公司风险投资对创业企业技术创新绩效的影响及作用机制研究
发布时间：2018-12-13 00:43
【摘要】：近年来,我国公司风险投资得到了很好的发展,公司风险投资是风险资本供给的一个重要来源,公司风险投资已成为我国风险投资市场中的一个重要参与主体。公司风险投资参股创业企业后,在给创业企业带来相应的资金支持的同时,是否会对创业企业的技术创新绩效产生影响?根据国内外有关公司风险投资的相关研究可知,CVC母公司为了获取财务收益和战略收益,发起了对创业企业的股权投资。相对于创业企业,CVC母公司在市场技术、人员管理、社会关系等方面都占有优势,创业企业在获得基本的资金支持外,是否有机会借助CVC母公司的优势资源来提高自身的综合实力?公司风险投资是否会提高创业企业的技术创新绩效水平?本文基于创业企业视角,研究了公司风险投资对创业企业技术创新绩效的影响及相关作用机制,研究内容主要围绕以下两个方面展开:(1) CVC母公司参股创业企业后,是否会对创业企业的技术创新绩效产生影响;(2)如果CVC母公司参股创业企业后,对创业企业的技术创新绩效起到了很好的促进作用,那么,CVC母公司又是通过什么方式来影响创业企业的技术创新绩效呢?这也就是公司风险投资的作用机制研究。在对已有学者相关研究归纳总结的基础上本文发现,CVC母公司与创业企业之间联系的核心,是能改善企业技术创新绩效水平的相关知识,CVC母公司与创业企业的行业匹配度以及CVC母公司的管理参与度会影响到公司风险投资影响技术创新绩效的效果。本文以我国中小板的上市公司为样本,通过授权专利数和研发支出强度来衡量创业企业的技术创新绩效水平,公司风险投资参股创业企业这一行为通过公司风险投资背景和CVC个数来衡量。之后通过相应的实证研究设计,检验了公司风险投资参股创业企业后,是否会对创业企业的技术创新绩效水平产生影响。之后通过引入行业匹配度作用机制和参与度作用机制,检验CVC母公司与创业企业之间的行业匹配情况,以及CVC母公司对创业企业的管理参与度,是否会影响公司风险投资作用于创业企业技术创新绩效的效果。通过相应的实证检验本文发现,公司风险投资参股创业企业后,会促进创业企业授权专利数的提升,而且这种提升作用源于CVC母公司对创业企业的指导效应。在以CVC个数为依据进行样本拆分后本文发现,参股CVC个数大于1时,这种影响作用会更佳显著。在对相关作用机制进行实证检验后本文发现,行业匹配度机制可以很好的解释公司风险投资是通过什么方式来影响创业企业的技术创新绩效水平的,而参与度作用机制的实证检验结果却不理想。
[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.
【学位授予单位】：西安理工大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F273.1;F275
本文编号：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.
【学位授予单位】：西安理工大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F273.1;F275
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