanghai and Shenzhen stock markets.The results showed that:(1)Enterprises engaged in venture capital significantly improved their innovation level,and both patent application and innovation efficiency were significantly improved after the establishment of venture capital;(2)The establishment of venture capital by different enterprises has different innovation effects.The lower the proportion of profit sharing in the innovation team,the greater the substitution effect of external market purchasing innovation on internal organizational innovation,and the more obvious the improvement effect of innovation.This effect increases with the increase of the enterprise's own market power.Enterprises with large market power have a more significant squeezing effect on the innovation space of competitors by establishing venture capital,and the innovation competition effect is more significant;(3)Unlike private enterprises that cannot obtain organizational substitution effects through venture capital,state-owned enterprises have a low proportion of internal employee shareholding.The establishment of venture capital has a significant innovation effect on the transformation of resources from internal innovation with lower utilization efficiency to external purchase and innovation with relatively higher utilization efficiency.Moreover,the greater the proportion of internal innovation team benefits sharing and the market power of state-owned enterprises,the more obvious this effect is.This study not only provides a new research perspective for the academic community to understand the innovative effects of venture capital from the perspective of parent company heterogeneity,but also provides an important basis for revising existing corporate venture capital policies.The possible contributions of this article are mainly reflected in the following aspects:Firstly,this article constructs a new theoretical framework based on the existing venture capital models,thereby studying the mechanism and effect of venture capital establishment on enterprise innovation.Secondly,the research findings of this article provide new evidence for the study of venture capital and innovation performance of parent companies.This article finds that the innovation effect of setting up venture capital in enterprises is dependent on the characteristics of the enterprise.Enterprises with lower internal employee shareholding and greater market power have a significant innovation effect of setting up venture capital;Unlike private enterprises,the establishment of venture capital in state-owned enterprises has no effect.The establishment of venture capital in state-owned enterprises has a significant innovation effect,and this effect increases with the decrease in the proportion of benefits shared by the internal innovation team of state-owned enterprises and the increase in their own market power.Thirdly,this study discovered different mechanisms of action.This article uses the techniques of PSM matching and variance estimation,as well as instrumental variables,to study the innovation effect of establishing venture capital in enterprises.It is found that whether a company can improve its innovation level by establishing venture capital essentially depends on the balance between internal organizational innovation and external market purchasing and re innovation,as well as the driving effect of market forces,rather than simply due to strategic alliances and inter organizational learning.
corporate venture capitalinnovation effect of parent companybenefit sharing ratio of innovation teamsmarket power
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