工作论文
当前位置:首页 > 工作论文
风险资本投资是否损害了母公司的技术创新?
阅读全文         下载全文
TitleDoes Venture Capital Investment Harm Innovation of Parent Company?  
作者温军 冯根福  
AuthorWen Jun and Feng Genfu  
作者单位西安交通大学经济与金融学院 
OrganizationXi’an Jiaotong University 
作者Emailwjun1978@163.com ; fgf@mail.xjtu.edu.cn 
中文关键词风险资本投资 母公司创新效应 吸收能力 行业竞争水平 
Key WordsVenture capital Investment, Innovation effect of parent company, Absorptive ability, Industry competition level 
内容提要通过构建古诺模型和斯蒂尔伯格模型两种框架并将设立风险投资的创新成功概率沿吸收能力和行业竞争程度内生化,本文对经典公司风险投资行为模型进行了拓展,藉此研究了风险资本投资与母公司创新的关系及母公司和行业异质性对这种关系的调节机制,并基于2005-2017年沪深两市上市公司数据,运用“匹配法和倍差估计量”技术及工具变量法等对模型结论进行了实证检验。结果发现:(1)通过组织替代和战略竞争的双重效应,中国企业从事风险投资显著提高了自身的创新水平,在创立风险投资后专利申请和创新效率均有相对于非无风险投资企业更为明显的提升;(2)不同吸收能力的企业设立风险投资具有不同的创新效应,自身吸收能力越大的企业,新创企业的知识创造对其基础研究越有价值,设立风险投资的组织替代效应越大,创新的提升作用越明显;行业竞争水平也有与吸收能力相同的调节作用,高竞争行业的企业设立风险投资对竞争对手创新空间的挤压效果更明显,战略竞争效应更显著,与低竞争行业的企业设立风险投资无任何创新效果不同,高竞争行业企业设立风险投资后其专利申请和创新效率均有明显提高;(3)大企业设立风险投资具有更高的创新效应。本文还就如何提高风险资本投资的创新效应提出了相应的政策建议。 
AbstractThrough constructing analysis framework based on both Cournot model and Stackelberg model, and developing the endogenous innovation success probability of venture capital establishment along with absorptive ability and industry competition level, this paper expands the classic corporate venture capital behavior model, and further investigates the relationship between venture capital investment and enterprise innovation, as well as the moderate mechanism of corporate heterogeneity. Based on the data of listed companies in both Shanghai and Shenzhen Stock Exchange over the period 2005-2017, this research employs “Propensity Score Matching and Difference-in-Difference estimation” and Instrumental Variable (IV) method to empirically examine the conclusion derived from theoretical model. The results show that: (1) The venture capital established by China’s enterprise significantly enhances its innovation level via double effect of strategic competition and organizational substitution; compared with the period without venture capital investment, there exists obvious improvements of both patent application and innovation efficiency after the establishment of venture capital; (2) The innovation effect of the establishment of venture capital varies across enterprises with different absorptive ability, specifically, for enterprises with greater absorptive ability, the knowledge creation of new venture tends to create greater value for the fundamental research of investment enterprise, and there would exert greater substitution effect of innovation organization with venture capital establishment and more significant promotion effect on innovation level; industry competition level exhibits similar moderate effect, that is, enterprises with venture capital establishment in highly competitive industry have more obvious squeezing effect on innovation space of rival enterprises and more significant strategic competition effect; unlike insignificant innovation effect of venture capital establishment in low competitive industry, there are significant enhancements of patent application and innovation efficiency of enterprises in highly competitive industry after the establishment of venture capital; (3) The innovation effect of venture capital establishment is greater for large enterprises. On the basis of empirical results, this paper further proposes corresponding policy suggestions regarding to how to improve the innovation effect of venture capital investment. 
文章编号WP1463 
登载时间2020-01-16 
  • 主管单位:中国社会科学院     主办单位:中国社会科学院经济研究所
  • 经济研究杂志社版权所有 未经允许 不得转载     京ICP备10211437号
  • 本网所登载文章仅代表作者观点 不代表本网观点或意见 常年法律顾问:陆康(重光律师事务所)
  • 国际标准刊号 ISSN 0577-9154      国内统一刊号 CN11-1081/F       国内邮发代号 2-251        国外代号 M16
  • 地址:北京市西城区阜外月坛北小街2号   100836
  • 电话/传真:010-68034153
  • 本刊微信公众号:erj_weixin