公司風險投資對創(chuàng)業(yè)企業(yè)技術(shù)創(chuàng)新績效的影響及作用機制研究
發(fā)布時間：2018-12-13 00:43
【摘要】：近年來,我國公司風險投資得到了很好的發(fā)展,公司風險投資是風險資本供給的一個重要來源,公司風險投資已成為我國風險投資市場中的一個重要參與主體。公司風險投資參股創(chuàng)業(yè)企業(yè)后,在給創(chuàng)業(yè)企業(yè)帶來相應(yīng)的資金支持的同時,是否會對創(chuàng)業(yè)企業(yè)的技術(shù)創(chuàng)新績效產(chǎn)生影響?根據(jù)國內(nèi)外有關(guān)公司風險投資的相關(guān)研究可知,CVC母公司為了獲取財務(wù)收益和戰(zhàn)略收益,發(fā)起了對創(chuàng)業(yè)企業(yè)的股權(quán)投資。相對于創(chuàng)業(yè)企業(yè),CVC母公司在市場技術(shù)、人員管理、社會關(guān)系等方面都占有優(yōu)勢,創(chuàng)業(yè)企業(yè)在獲得基本的資金支持外,是否有機會借助CVC母公司的優(yōu)勢資源來提高自身的綜合實力?公司風險投資是否會提高創(chuàng)業(yè)企業(yè)的技術(shù)創(chuàng)新績效水平?本文基于創(chuàng)業(yè)企業(yè)視角,研究了公司風險投資對創(chuàng)業(yè)企業(yè)技術(shù)創(chuàng)新績效的影響及相關(guān)作用機制,研究內(nèi)容主要圍繞以下兩個方面展開:(1) CVC母公司參股創(chuàng)業(yè)企業(yè)后,是否會對創(chuàng)業(yè)企業(yè)的技術(shù)創(chuàng)新績效產(chǎn)生影響;(2)如果CVC母公司參股創(chuàng)業(yè)企業(yè)后,對創(chuàng)業(yè)企業(yè)的技術(shù)創(chuàng)新績效起到了很好的促進作用,那么,CVC母公司又是通過什么方式來影響創(chuàng)業(yè)企業(yè)的技術(shù)創(chuàng)新績效呢?這也就是公司風險投資的作用機制研究。在對已有學者相關(guān)研究歸納總結(jié)的基礎(chǔ)上本文發(fā)現(xiàn),CVC母公司與創(chuàng)業(yè)企業(yè)之間聯(lián)系的核心,是能改善企業(yè)技術(shù)創(chuàng)新績效水平的相關(guān)知識,CVC母公司與創(chuàng)業(yè)企業(yè)的行業(yè)匹配度以及CVC母公司的管理參與度會影響到公司風險投資影響技術(shù)創(chuàng)新績效的效果。本文以我國中小板的上市公司為樣本,通過授權(quán)專利數(shù)和研發(fā)支出強度來衡量創(chuàng)業(yè)企業(yè)的技術(shù)創(chuàng)新績效水平,公司風險投資參股創(chuàng)業(yè)企業(yè)這一行為通過公司風險投資背景和CVC個數(shù)來衡量。之后通過相應(yīng)的實證研究設(shè)計,檢驗了公司風險投資參股創(chuàng)業(yè)企業(yè)后,是否會對創(chuàng)業(yè)企業(yè)的技術(shù)創(chuàng)新績效水平產(chǎn)生影響。之后通過引入行業(yè)匹配度作用機制和參與度作用機制,檢驗CVC母公司與創(chuàng)業(yè)企業(yè)之間的行業(yè)匹配情況,以及CVC母公司對創(chuàng)業(yè)企業(yè)的管理參與度,是否會影響公司風險投資作用于創(chuàng)業(yè)企業(yè)技術(shù)創(chuàng)新績效的效果。通過相應(yīng)的實證檢驗本文發(fā)現(xiàn),公司風險投資參股創(chuàng)業(yè)企業(yè)后,會促進創(chuàng)業(yè)企業(yè)授權(quán)專利數(shù)的提升,而且這種提升作用源于CVC母公司對創(chuàng)業(yè)企業(yè)的指導效應(yīng)。在以CVC個數(shù)為依據(jù)進行樣本拆分后本文發(fā)現(xiàn),參股CVC個數(shù)大于1時,這種影響作用會更佳顯著。在對相關(guān)作用機制進行實證檢驗后本文發(fā)現(xiàn),行業(yè)匹配度機制可以很好的解釋公司風險投資是通過什么方式來影響創(chuàng)業(yè)企業(yè)的技術(shù)創(chuàng)新績效水平的,而參與度作用機制的實證檢驗結(jié)果卻不理想。
[Abstract]:In recent years, corporate venture capital in China has been well developed. Corporate venture capital is an important source of the supply of venture capital. Corporate venture capital has become an important participant in the venture capital market of our country. After the venture capital shares in the start-up enterprise, will it have an impact on the technological innovation performance of the venture enterprise while bringing the corresponding financial support to the venture enterprise? According to the related research on venture capital at home and abroad, CVC parent company initiated equity investment in order to obtain financial income and strategic income. The parent company of CVC has advantages in market technology, personnel management, social relationship and so on. Besides getting the basic financial support, the parent company of CVC has advantages over the entrepreneurial company in terms of market technology, personnel management, social relations, etc. Is there a chance to use the superior resources of CVC parent company to improve its comprehensive strength? Will venture capital improve the technological innovation performance of the entrepreneurial enterprises? Based on the perspective of venture enterprise, this paper studies the impact of venture capital on the performance of technological innovation and its related mechanism. The research focuses on the following two aspects: (1) after CVC parent company shares in the venture enterprise, the research focuses on the following two aspects: (1) after the CVC parent company shares in the venture enterprise, Whether it will have an impact on the technological innovation performance of entrepreneurial enterprises; (2) if the CVC parent company shares in the venture enterprise, it plays a very good role in promoting the technological innovation performance of the start-up enterprise, then how does the CVC parent company affect the technological innovation performance of the start-up enterprise? This is the role of corporate venture capital mechanism. On the basis of summarizing and summarizing the related researches, this paper finds that the core of the relationship between the parent company of CVC and the start-up enterprise is the relevant knowledge that can improve the performance level of technological innovation of the enterprise. The degree of industry matching between CVC parent company and start-up company and the management participation of CVC parent company will affect the effect of venture capital on technological innovation performance. This paper takes the listed companies of small and medium-sized board in China as a sample to measure the technological innovation performance of entrepreneurial enterprises through the number of authorized patents and the intensity of R & D expenditure. This behavior is measured by the background of venture capital and the number of CVC. Then through the corresponding empirical research design, this paper examines whether the venture capital shares in the venture capital will have an impact on the level of technological innovation performance of the venture capital. Then, by introducing the mechanism of industry matching and participation, the paper tests the industry matching between CVC parent company and start-up enterprise, and the management participation of CVC parent company. Whether it will affect the effect of venture capital on the technological innovation performance of entrepreneurial enterprises. Through the corresponding empirical test, it is found that the venture capital shares in the venture capital will promote the increase of the number of authorized patents, and this role stems from the guidance effect of the CVC parent company to the venture enterprise. After splitting samples based on the number of CVC, it is found that the effect of this effect will be better and more significant when the number of CVC shares is greater than 1. After the empirical test of the related mechanism, this paper finds that the industry matching mechanism can explain how the venture capital affects the technological innovation performance of the venture capital. However, the empirical results of participatory mechanism are not ideal.
【學位授予單位】：西安理工大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F273.1;F275
本文編號：2375544
[Abstract]:In recent years, corporate venture capital in China has been well developed. Corporate venture capital is an important source of the supply of venture capital. Corporate venture capital has become an important participant in the venture capital market of our country. After the venture capital shares in the start-up enterprise, will it have an impact on the technological innovation performance of the venture enterprise while bringing the corresponding financial support to the venture enterprise? According to the related research on venture capital at home and abroad, CVC parent company initiated equity investment in order to obtain financial income and strategic income. The parent company of CVC has advantages in market technology, personnel management, social relationship and so on. Besides getting the basic financial support, the parent company of CVC has advantages over the entrepreneurial company in terms of market technology, personnel management, social relations, etc. Is there a chance to use the superior resources of CVC parent company to improve its comprehensive strength? Will venture capital improve the technological innovation performance of the entrepreneurial enterprises? Based on the perspective of venture enterprise, this paper studies the impact of venture capital on the performance of technological innovation and its related mechanism. The research focuses on the following two aspects: (1) after CVC parent company shares in the venture enterprise, the research focuses on the following two aspects: (1) after the CVC parent company shares in the venture enterprise, Whether it will have an impact on the technological innovation performance of entrepreneurial enterprises; (2) if the CVC parent company shares in the venture enterprise, it plays a very good role in promoting the technological innovation performance of the start-up enterprise, then how does the CVC parent company affect the technological innovation performance of the start-up enterprise? This is the role of corporate venture capital mechanism. On the basis of summarizing and summarizing the related researches, this paper finds that the core of the relationship between the parent company of CVC and the start-up enterprise is the relevant knowledge that can improve the performance level of technological innovation of the enterprise. The degree of industry matching between CVC parent company and start-up company and the management participation of CVC parent company will affect the effect of venture capital on technological innovation performance. This paper takes the listed companies of small and medium-sized board in China as a sample to measure the technological innovation performance of entrepreneurial enterprises through the number of authorized patents and the intensity of R & D expenditure. This behavior is measured by the background of venture capital and the number of CVC. Then through the corresponding empirical research design, this paper examines whether the venture capital shares in the venture capital will have an impact on the level of technological innovation performance of the venture capital. Then, by introducing the mechanism of industry matching and participation, the paper tests the industry matching between CVC parent company and start-up enterprise, and the management participation of CVC parent company. Whether it will affect the effect of venture capital on the technological innovation performance of entrepreneurial enterprises. Through the corresponding empirical test, it is found that the venture capital shares in the venture capital will promote the increase of the number of authorized patents, and this role stems from the guidance effect of the CVC parent company to the venture enterprise. After splitting samples based on the number of CVC, it is found that the effect of this effect will be better and more significant when the number of CVC shares is greater than 1. After the empirical test of the related mechanism, this paper finds that the industry matching mechanism can explain how the venture capital affects the technological innovation performance of the venture capital. However, the empirical results of participatory mechanism are not ideal.
【學位授予單位】：西安理工大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F273.1;F275
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